When buying a first home, I strongly consider a few things when negotiating a buyer's offer:
1.What makes them a strong buyer, and how can they use that?
2.What bargaining tools can we find, and how can they use that?
Some things that make a buyer's offer strong include:
1. Not a lot of contingencies in their offer.
2. Not needing to sell a home in order to purchase.
3. Flexible closing date, or one that is suitable to the sellers.
4. Preapproved through a reputable lender, typically someone who's local.
5. Negotiates gently with a give and take attitude.
How can they use this in their offer?
To begin with, the buyer's agent might have found out what the seller's ideal closing date is, as well as what the seller's concerns are around selling their home. Knowing the answers to this will help the buyer and their agent shape their offer.
If a buyer is planning to offer low, they should try and be more flexible with other terms. Which terms on the offer are less important to the buyer? Which ones does the buyer need to stand firm on?
Does the seller want to keep all of their appliances, but the buyer needs them? Oftentimes this is an ideal tool to use when negotiating. If the buyer made a low offer and didn't ask for the appliances, than a counter offer from the seller for a higher price may be more acceptable to the buyer if it includes some or all of the appliances.
Is the fuel to be prorated outside of the closing? Maybe so, but if there was an issue during inspections and sellers are unwilling to contribute toward it's repair, maybe they are willing to convey the property without charge to the buyers for the fuel remaining in the tank in exchange?
Don't give up, if you are unable to get what you need, find something comparable that you can negotiate between the buyer and the seller. Negotiation is most gratifying for all parties involved when there is a mutual give and take in the process.
A buyer's agent should have several strategies up their sleeve to help the buyer negotiate suitable terms for their first home; and it's not all about price!
With a few years' experience, the agent will have more ideas to work with when it comes to negotiating because no matter what market we are in, buyers' or sellers', negotiating strategies are key to keeping our clients' from getting stepped all over during purchase or sale.
Stephanie Jacques
Associate Broker
Better Homes and Gardens The Masiello Group
603-209-4151
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