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Carel Bosman

What are your best negotiation strategies when offering below asking?

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What are your best negotiation strategies when offering below asking?

By Carel Bosman   
Posted on Feb 11, 2018 in Topic: Realtor Only
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Asked by: REALTORS®
Posted: 1 week ago
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Gabrielle Davis
about 1 week ago
#1 AWARDED - BEST ANSWER
Know your comps and be able to provide supporting documentation that the property is overpriced. If your client wants to offer below asking and below what you think the market value is then you just stand on that number and your client needs to know that they could lose the house. In either case, present the strongest offer possible - have client with a pre-approval (not pre-qual), present flexibility in closing dates that work for seller and the fact that you and seller are easy to work with if that is the case. Other options to discuss with client: purchase 'as is' or 'as is' with exception of health and safety issues (which is what an inspection is supposed to be anyway but the seller will know that there won't be nitpicky items asked for), put down a larger option money amount and do not make it refundable, put down larger earnest money, do not ask for home warranty. Good luck!

about 1 week ago
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Pamela Bratcher
about 1 week ago
Carel,
Danielle gave you excellent advice. You should stress to your buyer that they could lose out on getting the offer accepted, especially if it is too low, and if the seller receives another offer with a higher price and better terms. Maybe your buyer could pay for the owner's title policy. Also, if your buyer is able to pay cash for the home, that would be a definite plus. Although not as important as the terms of the loan, your buyer could write a letter to the seller letting them know what they like about the house. Best wishes for getting the offer accepted.


about 1 week ago
Bronze
Jason Hyman
about 1 week ago
I think its been summed up, but in short be be firm with your client and:.

Back it up with comps
Don't play, make best offer possible
Be flexible with terms (inspection, option period, closing etc)


about 1 week ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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