As you approach towards the closing of a property transaction, you will have to make a final offer of purchase to the seller and get into negotiations with him on the same. Tendering an offer to the seller has to be handled with extreme caution since an error on either lower or higher side is likely to harm you. An offer on the lowers side is unlikely to be paid attention by the seller and in case there are other potential buyers he may ignore you totally and star negotiating for closure with the others. A quote on the higher side is likely to be accepted immediately by the buyer but cause you monetary loss and regret that you paid an excess amount towards the purchase.
Turn to your Real Estate Agent for advice
One of the most important reasons for taking the help of a realtor or a real estate agent is to seek his advice and inputs before making that final offer to the seller. You must make use of his experience and feedback on the offer price. He is the one who fully understands the pulse of the market, the investment potential of the current property and the direction in which property prices are headed in the short term. All these factors are likely to influence your final quote to the seller.
Inputs of the Listing agent
The listing agent can provide you with valuable inputs to help you sharpen your offer. He is the one who is ware of the time period since which the property has been listed for sale. You need to find out from him whether the property has been relisted with an alternate following an unsuccessful attempt to sell during the first listing. All these factors will help you understand the anxieties faced by the seller and you can tune your offer accordingly. Awareness and understanding of such factors stand by you during the offer tendering process and subsequent negotiations.
Why is the seller selling?
It is not easy information to obtain. But just getting to know some details as to why the seller is liquidating his property can be of great help while making an offer. In case the seller is forced to sell on account of change of workplace or any other administrative reason, chances are he may not relent from an amount he thinks is the right price for his property. However, in case he is facing any sort of financial het on account of mortgage payouts, trouble on the employment front or mounting debt of any kind, he is likely to be under pressure to close the current transaction even at prices lower than the current market price. You must try and get these details before making your offer
Don’t stop selecting properties
Till such time that you finally close a property transaction, you must keep looking out for other alternate options to give you that negotiating edge. It is important to have options ready and inform the seller subtly that you are prepared to forego this property in case it does not match you price.
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