You may have negotiation skills when buying clothes or appliances, but do you really think you can successfully bargain over a property?
Don’t overthink it, in this case, negotiation is not rocket science or mission impossible. You could easily do a great job if you followed some important rules and instructions and did you research about the property you would like to buy. If so, the seller will be open for bargaining and you will get a great deal closed. Don’t forget to get yourself familiarised with prices in the real estate market using Aqarmap.com; a specialised property search engine.
Here are 10 signs that tell you that the property owner is ready for negotiation over the price.
Real estate market recession
You might be able to close up a better deal during periods of market recession. Make sure you keep an eye on the real estate stock market to know when it is better to start the buying process. At that time, sellers are in a better position to negotiate over the prices.
Preferred cash payment
If the seller asks for their money in cash rather than in installments, then you can negotiate for a price cut. Most likely, they will be amenable to making discounts for cash buyers who will close up the deal as soon as possible.
Offered a price lower than the expected
If the owner of the property offered you a price that is lower than the average or the expected, then you have yourself a golden chance to bargain. A very cheap price could indicate that time is more important to a seller than profits and he would accept to negotiate the terms of the deal.
Unreasonable Price
On the other hand, if a seller quotes a higher price than the market average, know for sure that they have prepared themselves for rounds of negotiation. Don’t waste any more time, and ask for a discount immediately until you reach a common ground.
The property has been up for sale for a while:
Don’t miss any opportunity to trace the history of the property. If it is a property that has been up for sale for too long and yet not been taken, you have a good chance to bargain with the seller.
Exaggerated hospitality and the property is well-staged
Motivated sellers make sure their properties look organised and pleasing to the eyes. If the house is in show-ready condition and the seller exaggerated in their hospitality, then they are taking it seriously and ready to negotiate reasonable offers.
The real reasons & intentions behind the sale
If you can, ask neighbours in the area about the reasons behind the selling. The property may have some disputes over it or defects, or the owner just wants to move to another city. If you have an idea of the intentions behind the sale, that would increase your chances of closing up a better deal.
The property is vacant; no furniture or residents:
This is very important, if your find the unit appears vacant with no furniture or residents, it often means that the seller has already moved somewhere else with his family and could be open to bargaining.
Offering furniture or appliances for sale
Motivated sellers are often ready to offer furniture or appliances to speed up the selling process. It gives you an indication that they have made up their mind on selling their property and you could save loads of money if you accept their offer. But, make sure you choose what you really want. Instead, you could ask for a real price cut.
Wants to speed up the sale
If you feel that the sellers are speeding up the selling process, know for sure that you have a good chance to bargain. They may have bought this property as an investment and need to get their capital out of it fast. In such case, ask for a cut in the price to close up the deal on the spot.