Here’s how to strengthen your negotiation position in today’s market.
Here are seven great tips that can help you win out in negotiations as a buyer in a hot seller’s market:
1. Don’t nickel-and-dime the seller. Remove the items you can pay for, like the home warranty or boundary coverage on a survey.
2. Purchase the HOA documents. You can also purchase these to further ease the financial burden of the seller.
3. Bump up your earnest money. Typically it’s 1% of the purchase price, but you might want to bump yours up to 3%. You can also bump up your option fee by a few hundred bucks and shorten the option period.
4. Shorten the financing period. Make it 15 instead of 30 days.
5. Get yourself fully approved with a lender. Get all of your financial documents in order so that you’re ready to find a home and make an offer.
6. Be flexible with the closing date. Whatever works for them works for you.
7. Make your best offer up front. This is the most important tip. Make sure to put your best foot forward in this market to give yourself the best chance of winning.
If you have any questions for us about selling a home, buying a home, or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you.