While sellers want the highest price and buyers want the best deal, the two have to meet somewhere in the middle for the deal to close. That is why a buyer should always negotiate.
Negotiating for a home is extremely important since this is the largest asset most people own and there is potentially a lot of cash at stake.
That is why if you want to buy a new house you have to learn how to negotiate, and these are the signs that will tell you a home seller is willing to negotiate.
1-The property is vacant
The property itself can tell you a great deal about the seller’s situation, so pay attention during the walk-through.
If the home appears vacant if often means the seller has already moved and could be open to bargaining.
Or for instance if there are packing boxes everywhere then this means they are in the process of moving, and you definitely have room for negotiation.
2-The seller offers extras
A lower purchase price is not the only great deal to be had.
Motivated sellers are often ready to offer other inclusions that will save you big bucks.
For example, you could ask for the appliances. Or, if you happen to love the furnishings confirm that they are included, or include them in your offer.
Make sure to choose what you really want. There could be instances when you could say you do not want the furniture but would want to have a real price cut. But if the seller has a pile of unsold inventory, they may prefer you take the furniture.
Most often, these freebies come alongside a discounted price as well and these show that the seller is clearing his stock.
3-The seller asks for a very low price, or a very high one
A very cheap price could indicate that time is more important to a seller than a big profit. It also means you can still negotiate.
There is a chance to negotiate if the seller has quoted a very high price as well. They would first quote an exceptionally high price, knowing that you will definitely ask for a discount.
Two or three rounds of negotiating and he will start getting reasonable.
4-The property has been in the market for too long
If the property is listed, check out how long it has been up for sale.
If it is a property that has been listed for too long and yet not been taken, you have a good chance to bargain.
5-They want to close the sale as soon as possible
Sellers may also negotiate for speed when they need to get their capital out of the home fast.
If a seller wants to close the deal fast and they start negotiating the dates you can negotiate for a cut in the price.
6-The property is well-staged for sale
Truly motivated sellers make sure their property looks fantastic.
When the house is in show-ready condition, the seller is taking the home selling process seriously.
They understand the value of a qualified buyer, and they are ready to consider reasonable offers.
7-They ask for cash
If the home seller asks for their money in cash you can negotiate for a price cut.
They will probably be amenable to making discounts for cash buyers.
In any market, a truly motivated seller is less inclined to engage in lengthy negotiations, they just want to get the deal done.
So make sure your agent inquires about the seller’s motivation and objectives, try to learn their reasons for selling.
Some try to sell what they see as a liability, some want quick cash, some foresee a bad economy and want to dispose of a property before pressure starts building up, or they have purchased another home and need to sell this one.
In all the above cases, the seller would be quite willing to offer you a rate cut.
Buyers might be able to get a better deal in a market rut because there is less competition. So they are in a better position to negotiate the terms of the deal.