Whether you are a buyer or seller, get the deal you want by preparing what you will and what you won’t say.
Are you a buyer?
Don’t say:
I will pay 85% of your asking price and not a penny more.
Instead:
Do your research and find homes fairly priced and use the information to make reasonable offer. A good starting point is 10% below list price according to Jeff Fogler, a real estate broker. The average homeowner is paying only 2.7% below list price. Have realistic expectations.
Don’t Say:
I have not put my own place on the market yet.
Instead:
It takes almost 3 months to move a house these days. Sellers know there is a higher chance of the deal falling apart if they know you have not listed your home yet. It is best if you list your current home prior to shopping for a new home. Another recommendation is to be prequalified for a mortgage.
Don’t Say:
This is my dream house
Instead:
The ability to bargain negotiations is your power. Prepare yourself to walk away if the seller will not be reasonable. With so many houses on the market, it will not be difficult to find another that you love.
Are you a seller?
Don’t Say:
You offering how much? Forget you!
Instead:
By becoming offended or having an outburst, you have reduced chances for any negotiation and closing the deal. Ask them nicely to come back with a reasonable offer.
Don’t Say:
I didn’t know the deck was rotting.
Instead:
A good investment is having your home inspected prior to putting it on the market. In some states you are required to disclose any defects to potential buyers and it will give you time to make any necessary repairs.
Don’t Say:
It might take us a while to move out.
Instead:
Inform your buyers on your plans to move out, especially being considerate of those families with children starting school. A deal might close faster as short sales may have lower prices but can take months to close.
