Making Offers that Appeal to Home Sellers
Using knowledge of a seller’s situation and the advice of a real estate agent can make offers more compelling and negotiations yield better results.
Both the concrete details and manner in which an offer is made can have a substantial impact on how a seller responds to it. While there is no way to ensure that a seller will accept a given offer, using knowledge of their situation and the advice of a real estate agent can make offers more compelling and negotiations yield better results.
Buying a home from a seller who cares a great deal about a prospective property can be tricky. The person or people living there may have a strong attachment to the home despite their plans to move out, and letting it go can be difficult for them. In these cases, the seller may be swayed not by the price or financial terms, but rather by the home buyers’ attitude toward their new residence.
While home purchases are transactions, typically with large financial implications for those involved, the personal element cannot always be removed. Even for buyers who can approach negotiations objectively, they should keep in mind that there is no guarantee the property’s sellers can do the same.
If the current residents of a home are emotionally attached, then the key to closing the deal may be in how the buyers treat it. The perception that they will care for the property may be the missing element needed. Such intangible factors are difficult to account for when discussing home sale negotiations, because they vary so much from case to case and are difficult to predict. In some cases, a seller’s opinion of their home may cause them to overcharge, which buyers should watch for.
Should you have the opportunity to speak with the seller be sure to focus on a few elements of the home that you really enjoy rather than discussing your plans to change decor, design or landscaping.
Home sellers may also be driven by other causes, such as past experience. If a seller has had a potential deal called off at the last minute, then certainty can be more valuable than money. Real estate agents are often able to help buyers to read the reactions of the home seller and develop a negotiating strategy appropriate to the situation.
Another possibility is that a home seller could be preoccupied with other concerns. Moving out of an old home often coincides with other major events, such as settling in to a new job. When that is the case, home sellers are often inclined to make a deal more quickly so they can focus their attention. This may play into buyers’ hands and allow them to close a slightly better deal.
Looking for more advice on buying a home? Check out our buyer resources.
Image via realestate.msn.com
Lindsay is the the Senior Manager of Media Engagement for Coldwell Banker Real Estate and manages the brand’s media and social media department. She is also a licensed real estate professional. In 2017, she was named a top 20 social influencer in the real estate industry in the annual Swanepoel 200 power rankings.
Lindsay lives in Livingston, NJ with her college sweetheart and now husband Joe and recently welcomed another Joe into her life as she became a mom in June 2016. Lindsay and her two Joes love spending their time playing with their cat Rory, watching sports and vacationing in Cape Cod.