The Ten Little Nasty Secrets that Reduce Your Negotiating Power… and how to avoid them.

 

1.       Never Tell Your Specific Plans about Your Possession Date.

You might need to use this as a negotiating tip later. Of course, you must write it in the offer, but don't ever say how important it is. Keep that to yourself. If the seller needs a quicker closing, then you might be able to negotiate a lower price, or a special term that you need.

 

2.       Never Inform the Seller How Much You are Planning to Put Down, until you write the offer.

Again, your exuberance in how you will get your financing might lead the seller to believe you would pay anything to get that property.  But this works both ways - if you plan on offering a low price, a higher down payment makes you seem like a more solid buyer.

 

3.       Never Tell the Seller or Seller's agent how much of a mortgage you have been approved for.

If they know you can qualify for more money, they will most likely try to get it from you. Provide a letter of loan approval, but not the amount. That way you keep your negotiating cards to yourself.

 

4.       Never offer to pay closing costs or discount points.

Again, let the offer speak for itself. If you try to negotiate the minor points in a contract, you might be a winner of minor points, but lose the major points.

 

5.       Never Disclose Your Employee Benefit Package, if you are being Transferred.

Although your relocation benefits package is generous to you, you don't have to pass on that benefit to the seller. You have earned those benefits; keep them to yourself and for your family's benefit.

 

6.       Never Show Emotion over the Features you Like.

Even if this is the ONLY house that has this particular feature. Comment, Compliment, but don't commit to it. Keep your enthusiasm quiet until you have reached a final settlement on all the contract details.

 

7.       Never Discuss that you are new to the area, and are unaware of current market values.

This could be a major weakness during negotiations. Especially if you don't have a real estate consultant to guide you through the process.

 

8.       Never Describe what you would like in an offer.

Keep the offer a secret until you write it. Besides, this will also avoid a second buyer slipping in between you and the seller.

 

9.       Never let Your Reaction Be Known To a Counteroffer.

Even if it makes you hopping mad. Keep it to yourself. Just continue to counter, and work out the details.  Stay as level headed as possible during the negotiations.

 

10.    Never Negotiate Face To Face

Allow your buyer's agent to negotiate and speak to the seller's agent on your behalf. By negotiating for yourself, you may give away clues about your eagerness to purchase the property.

 

Negotiating is always a tough point in buying your own home. Let your trained real estate consultant help you with the best possible transaction. If you don't have a real estate consultant representing you, call 214-207-0210 and ask to speak with one. You'll be glad you did!

 

Courtesy Of :

Tod G. Franklin

Real Estate Broker

DFWCityhomes                                                                                  

(214-207-0210)

tod@dfwcityhomes.com