TIP #1: Know The Seller’s Motivation.
This will enhance your negotiating position. Sellers who must move quickly due to a job
transfer, divorce, or contract on another home, are more inclined to accept a lower price to speed the process along.
TIP #2: Don’t Low Ball
Any offer can be presented, but a low-ball one that is extremely less than the asking price can dampen a prospective sale and prevent the seller from negotiating at all. Unless the home is overpriced to begin with the offer will probably be rejected.
TIP #3: Do Your Homework
The Listing Price may be what the seller would ideally like to receive, however, it’s not necessarily what the seller will settle for. Before making an offer, do your homework and check recent sales and listing prices of comparable homes in the area.
TIP #4: Be Flexible
Never say, “take it or leave it.” That can sour negotiations and ruin the deal.
TIP #5: Play It Cool
Never show your hand or reveal your next step. Don’t let emotions such as pride, fear, love, and anger get in the way of negotiating the best deal. Leave irrational feelings at home.
TIP #6: Give But Take
Each time you increase your offering price ask for something in return, such as repairs, appliances, even lawn furniture.
TIP #7: Cash Is King
If you plan to pay cash or have a tentative commitment for a loan, use your strong financial position as a negotiating tool.
Any other Tips you can add?