Puzzle Finance Blog
Negotiating tactics to buy your dream home
NEGOTIATING to buy property requires talent, and one of the handiest talents would be the ability to control the thoughts of vendors and real estate agents.
Or to gently bend the minds of others to suit your will, and your budget.
However, there are other mental tactics that can help put you in a strong position.
One of the most powerful persuasive strategies is to attach a 10 per cent deposit cheque with your offer, says buyers agent Patrick Bright, director of EPS Property Search.
"The vendor's looking at the cheque filled in for the 10 per cent deposit and it can be extremely hard to give back,'' he says.
Bright's other tips include never disclosing your budget to the selling agent, never letting the agent see you fall in love with a home, keeping your motivations to yourself and always putting your offer in writing.
"By law, the agent must communicate all offers to the vendor, but this doesn't always happen, especially if the agent considers the offer too low.''
They are all good tips, but an equally important way to win the mental battle for a bargain is to simply be prepared.
Getting pre-approval of a loan means you won't have to make an offer "subject to finance'', which can put off many sellers.
Being prepared also means you know the market, and are unlikely to put in an insulting low-ball initial offer.
While you want to keep a poker face at all times in negotiations, do all you can to learn about the vendor and their reasons for selling. Is there common ground you can exploit?
Don't treat negotiations as a game of one-upmanship. Ensuring both parties feel satisfied is a key to a good sale.
And be prepared to walk away if you're not happy, remembering that there are so many more homes out there that could be right for you.
Read more: http://www.news.com.au/realestate/experts/negotiating-tactics-to-buy-your-dream-home/story-fneofxxf-1226723494626#ixzz2fTziXSD5
Posted by Anthony Keane - The Advertiser on 21st September, 2013 | Comments | Trackbacks
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