Bargaining is an art, particularly when the buyer wants to make a rock-bottom bid without insulting the seller.
“The offer has to be palatable and show you’ve done your homework,” says Deb Greene, president of the Minneapolis Area Association of REALTORSÂ® and an associate with Coldwell Banker Burnet in Plymouth.
Sheri Fine, an associate with Edina Realty in Minneapolis, agrees. “Sometimes an unreasonably lowball offer can make a seller so angry they won’t make a counter offer or deal with a buyer.”
Here are their suggestions for coming up with a number that is competitive and compelling.
- Point out to your buyer that an offer that is more than 10 percent off the list price isnâ€™t customary and is likely to be rejected.
- Make sure the buyer realizes that there are other attractive homes on the market and wonâ€™t be shattered if the sellers reject their lowball offer.
- Help the buyer recognize the homeâ€™s strengths as well as its weakness.
- Make a list of reasons to share with the seller for offering less than list price.
- Instead of asking for the price to be lowered, negotiate other tangibles such as repairs, closing dates, and closing costs.
- Encourage the buyer to be respectful whenever he or she is around the seller.
Source: Star-Tribune, Lynn Underwood (11/17/07)
Reprinted from REALTORÂ® Magazine Online November 28, 2007 with permission of the NATIONAL ASSOCIATION OF REALTORSÂ®. Copyright 2007. All rights reserved.
Bennington VT, Buying, Selling