The Art of Negotiation
So you’ve found the one—the one you’ve been looking for so long. It’s perfect for you in terms of size, style and everything, and you’ve never been more sure of a decision before…that is, until the home inspection report came back. Seeing what the report yields may be disparaging to some, but with flight of foot, you can negotiate your way into a better deal for the house that you wanted for so long. While negotiations may seem daunting, they are almost necessary in securing a fair deal of the property whether or not the home inspector finds anything with the home. This week, we’re here to give you a few negotiation tips that may just save you cash (and your pride) when in the final steps of purchasing a home.
Do your homework. If you see that the home inspection report details a leaky roof, find out an estimate on what a repair would cost. Having a solid number at the negotiating table can produce better results than the arbitrary, “Uh how about $15,000?”. Using reputable sources with reasonable estimates will not only provide you with an accurate number, but it will also present you as well-researched, which will go a long way at the negotiation table.
Do not get hung up on small differences. This also applies to the aforementioned rule. Set a minimum, and if the seller comes close or above that minimum, take it. If you get stubborn, you may lose the house that you’ve wanted for so long.
Know thyself. Sun Tzu once said, “If you know the enemy and know yourself, you need not fear the result of a hundred battles”. This applies to negotiation. If you know what values you place on what you’re negotiating, and what you’re willing to settle for before you step into the room, then you know yourself. If you’ve done your homework, then you know the enemy. The ensuing battles fought shall be won solely in your favor.
When things get rough, let us do the talking. We don’t mean to brag, but we have done countless negotiations during our many years serving the South Jersey region; we have the experience. When you think everything is falling apart, trust us and let us do the talking.
So long as you’re reasonable, you’ve done your research, and you know yourself, you will have no problem at the negotiating table. Just remember, when the going gets tough, you can always turn to us for help—we’re always there for our clients—before, during, and after the sale.