When two people start a home buying deal in Saratoga, they both want to get the best price possible. If both the Saratoga homebuyer and seller are competitive and have their own opinions on the home’s value, it can lead to a long fight in the negotiation process.
Luckily if you’re a Saratoga homebuyer, there are a few things you can do to end the home buying stalemate you may have with the buyer. Check out these Saratoga homebuyer strategies that end home buying stalemates and get back on track with your closing dates.
Plan for a Fight
When you’re buying in a competitive market, you should already be prepared to play a little hard ball once you sit down to negotiating. In hot markets, there is plenty of competition, and if you’re not smart about it, you could lose out on the deal.
If you know you can’t lowball a seller, try other tactics. Ask for to reduce the contingencies or put down at least 20 percent or even more on a down payment. You can also show a mortgage pre-approval that is all ready. You may still have to pay the offer price, but you might take the load off the seller’s back and make him or her more open to settling.
Get a Home Inspection
Home inspections can help determine the more accurate price of the Saratoga home. The inspector will look for leaks, problems in the foundation and broken appliances such as hot water heaters.
Knowing the problems within a home will help you negotiate for a better price. The seller will usually either make the repairs or lower the asking price. Watch out though; in competitive markets, the seller may not feel obligated to make any repairs.
Look at Comps
Comparable sales or comps can give you a good idea of what the Saratoga home is actually worth. Comps compare the price of similar Saratoga homes in the same area. If the same type of home is selling for less than what your seller is asking for, then you can prove that the seller’s asking price is far too high and convince them to come down in price.
Number the Days
Saratoga homes that have been on the market for too long get bad reputations. Buyers tend to overlook them because they think that if no one else bought the home, then there must be something wrong with it.
Bringing up the number of days the home has been on the market can help you negotiate a better price.
Look for Desperation
Some sellers want to get out of their home right away. Looking for signs of desperation can be good leverage. For example, if a family is in dire need of a bigger home, then they may be more motivated to sell quickly and more likely to compromise. Keep these signs in mind as you move forward.
Showing that you’re professional and quick to respond can make negotiations go by much quicker. When a seller submits a counteroffer, act quickly to respond. Showing that you’re prompt will indicate that you’re taking this process seriously. Sellers will be more likely to respond with similar enthusiasm.
Your sellers are human too. If they like you, then they may be more willing to compromise. One way for them to get to know you is to write out a letter. Tell them about your family, jobs and why buying this home will mean so much to you.
Remembering that buyers have hopes and dreams can make sellers more sympathetic. They may be open to more buying credits and quicker closing deadlines if they understand your situation.
Keep Your Poker Face On
If you show you want the house more than the seller wants to sell, then you may lose leverage over the negotiations. Always make sure you keep your poker face and don’t give too much away. Make sure the seller knows that you always have other options.
Negotiating can take a long time, but if you’re smart and focused, you can end negotiation stalemates in Saratoga and start the closing process quickly.