Negotiation is a part of every real estate sale. When you find your dream home, you will need to be prepared to negotiate terms for a fair purchase. This can be intimidating and confusing for someone who has never done so before. Follow the tips below to approach your negotiation with more confidence.

Real Estate Negotiation Tips

1. Consider Other Terms

Negotiations aren’t just about the purchase price, so get creative with what you can offer. You may not be able to offer as much as another buyer, but you may be able to provide terms that will still make your offer more desirable to the seller. Reach out to their real estate agent to find what they want. Once you know the seller wants to move quickly, for example, you can make your offer desirable by guaranteeing a 30-day closing.

2. Select Your First Offer Carefully

The seller expects to negotiate, but they also will be offended if you come in with an initial offer that is way too low. Your first offer should usually be below list price (unless you’re in a competitive real estate market), but not too low. They need to know that you’ll be willing to meet in the middle at a price that is still agreeable to them.

3. Set an Expiration

An offer with a long term of expiration doesn’t do you any favors. It will lock you into that offer so you cannot make offers on other properties while allowing the seller to take in competing offers. Set your expiration for any time between one to three days.

4. Include a Letter

A letter is a personal touch for the seller. They are likely sentimental about their home and want it to go to someone who truly loves it. Share details about your family and why you were drawn to their home. This makes your offer more meaningful than some paperwork from an unknown name.

The most important thing you can do before you buy a house is to find the right realtor® to represent you. JoAnn Meier at RE/MAX First Choice is a top agent of the Waterloo, IL, area. She will find real estate listings that suit your needs, then negotiate on your behalf for a successful purchase. Contact her online or at (618) 939-6003 to schedule a real estate consultation.