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Home Buying Negotiation Tactics that Can Backfire

By Mike in Home Buying Tips with 0 Comments

When it comes to buying homes, negotiating is one of the most frequently misunderstood aspects. It’s possible to save thousands of dollars by taking the time to negotiate, but doing it incorrectly could end up costing you more money than it saves. There are a few negotiating tactics that can even kill a sale. Whether you’re shopping for condos or downtown San Diego lofts, the next time you negotiate for a home, make sure you avoid these dangerous strategies.

Asking for More and More

Some buyers ask sellers to provide add-ons like appliances, furniture, and new repairs that weren’t part of the initial listing, and when the seller does give in, the buyer just asks for more. This is a bad strategy because it ends up making the buyer look like he or she is trying to take advantage of the seller. It’s generally best to only try negotiating about things that are actually in the listing, but if you want to ask for more, only do so once.

Making Small Increases in the Offer

Some buyers try raising their offer by small amounts each time. This negotiating tactic might work for something like the price of a piece of furniture, but it’s normally not effective for big sales like a home. Each offer takes time and effort to consider, so you’ll just be wasting your time as well as the seller’s. Eventually, the seller may get tired and start looking at other offers instead.

Being Overly Critical During the Inspection

Buyers often try being hypercritical because they worry they’ll get charged too much if they admit to loving the home. However, selling is also an emotional process for many homeowners, so nitpicking over every aspect of their home may just annoy them. Using minor problems brought up in the inspection as a reason to try for a lower price could end up costing you the home.

Lowballing the Seller

It might be a good idea to start with an offer that’s a little lower than what you want to pay, but you need to exercise some common sense and avoid ridiculously low offers. Unless the seller is absolutely desperate, he or she is probably going to ignore an abnormally low offer and just move on to others. Even if you’re not competing with other people, a lowball offer can seem insulting because it tells the seller you think the home is worthless.

Not Budging at All

Some buyers make the mistake of thinking they can avoid negotiation and gain respect by telling the seller “This is my best offer. Take it or leave it.” However, being too stubborn tends to backfire because many people react to this by becoming defensive and digging in their heels too. Even if you cannot offer more money, try offering other perks like a faster closing time.

Negotiating the price of a home can be a complicated process, so to maximize your chances of getting the home you want, make sure to hire professionals with experience in every aspect of buying real estate in downtown San Diego. The experts from 92101 Urban Living can guide you through every step of the buying process so you’re able to get into your dream home as quickly and easily as possible. Call one of our friendly agents today at 619-649-0368.