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March 14, 2005

How to Get Seller's Concessions

This excerpt from an article on negotiating a deal gives some tips on how to get concesssions from the home seller.

"Try to get concessions from sellers before you enter serious negotiations," Eldred said.

In a friendly and offhand manner, you might say something like, "Have you thought about a lower price? Have you thought about including the drapes and washer and dryer?" he said. To your surprise, the seller might say yes, but if not, don't push it at this point.

Don't nitpick. Don't walk through the house pointing out flaws or sneering at paint and rugs. Assure the seller that your building inspector also won't nitpick because sellers, especially those with older homes, are afraid of inspections, Benson said.

This approach puts the seller at ease, but do tell the seller upfront that you're aware of obvious serious flaws--an ancient furnace or a leaky roof--and that these will be reflected in your offer. Sellers will be more willing to accommodate on price at the beginning as opposed to being shocked by an inspector's report later on.

 

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Posted on March 14, 2005 03:03 PM by House 78.
Filed in Mortgage Calculator under housing prices.
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