Monday, November 04, 2019 / by Gianfranco
What if you knew more about your buyer’s motivation? Would you exploit it in your negotiation?
Quite often, the date that they put to close on the property or to basically move in, when they get the keys, is a lot of times the date they need to close. So, this could mean anything from the date that the closing from the house they purchase is closing or how long the bank has given them time to be able to purchase this property.
So, take that quite seriously. When you see that date, a lot of times people, maybe a lot of sellers like to push, and you can push, but if they're pushing back, it's for a reason.
Use it as a chip. It's your negotiation chip. Make sure you leverage it and use it to get the price you want. Use it to get some of the conditions you want, because to a lot of buyers, especially in a market where they need to sell their home first before they buy, which 80 percent of the buyers do have a home to sell first. So, those kind of buyers, what happens is, now they're stuck in a dilemma where they need to sell first. So, if they sold first, then there's only one day that they can close where they can have both closings on the same day.
To them it's really important, and you can use this as a negotiation advantage to get a little bit more favorable terms and price for yourself.
Let's say I'm a buyer; I come and give you an offer for let's say $800,000 and I want the closing to be in three months, but you want it in two months. If the asking price, for example, is 820, and the buyer offers 800, what I can tell them is, "Okay, well maybe we can give you the closing date you want for 820, but for 810, we would want a little bit earlier closing date." So, we can play around with that right?
So, even though it's not really that important to us, we're not going to just tell them it's not important to us, because we're going to use that to be able to negotiate. And that's why you need to take this science that goes behind these things and it's very important.
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Watch the full video here: https://youtu.be/9TNQGnXSlpE