While a negotiation may achieve a significant price reduction remember that this is your home and losing it especially in a fast-moving market for a price below which you were actually willing to pay would not be sensible. It may be however that you have to put in an offer on a property before you have worked out the seller’s true position.
- Start by offering below the level which you are willing to pay.
- Accompany this with all the knowledge you have about comparable houses, the survey, cost of repairs from your survey and your position.
- You can always raise this offer at a later stage.
- Positioning your offer with this information shows that you are a serious buyer who has thought about the purchase and not just “chancing your arm”. This may irritate a seller, the last thing you want to do.
The estate agent must put all offers to the seller. Dragging out a negotiation in small steps risks irritating the seller who may believe you are not negotiating in good faith. And remember, this is your future home.
Be sensible with your negotiating approach – use all the information you have but don’t risk losing the house at a price lower than you are prepared to pay.