Welcome to Episode 20 in my Series REAL ESTATE INVESTING IN NEW YORK!!
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In this Episode, we are discussing the Lowball Offer and how it can actually sabotage your entire real estate negotiation! I provide you with both the Purchaser’s and Seller’s point of views when it comes to a negotiation that begins with a lowball offer, and alternative negotiation strategies that will allow you to shave MORE money off the asking price and salvage your transaction. Some of this information I learned during my training to become a Certified Negotiation Expert, and most of the info covered here is from my first-hand negotiation experience.
Here’s the summary:
An offer far below the asking price actually insults the seller.
It’s always best to place an initial offer that is not too far below the price that you actually wish to pay for the property.
If you are looking to have $20,000 off the asking price, the best idea is not to begin the negotiation $40,000 under - your initial offer should not be ‘double below’ the amount you’re trying to save.
In a real estate transaction, there is a very long road between an agreement on price and the closing date. The purchase process take months, and the beginning stages of the deal, the negotiation, is very much like dating the person on the opposing side. You want to start out on the right foot and show mutual respect. The Seller is going to choose to engage with a buyer that they are most comfortable working with for an extended period of time.
Negotiation requires both sides feeling good.
Starting out respectfully in a negotiation and acting in a transparent, honest, genuine and ethical fashion will ensure that you can tackle all of the issues that inevitable arise throughout the purchase process. When a seller and a buyer has a difficult relationship, small issues can sabotage an entire deal.
Don’t miss Episode 21, where I’ll be sharing how to leverage the Appraisal to strengthen your offer without increasing your bid.
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