Donald Trump is known for his books and instruction in the art of the real estate deal. Most people are unaware that they too can negotiate real estate purchases like the big boys in New York City. When making an offer on any property it is a good idea to come in under the asking price of the property. Of course making a ridiculous offer will only get the offer rejected without a second look, however making an offer that is tantalizing to the seller while leaving some room for negotiation of a counter offer is the best way to land a real estate deal.
Just like playing poker, allowing emotion to cloud judgment in a deal will often lead to failure. Either the emotional buyer is so infatuated with a home that they have to have it and offer a full price deal of the property and overpay what could have been accepted or they go into a bidding war over the price with another buyer and end up paying more than they initially wanted to spend or was even asked for the property in question. In either scenario the emotional buyer loses out on making a smart deal.
The smart homebuyer will be interested in the house for sale but will remain willing to walk away from the bargaining table if the deal is not to their liking. With their emotions in check the savvy homebuyer will present an offer is within reason lower than the asking price and may ask the seller to cover the cost of closing or other items be included in the sale. Appliances are usually listed in the addendum to such offers. Knowing that most offers will not be accepted as presented the smart negotiator will wait for a counter offer to come back from the seller and accept the terms that they are willing to give to make the sale happen. It is rare, however countering back to a counter offer is an option if the buyer is not completely willing to submit to the terms of the seller. Be careful doing this as the property may have other offers coming in while the negotiations are under way and note that until an offer is accepted by the seller and both parties are in agreement the property is not under contract and the seller is open to examining other offers.
When all is said and done it is the unemotional buyer that will win the negotiation and not allow their heart to rule the outcome of the deal. In real estate, as in the game of poker the person that plays by emotion is most often the first one out of the game.
RE/MAX Arkansas (http://www.remax-arkansas.com/) provides buyers and sellers with real estate maximums quality professional service. Art Gib is a freelance writer.
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