5 Negotiation tactics that kill a sale

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Negotiation is a subtle art in real estate, but skilled negotiators can usually find some common ground that satisfies all parties. On the other hand, using the wrong negotiation tactics can sink a deal pretty quickly. Here are some negotiation tactics buyers (and real estate professionals) should avoid:

  1. Lowball offers: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the seller. The seller has a range in mind that they’ll accept, and if you’re not even approaching the low end of that range, they won’t even consider the offer.
  2. Incremental negotiations: Don’t continue to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.
  3. “Take it or leave it”: Try not to draw a line in the sand with your initial offer. The seller can get defensive and consider other offers if you immediately show that you’re unwilling to budge. Even if it’s true, don’t make a show of it.
  4. Nitpicking after inspection: Obviously, if an inspection reveals a major issue, it should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations in a stalemate.
  5. Asking for more, more, more: Some buyers will request that the sellers throw in add-ons like furniture or appliances that weren’t included in the listing. Try to avoid giving the seller a reason to build up resentment and think that you’re being greedy.

UPSIZING YOUR HOME

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Unfortunately, our homes don’t always grow with us. What may have initially worked fine for a single person, a young couple’s starter home, or a family with a newborn can quickly become too small as families expand and multiple generations live under one roof.

Remodeling and adding to your home is one option for creating more space, but it can be costly, and the size of your property may be prohibitive. That’s when moving to a bigger home becomes the best solution.

WHERE DO YOU NEED MORE SPACE?
The first thought when upsizing your home is to simply consider square footage, bedrooms, and bathrooms. But it’s important to take a more critical approach to how your space will actually be used. If you have younger children (or possibly more on the way), then focusing on bedrooms and bathrooms makes sense. But if your children are closer to heading off to college or starting their own families, it may be better to prioritize group spaces like the kitchen, dining room, living room, and outdoor space—it’ll pay off during the holidays or summer vacations? when everyone is coming to visit for big gatherings.

MOVING OUTWARD
If you need more space, but don’t necessarily want a more expensive home, you can probably get a lot more house for your money if you move a little further from a city center. While the walkability and short commutes of a dense neighborhood or condo are hard to leave beyond, your lifestyle—and preferences for hosting Thanksgiving, barbecues, and birthdays—might mean that a spacious home in the suburbs makes the most sense. It’s your best option for upsizing while avoiding a heftier price tag.

 

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SHORT SALE AND FORECLOSURE: HOW ARE THEY DIFFERENT?

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As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview.

A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament.

On the buyer side, short sales typically take three to four months to complete and many of the closing and repair costs are shifted from the seller to the lender.

On the other hand, a foreclosure occurs when a homeowner can no longer make payments on their home so the bank begins the process of repossessing it. A foreclosure usually moves much faster than a short sale and is more financially damaging to the homeowner.

After foreclosure, the bank can sell the home in a foreclosure auction. For buyers, foreclosures are riskier than short sales, because homes are often bought sight unseen, with no inspection or warranty.

Short-term Rentals – Airbnb & Vrbo

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Visit all of our Airbnb & Vrbo listings by clicking here

Jennifer and I understand the importance of excellent 5-star Guest Hospitality through the eyes of being extensive travelers. We have stayed at many Airbnb’s and spent hundreds of nights in hotel rooms. These many travel experiences have influenced the way that we have set up our Airbnb locations. In addition to our Airbnb Hosting: I am a local real estate rental professional, a college professor (project management and entrepreneurship) and the Past President of a local Rotary Club. Jennifer is a director at a National Healthcare Consulting Firm. We live within a few blocks of our Airbnb properties.

 

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Scary Hoarder House Project for B&B Realty

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I just closed on this project house with my partner, it was a short-sale. The deal was that we had to take it ‘as-is’ with all of the treasures.

This spacious North Haven home features 4 bedrooms, 2.5 baths, and a ton historic charm.

This house was remodeled about 12 years ago but has been so neglected and cluttered that it is in need of major clean-up, modernization and a double dose of love.

Stuff everywhere
Hoarder Heaven
Ripping this kitchen out
Dumpster #1 of ???

Watch our progress as we turn this hoarder house into a stunning beauty over the next 45 days or so. It should be ready for move-in in time to enjoy the Holidays.

Contact Rick Bassett

 

 

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Happy Buyers!! Congratulations Mark & Mary.

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Congratulations to our clients Mark and Mary Minotti of Property Circle LLC on the purchase of their North Haven, CT project/flip house today.

Over the next few months, they will tastefully update this 1950’s ranch home into a 2019 Dream Home. Watch the renovation progress on this blog as their project unfolds.

This transformed home will be available for purchase just in time for our spring 2019 buying market. It’s ideally located close to the new Amazon Distribution Center and the North Haven Campus. Potential buyers who are interested in getting on the waitlist for this one should contact me.

Contact Rick Bassett