Now that you’ve found the condo of your dream, you must now negotiate with the seller to protect your interests and secure the best price for the property. Here’s how to negotiate a condo purchase, according to real estate agents.
- Know what you want
- Make a generous down payment
- Craft a convincing offer
- Know when to walk away
- Don’t take it personally
- Work with an experienced agent
It can be difficult to negotiate successfully if you don’t know what you want. Have a clear strategy in place. Whether you’d like to negotiate below the asking price, close the sale by a certain date, or get the seller to pay for the closing costs, you need to know your intentions as well as communicate the effectively to the other party.
Go above the minimum down payment so you can put more cash on the table. This can give you more leverage when negotiating the price of the condo and make the seller more receptive to your offer. This can also set you apart from other buyers who are likely making the minimum down payment.
Crafting a strong offer is essential when there ar
e other bids on the property. Tell the seller why they should accept your offer and not someone else’s. Keep in mind too that the highest offer isn’t always the best offer though placing some extra cash on the table certainly helps.
The key to making a strong offer is learning about the unit owner’s motivations for selling and aligning your offer accordingly. Strong motivations for selling include a divorce, death in the family, health crisis, work relocation, and other major life events.
In this case, you must make it clear to the seller that you have serious intent to purchase the property and that you can close the sale quickly.
However, if the seller is a property investor looking to make a profit, chances are they are not in a hurry to sell and that they’re willing to wait for the right buyer to come along. You can sweeten the pot by offering to include the unit’s furniture and artwork in the purchase, and other similar strategies.
If you are unable to come to a fair agreement with the seller, or if negotiations are taking too long, be ready to walk away from the deal altogether – no matter how much you want the property. Know when to cut your losses. This will prevent you from wasting more time and energy negotiating with an uncooperative seller.
You’ll find countless luxury condos throughout Washington D.C. and Maryland that can tick all the boxes off your list.
It’s easy to get carried away during negotiations. But at the end of the day, it’s all about business, so don’t take it personally if the seller refuses to make concessions or backs out of the deal. Keep a level head and keep your eye on the goal.
You don’t have to come to the negotiating table alone. Working with a luxury condo expert will help you achieve the best outcome. A Realtor can offer advice on negotiations and help you anticipate a wide range of scenarios so that you can come to discussions prepared.
Ready to find the right Bethesda condo? Heller Colley Reed the #1 luxury condo team in Maryland and nearby communities. You can message them here. You can also contact the team at 888.907.6643, 301.674.2829, and HellerColeyReed(at)gmail(dotted)com to schedule a consultation.