So you’ve picked the neighborhood you want to live in, saw several properties, and finally found the one place you want to call home. You place a bid on the property and now you are waiting to hear back from the owners, hopefully to receive a positive answer that will make your dreams come true. The moment you get a response from the sellers, either positive or negative, is the exact moment when the negotiation process begins.
There should be no ‘winner’ and ‘loser’ in negotiations. If you approach the negotiation process trying to ‘win’, you will eventually lose the property. The best negotiation results succeed in achieving both sides’ needs and goals.
There are four main parameters to consider in order to success the buying and selling of a home. I encourage you to keep these four issues in mind when you negotiate over your dream home:
1. Price – The asking price is often not the final selling price; the average selling price in Tel Aviv is actually 3% lower than the asking price. Somehow it is in the Israeli nature to negotiate and therefore most of the listings in Tel Aviv market a property 3% higher than what they will be happy with.
2. Closing date – Most owners want to sell because they want to buy something else that fits their new needs- often they haven’t yet found that right place. Agreeing on a later closing date to turn over the property can bring down the price.
3. Payment plan – The seller may be willing to arrange a payment plan with you, giving you more time to come up with all the money for the purchase.
4. Furnishings – In Israel, most properties are sold with no appliances or furniture included. Asking to include kitchen appliances and furniture such as bedroom closets can be part of your negotiations.
If you don’t see yourself as a superstar negotiator you might just need the help of a professional broker. Successful negotiations is just another way that a professional real estate agent can save you money, time, and headaches.