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Real Estate Negotiation

This is it – you’ve found the perfect property! So what’s the best way to seal the deal?

Rule number 1. Never tell the agency your absolute top budget. Remember – the Estate Agent works for the buyer, not you. Their sole goal is to get the buyer the maximum price because that’s what they will get commission on so it’s worth playing your cards close to your chest regardless of how much a rapport you have built up them.

Rule number 2. Never put your best offer in first. Start at least 10% below this.

Rule number 3. Play your good hand and uncover their bad hand. If you’re a buyer with a good deposit, finance arranged and no chain – make sure they know that.

The agency will be trying to paint the perfect picture of the property and it’s your job to uncover the negatives. Here’s some great questions to help give you some leverage in negotiations.

• How long has it been on the market?
• How many viewings has it had?
• How many offers has it had?
• Who lives upstairs/downstairs/next door – have there been any neighbour disputes?
• How long has the seller lived there?
• Why are the vendors moving?
• Where are the vendors moving to – is there a chain?
• What renovations have been done?
• How old is the boiler and when was it last inspected?
• If it’s leasehold, how long is it and how much are service charges?
• What’s included in the sale? White goods? Curtains? Wood burner?
• Is there an allotted parking space/residents’ permits?
• If there’s a real fireplace, is it safe to use?
• Have there been any subsidence or flooding problems?
• What’s the council tax band? (Also check this yourself.)

Your negotiations will only go well if you have a strong hand to play. Having all of your finances in check and an agreement in principle is vital.
Call Credius on 020 7562 5858 to get the best mortgage deal for your needs today. You can also email in at info@credius.com or for a bit more about us; why not click here and check out our website where you’ll find loads of handy tools such like our stamp duty calculators – just to give you a little more control.

Next time – Solicitors, Valuations and Surveys – what you need to know

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