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 Striking The Bargain
Getting the deal at the price that YOU want to pay is a careful blend of skill and science. It is worth putting a VERY CONSIDERABLE AMOUNT of effort into because it involves a VERY CONSIDERABLE AMOUNT of money.
The way to think about it is this: You may be negotiating over £5,000, which might be only 5% of the purchase price, but just how long would it take you to EARN £5,000 NET? How much effort will earning that money take? Just think about that before the you start the negotiations.
The first consideration is:
- How desperately do the vendors want to sell?
Are we talking bailiff-on-the-doorstep, doing-a-bunk desperate or just "let's see what it's worth". You would be astonished how many time-wasters put their homes 'on the market' with very little intention of ever selling - they just want to see how much they could get.
The first person to ask this essential question is - the estate agent. Why? Because they want to sell the property just as much as the vendor, perhaps more so because, if they're on a percentage fee, they won't get ANY money until the sale is completed. They'll know the true motives of the vendor (particularly if they're very eager to sell) and not be afraid to tell you.
When you're selling a house you may think that the agents are acting for you. Well, they are to a certain extent, but there is a basic conflict of interest and I've seen far too many transactions where it should really have been the purchaser paying the fee because it was they who got the service.
If you're given the usual, "Well, there are others interested" or, "There are other offers", simply say, "OK, what else have you got?". You'll soon see just how definite those other offers are!
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