Buying a home is a big decision, and the price you pay is important. You don't want to pay too much for the home, but you need to pay what it is worth on today's market. If you offer too little, will the owners simply ignore you or come back for further discussion? A counter offer changes the range originally given and starts a new conversation.
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Difficulty:
Challenging
Instructions
1
Know the value of homes in the neighborhood of the house you want. It would be unfair to expect the owners to go lower than other sellers have accepted.
2
Determine the motivating circumstances of the seller. Are the current owners trying to sell quickly in order to move to a new job location? If so, this could work to your advantage by letting you pick up the home for a lower price. The current residents will then be able to complete their plans more quickly.
3
Wait a day or two to give a counter offer. However, there is always the possibility that someone else will jump in and get the house you want while you are thinking things over.
4
Stay close to the original request. If the seller comes down 5 percent, he knows the asking price is a little high. However, if he does not come down much at all, he wants to keep to the original price.
5
Try making a counter offer. The seller may make a counter offer if the buyer's proposal is too low. The seller would say something like, "I can't take $80,000, but how about $95,000? With the original asking price being $110,000, we could both be getting a deal."
Tips & Warnings
Experts advise not trying to negotiate that the seller "throw in" some of their personal items. This could cause the deal to fall through.
Don't tell the broker you will go higher if they do not accept your offer. Your paying more means they get a larger commission.
Offers are rarely what you are asking for in the first place.
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