3 Things to Keep In Mind When Negotiating a Home Purchase
Negotiating tactics. It’s a topic that business authors adore. This is perennial best-seller territory…so much so, you could probably fill a moderate-sized home library with titles like The Art of the Deal and Getting to Yes.
When it comes to negotiating a home purchase in Portland, fine-tuning your offer—finding the balance between writing a winning offer and writing the most advantageous offer—can present a real challenge. Add to that the national headlines that tell us that there are more bidders out there vying for the same properties, and it makes sense to listen to what the experts have to say about the most successful tactics. When you’re negotiating a home purchase in Portland, some of the most repeated generalities are applicable:
- Keep your cards close to your chest
Kenny Rogers sings about it, and every poker player agrees: when you’re negotiating, it’s almost always prudent to volunteer as little information as possible about yourself and your home search. If you aren’t considering any other properties, don’t let the sellers’ agent in on the fact. Never lie, of course; but find a polite way to be vague. The less you say about personal connections to the property, the better. Stick to the numbers and terms.
- Keep Your Paperwork Smart
Likewise, if you are approved for, say, a $350,000 loan, but are writing an offer for $325,000, instruct your mortgage broker prepare a pre-approval letter with the amount of your offer—not your full buying power (that’s just asking for a higher counter offer!).
- Negotiate for the win, not just to win
If you get caught up in negotiation, it can cause you to lose sight of the big picture, which is winding up owning the property you want. If a seller won’t budge on price, ask yourself if the property is actually worth the price they are asking. Canny buyers keep in mind that this isn’t about “winning” by getting sellers to come down to your bid, it’s about winning by getting the Portland home purchase that makes sense for you. If the comps support the price (and you know you’ll be delighted with the house) do be open to weighing the merits of the deal…even if it’s not as rock-bottom as you had hoped.
A home purchase in Portland is a complex, sometimes emotional process—but going in with the right mindset can make all the difference. Good luck hunting! If you’re looking for a group of agents to help you every step of the way, we are standing by all summer waiting to lend an experienced hand!