As a home buyer, making an offer can be a daunting task. You want to ensure that your offer is accepted by the seller while also not overpaying for the property. One of the most common questions we hear is, “How should I make an offer?” The answer is simple: use the right strategy. In this blog post, we will discuss the one strategy you need to ensure that your offer is accepted.
When it comes to making an offer, many people believe that starting low and negotiating with the seller is the best strategy. However, this often backfires. If you leave the door open for negotiation, the seller will likely counter and see if you are willing to come up in price. Instead, tell the seller from the beginning that you are not willing to negotiate and let them decide whether to accept or decline the offer. This approach increases your chances of getting a faster response and avoids unnecessary back-and-forth negotiations.
Another issue with the “start low” strategy is that neither the buyer nor the seller knows where the bottom line is. You don’t want to start with a price that is too low and risk losing the property altogether. Additionally, the seller may not know their bottom line and may be waiting for the first offer to determine what they are willing to accept. The “no negotiation” approach eliminates these uncertainties and creates a clear understanding for both parties.
In some cases, the seller may not have any offers yet, and you may be the first. If you submit an offer with a low price and then decide to negotiate, the seller may feel that you are taking advantage of the situation. By using our recommended strategy, you can avoid this awkward situation altogether. Be upfront and honest with the seller, and you may be pleasantly surprised at the outcome.
Lastly, our strategy benefits the buyer by not losing time. As a buyer, time is of the essence, and you don’t want to be caught in a negotiating game that can take up weeks of your time. By setting a clear offer price from the start, you give the seller the chance to accept or decline the offer, which can often lead to a faster process overall.
Making an offer on a property can be nerve-wracking. However, by using our recommended strategy of no negotiation, you can avoid the pitfalls of negotiating back and forth with the seller, and achieve a favorable and timely outcome. Remember that clear communication is key, be upfront with the seller from the beginning, and then sit back and wait for their response. Good luck with your offer, and we hope that this advice helps you get your dream home!