One of the most important real estate negotiation tips for buyers in NYC is to keep your options open and to let the listing agent know that you’re considering multiple properties. The fierce competition for homes in NYC means that it’s completely normal for buyers to submit multiple offers. Conveying this type of message to the listing agent and the seller is a delicate matter and it’s more of an art than a science. As a result, it’s important that you work with a seasoned buyer’s agent who has experience negotiating and conveying nuanced messages in high stress situations.
As a result, it’s important that you work with a seasoned buyer’s agent who has experience negotiating and conveying nuanced messages in high stress situations. The last thing you want to do is to come off too strong and offend the listing agent, or to come in too soft and not have the intended effect. Keep in mind that you can indeed have multiple accepted offers and contracts out without ever having to disclose that you are negotiating multiple deals. We’ve seen buyers work on multiple accepted offers simultaneously and negotiate multiple contracts on different properties at the same time. Once there are two or more contracts ready to sign, the buyer makes a decision and signs just one of them. Negotiating with a seller after they have accepted your offer but before you have signed a contract is one of the most effective but risky real estate negotiation tips for buyers in NYC. Renegotiation is typically done after you see the property again or conduct a home inspection. Often times this strategy will result in the seller offering some sort of concession, primarily because it’s perceived to be much easier to get a contract signed with the existing buyer vs starting the marketing process all over again. However, this strategy can also backfire and blow up your deal. If there were multiple offers, or the seller is a tough negotiator, they will likely call your bluff and stand firm. You may even personally offend the seller so much to the point that they refuse to sell to you even at the original price. The best negotiation tip for a buyer is to demonstrate financial strength and credibility when submitting your initial offer. This is accomplished by presenting a well-organized and comprehensive offer that includes your complete deal terms, a financial statement, pre-approval letter, your attorney contact Information, proof of funds and possibly even a purchaser bio. When a listing agent receives a thoroughly documented offer, it’s a sign that you are a mature and highly qualified buyer. Both of these things resonate with listing agents who are obviously looking for a buyer who has the lowest chance of backing out or being slow and unresponsive throughout the deal. Quick tip: You can save money on your purchase and reduce your buyer closing costs by requesting a Hauseit® Buyer Closing Credit. We’ve helped buyers in New York City save millions of dollars in closing costs since we opened our doors in 2014, and we’d love to help you too. To request a Hauseit Buyer Closing Credit, visit www.hauseit.com