Whether you’re a buyer or a seller in the Orlando real estate market, you want to be the one to get the best deal and feel like you came out ahead in the negotiation. That’s human nature and perfectly normal, but how do you accomplish this goal?
I remember when I was studying for my real estate license, the instructor would repeatedly tell us…everything in real estate is negotiable. This is completely true and like snowflakes every real estate transaction is unique in it’s own way. It’s normal for both buyer and seller to feel like they got the best of the transaction or at least that they got a fair deal. It’s typical for there to be some back and forth between the parties, some compromises and even a bit of bluffing involved.
The key is to be in a strong bargaining position that will help you get the best possible deal in a transaction. From our own experience at ORC, there are five major determining factors that will help you win at the negotiating table.
1- Orlando Real Estate Market Conditions-
Usually we experience a buyer or a seller’s market or even a sluggish market for both buyers and sellers. Of course the best scenario for a buyer would be to buy in a buyers market and for a seller to sell in a seller’s market. Unfortunately, life doesn’t always work out that way.
There are cases where a homeowner living in a more desirable neighborhood could still sell for a decent price as opposed to other less desirable areas. And, if you’re a cash buyer that can close in 3 days, this may also give you some leverage with a seller that needs to sell quickly.
2- Who’s Got The Leverage?
If you’re desperate to sell your house because you can no longer afford it-and the buyer knows it-then they will certainly have some leverage over you. However, if you have 4 or 5 buyers sending you multiple offers with each offer higher than the previous one, then you can just sit back and wait until the highest offer with the best terms emerges.
3- Pay Close Attention To The Details.
The sale price of a home is just the tip of the ice burg when it comes to negotiating. Seller concessions can make all the difference for a buyer that’s getting money back for improvements or repairs to the property. If you’re the buyer than this benefits you tremendously because it’s money that’s coming back to you. Of course, if you’re the seller, you would be much better off selling the house as-is and giving up nothing.
4-How Financing Comes In To Play.
To a homeowner, financing can play a huge role in how they view an offer. Buyers that aren’t yet pre-qualified by a lender will most likely not be allowed to submit an offer on a property. At least if a buyer has been pre-qualified by a major lender, they will have a good idea of what loan programs they will qualify for and how much of a loan they can afford. Having an offer from a buyer that has been pre-qualified presents much less of a risk to homeowners than someone who has yet to meet with a lender or mortgage broker.
The best scenario for a homeowner is to find a cash buyer that can close quickly and is not at he mercy of any lender to make the deal happen.
5- Hire An Experienced Orlando Realtor To Represent You.
Whether you’re the buyer or the seller in a real estate transaction, you would be wise to enlist the help of an experienced Orlando real estate agent. Sometimes buyers or sellers may try to buy or sell a home on their own thinking that they can save themselves a few bucks but the reality is that you could end up losing thousands on a transaction, especially if the other party has representation and you don’t.
If you’re looking to buy or sell a home in Orlando, feel free to call us for a free consultation. Over the years we’ve helped thousands of Orlando homeowners and home shoppers to find solutions to their real estate needs.