Don't offer too little
The initial offer you make frames the whole negotiation. You want to go lower than the highest amount you're willing to pay, of course, but you don't want to go so low that it backfires. Low balling can anger a seller to the point where they are irritated by you or, at worst, refuse to negotiate further.
Get to know the seller
Find out as much as you can about the seller and the property. Why are they selling? Do they still live there, or have they already moved out? How long has the house been on the market? Have their been any other offers yet, and if so, how come they didn't pan out? This information will give you an idea of how urgently the seller wants to sell and, by extension, how much they will be willing to negotiate.
Make it personal
Sellers often make the mistake of letting their emotions get involved in their home sale. You can use this to your benefit! A seller has a lot of memories and emotions attached to the home. They want to know that it will be in good hands. Send the seller a letter telling a little bit about yourself and everyone who will live in the house. Outline why the house is a perfect fit for you. The idea might sound strange, but it can help!
Get everything in writing
Do not forget to get every little thing in writing. Will the dishwasher stay with the house? What about the washer and dryer? If yes, that needs to be in your contract. Will they clean up the scrap pile out back before you move in? Make it official. You definitely want a professional to help you with this part.
Hopefully these tips help make your negotiation process on your Millburn-Short Hills home go more smoothly. If you have any other questions, or would like to enlist me as your professional help, do not hesitate to ask.
Elaine Pruzon
Coldwell Banker Residential Brokerage
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