7 Steps to Negotiating a Better Deal on Your Luxury Condo

in Seller

1. Be Prepared To Act Quickly
Having the ability to close quickly is almost always in the benefit of the seller. The sooner you can actually buy your home the better a chance you'll have of negotiating.  Being a qualified buyer can get you a very long way at some of the new developments in New York City.  

2. Act Forcefully
Make sure the seller understands you are very serious about buying their apartment. Seller's receive offers from people who are not very serious about actually buying the apartment unless they receive a cut throat deal the seller.  These offers get ignored.

3. Start With A Realistic Offer
Pay attention to recent sales in the area or building before making an offer.  If you're making offers at 50% off asking price when the seller has comparable properties selling at asking price they will not consider your offer.  All cash buyers will be able to negotiate special discounts in some cases.  

4. Give Something To Get Something
In negotiations you'll have to give something to get something from the seller.  Don't expect any handouts, but always act with your best interests at heart.  The seller is acting in their best interest during this process as well.

5. Patience
Both parties are interested in coming to an agreement of terms for the sale.  Remember this is a business transaction and not something personal.  The seller is going to do everything they can to come to terms as long as you're being reasonable.  They want to sell the apartment IF you want to buy it at the right price.

6. Be Prepared To Walk
You can't get the perfect deal on every apartment.  Fortunately, buyers have a plethora of options to choose from in today's market and shouldn't become too emotionally attached to anything before they have made some headway.  It's likely you're home will be one of the biggest purchases of your life, make sure you treat it like a business transaction for you and your family.

7. Think Win-Win
Don't plan to fleece or steal an apartment from the sponsor/seller  Go into the negotiations planning to create a situation where you and the seller can both be happy on closing day.

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Graham A Gordon has 1 articles online


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7 Steps to Negotiating a Better Deal on Your Luxury Condo

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This article was published on 2010/03/28