We all know the old saying, money talks and BS walks. So while you may have had the first offer in, a great letter on why you love their home, the buck stops with the almighty dollar. BUT, it doesn't mean that you just need to give them more than asking price... WHAT?! Yup, it's true! Every home is different, different items are negotiation points and yes money is important but if you can negotiate some other benefits to your offer that works for the sellers... and then you have the perfect deal. Timetables are a great item to negotiate on, being flexible on your closing date (the sellers may still need to find a home to buy so making them homeless doesn't make you their favorite choice right lol), quick home inspection dates, faster than normal mortgage commitment, more money in the deposits are all great value adds to your offer.
Now another important strategy to keep in mind is your initial offer... this really sets the tone of the transaction for the sellers. If you offer a low ball offer just to see if you can get a deal, you've shot yourself in the foot. Also, the more you go back and forth with negotiations, the more time those other buyers can see the home and make their own offer. Once you're in a multiple offer situation, your negotiation power is just about gone! So make that first offer pretty close to their asking price, or even over asking price and ask for some closing cost credits on the backend to help you out... even if they counter offer, you have a top number in mind you want to spend so you don't have to waste time and "think about it". In order to get these sellers to work with you, you need to close the deal FAST. DO go back to your homework and see what $5,000 does to your mortgage payment... spoiler alert... it could be less than what you spend on coffee everyday 🤯. And you would know that because you did your homework... right 🤔🤣