Negotiating with buyers and buyer agents requires strong interpersonal skills, creativity and the ability to listen and adapt.
As we'll explain, the sale price is just one of a number of variables which you can negotiate as a seller.
How much leverage you have in a negotiation depends on a number of factors, including:
How much traffic you are seeing
The marketability of your listing
Whether you have other offers
Whether your pricing is realistic
How serious the buyer is about your listing
How well you've managed your sale process to date
Here are some variables you can negotiate as a seller in NYC:
Price
Negotiating a sale price ultimately comes down to the comps and your willingness to sell.
The best way to try and make a deal happen is to ask your buyer to support his or her offer by providing relevant sale comps.
However, there are times when a buyer's offer may be attractive to you even if the offer price is below what's supported by the comps.
If you are desperate to sell or you've mismanaged the sale process, you may be willing to accept an offer which is below market.
It's important to approach the sale process in a prudent manner so that you don't find yourself in a compromising position once you receive an offer.
Listing with an unrealistic price, not bothering to pursue all leads, being combative with buyer agents and using amateur photos
are all potential ways to end up with a high 'days on market' and look vulnerable to buyers.
The proposed deal price is obviously the most important element of any negotiation.
However, it's not the only lever you can pull to try and make a deal happen.
If a buyer won't budge on price, you may want to consider leveraging other deal terms to try and bridge the gap on pricing.
Contingencies
Is your buyer financing the purchase and requesting a mortgage contingency? Are you concerned about a low appraisal?
If so, you can negotiate specific appraisal contingency language which would cover some or all of your downside if the appraisal comes in low.
Are you concerned about a buyer's finances and worried that they won't receive a mortgage commitment letter?
If so, you can negotiate the length of the mortgage contingency period.
Sale Leaseback
Do you need to temporarily remain in your home after closing? If so, you can negotiate a post-closing possession agreement with your buyer.
The most commonly negotiated terms of a New York City post-closing possession agreement include the length of post-possession occupancy,
the cost of the post-closing occupancy, the escrow amount as well as the holdover fee.
Assessments
Are there any current or future assessments?
You can offer to cover some or all of any assessments as part of your negotiation with a prospective buyer.
Furniture
Do you have any nice furniture, such as custom built-ins or a TV or fancy multimedia system?
Because these possessions are often costly to move,
you may want to consider using these as deal sweeteners so you can entice a buyer to improve his or her offer price.
Contract Deposit
A contract deposit of 10% is the market standard in New York City. However, you can negotiate this if circumstances warrant it.
More questions?
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