First you must remember the RE Agent does NOT work for you; the Agent works for the Seller's best interest. That best interest is to obtain the best price on the home.
That having been said, this is indeed a Buyer's Market and it is often difficult for Buyers to convince Sellers their homes are not worth $43Million. I have always advocated the principle of negotiating as the MOST SERIOUS Buyer.
The well-prepared SERIOUS Buyer gets results because the Realtor convinces the Seller to take this Buyer seriously. There are many Buyers walking around out there who are neither properly qulaified to buy nor really serious about the Offers they make. Realtors meet these dilletantes too frequently. Set yourself apart and Sellers will take your Offers more seriously.
How do you demonstrate you are the MOST SERIOUS Buyer?
-You are Prequalified and you have your Prequalification letter in hand when you make your Offer. (Too many Buyers make their Realtors wait 2, 3 even 5 days to get the Prequalification letter after they make the Offer)
-Your Mortgage Banker is accessible if the Realtor has questions about your Prequalification. While your Mortgage Banker cannot discuss confidential specifics about your qualifications, general questions about the qualification can be answered: tax returns were reviewed, complete bank statements, 30 days recent paystubs, etc. (Too many Buyers have "Wham Bam Thank You M'aam" Prequalifications based solely on a credit report and nothing else)
-You have your real estate Attorney lined up and can provide that information to your Realtor when you make your Offer (Too many Buyers have to cast about for an attorney after the Offer)
-You have your Home Inspector lined up and ready to jump in for the Home Inspection within 24 hours of your Offer being accepted.
I used this method to buy my first home and convince the Seller (in a Buyer's market) to accept considerably less than asking price. Many, many, many of my clients have used this method over the years and they're using it now. IT WORKS.
If the Seller still refuses to budge on price then you've used this method to find out something else: this Seller isn't SERIOUS about selling. Then it's time for you to move on.
Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803