What are some ways to negotiate down the purchase price of a home?

Asked by Trulia Denver, Denver, CO Fri Feb 1, 2013

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Julie Montgo…, , 80238
Sun Feb 10, 2013
First, hire a good, knowledgeable buyer's agent to help: 1) find the right home in the right neighborhood; 2) check recent comparable sales to ensure the house is priced correctly; 3) if you find 1 and 2, there may be NO room for negotiating down the purchase price.

Denver is a SUPER HOT real estate market right now, and the "good ones" -- homes in good locations, good condition and priced corretly -- are selling the same day, in many cases with multiple offers.

Julie Montgomery, Denver, CO http://www.jmontgomery.com
Web Reference:  http://jmontgomery.com
0 votes
Robert McGui…, Agent, Denver, CO
Sat Feb 2, 2013
Trulia Denver,

That is a good question in Denver. Good answers below. The old answers don't work like they used to. With the historic lack of inventory sellers are less likely to bend on cosmetic issues or other unnecessary inspection items. You must have potential structural items, mold, or other safety related items to have a strong position to negotiate.


Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
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DeLUX Team R…, Agent, Littleton, CO
Sat Feb 2, 2013
Buying a home is the biggest investment most people make in a lifetime you should have selected an experienced buyer’s agent to represent you in the buying process. The buyer’s agent has a fiduciary duty to lookout for your highest and best good parts of his/her duties are to assist you in the negotiation process. Full time experienced educated active agents that are familiar with the area, homes and values usually possess the skills to competently pull comparable properties and compare them to the property you are negotiating on to substantiate an actual value of the property to both the seller and the sellers agent this often takes skill and diplomacy.

Let our family help yours.

Metro Brokers/DeLux Team Realty, Inc.
Call Us with Your Residential Real Estate Needs: (303) 327-5898, 1-888-LUX-Team (589-8326) Toll Free
0 votes
DeLUX Team R…, Agent, Littleton, CO
Sat Feb 2, 2013
Buying a home is the biggest investment most people make in a lifetime you should have selected an experienced buyer’s agent to represent you in the buying process. The buyer’s agent has a fiduciary duty to lookout for your highest and best good parts of his/her duties are to assist you in the negotiation process. Full time experienced educated active agents that are familiar with the area, homes and values usually possess the skills to competently pull comparable properties compare them to the property you are negotiating on substantiate an actual value of the property to both the seller and the sellers agent this takes skill and diplomacy.
0 votes
Yolanda Vare…, Agent, Denver, CO
Fri Feb 1, 2013
You first need to have the comps, keep in mind that supply is low and demand is high nowadays so when you call seller or seller's agent to inquire about putting an offer, they might already have an offer in place and so the strategy to negotiate changes. Your best bet, find yourself a good broker. I'll be at 146 Oneida St tomorrow from 12 to 3. Please stop by and I'll tell you more about other options.
0 votes
Keleigh Thom…, Agent, Lone Tree, CO
Fri Feb 1, 2013
Your best bet would be to have a really strong set of comparable solds. You can use those comps in conjunction with list of reasonable updates and repairs needed.
Keep in mind though, the market supply is still low and each listed home will be unique as to weather the seller even should take less. Many homes are going at or above asking price.
0 votes
James Ponzi, Agent, Denver, CO
Fri Feb 1, 2013
The best way to negotiate down the purchase price of a home is to arm yourself with comparable sales that support your offer. Find three sales very similar to the subject property, make market based value adjustments for differences to "equalize" the comparables to the subject property and then reconcile those differences to arrive at a final value. Submit your purchase offer along with your analysis, and then negotiate vigorously for your position.

I would also recommend along with this strategy that you ask for two other ancillary items to be used as negotiation pawns; things that you're willing to concede in order to get the price you want.

For example, I recently negotiated a $41,500 price reduction for a client of mine and in addition to that, asked for a roof replacement and to refinish the hardwood floors. I didn't expect to get the roof and hardwood floors, but in the end, we got all three! You never know until you ask, and you never know the position of the seller until you negotiate hard.

I really enjoy negotiating great deals for my clients, it's one of the greatest rewards in the real estate business. Let me know if I can help!
0 votes
Ethan Besser, Agent, Englewood, CO
Fri Feb 1, 2013
Using a qualified real estate professional is your best bet!
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