Dec 22, 2012

Negotiating 101 for Manhattan Buyers


For Buyers: Negotiating 101


Some important questions to ask your agent and why you should ask them*

Property Specific
 
How long has the property been on the market?
Why: The length of time a property has been on the market may indicate the seller's willingness to negotiate.
 
Have there been any price reductions during the listing period?
Why: The amount of any price reduction, as it relates to the overall purchase price, may indicate the seller's desire to attract an offer.

Have there been any other offers on the property?
Why: It will be helpful to know what offers have been turned down and for what reasons.

What is the motivation of the seller?
Why: Motivation is a key element in any negotiation. As an example, if the seller has already purchased a new property, your ability to close quickly may be an attractive element of the negotiation.

What personal items are included in the sale?
Why: Anything the seller is willing to leave behind that you won't need to buy when you move in has real value. Consider those items in your offer.

Neighborhood Specific

What is the price range of sold apartments in the area?
Why: This information is important since it will indicate the top and bottom of that specific market.

What is the average time on market for properties?
Why: Short market times may indicate a seller's market. If this is the case you may face competition from other buyers.

What is the list to sale price ratio in this market?
Why: This information will indicate seller's willingness to negotiate and by how much.

What is the average sales price per square foot of recent solds?
Why: This approach where there are similar apartments, amenities and improvements.


Final Recommendation

If you will be financing the property, get pre-approved for a mortgage prior to making your offer. This will show the seller your commitment and ability to perform. Pre-approval can be extremely important in the sellers' market.

*Depending on the type of agency relationship you have with your agent/broker, he or she may not be able to assist you with these specific questions.


comments

0 Responses to " Negotiating 101 for Manhattan Buyers "

Post a Comment

All related comments are welcome. Spam will be deleted.

 
HOME

This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

© Copyright 2006 -2014 © nycBLOGestate.com © BlogEstate.nyc Al l Rights Reserved