The Art of Negotiation

Many of us are so used to the days of multiple bids and zooming prices, the idea of negotiating for a better price never crosses our minds. But these days, depending on the circumtances, you may be able to save a substantial amount by doing so.

It’s a buyer’s market these days, and 60 percent of the inventory out there is willing to negotiate, according to Brad Inman, one of the Bay Area’s foremost real estate mavens and founder and publisher of the Inman News real estate site.

One useful approach is to look at homes that have been on the market for some time, especially if the sellers haven’t lowered the price already, a San Francisco Chronicle story said, quoting John DiDomenico of Pacific Union GMAC Real Estate.

Another tip specific to you blog visitors: Redfin clients tend to pay below asking price, the data shows – just a thought.

Sellers are much more likely these days to fix problems that come up during inspections than when the market was strong, said Rick Turley, an executive at Coldwell Banker Residential Brokerage. For example, if the inspector says the roof needs $20,000 worth of repair, you may be able to get the seller to reduce the asking price by that amount.

Get this: Some buyers have been successful in getting sellers to pay one year’s homeowners association dues. How about that! And some sellers may be wiling to pay loan fees for the buyers.

It all boils down to, “You don’t ask, you don’t get.” These days, your chances of getting concessions are better. As long as it’s not an area that’s still hot, such as, say, Orinda, you could find yourself with an even more sweet deal as a result of speaking up. (Photo: aleutia on flickr.)