5 Signs That A Seller Is Ready To Negotiate

A slow market provides a good opportunity to buyers; they are in a better position to negotiate the terms of the deal. However, data also show such times weigh heavy on a buyer's mind. There are apprehensions and questions. What if prices fell further in future? Why is my friend still waiting? So on and so forth.

Well, if you are reading these signs correctly which reflect that developers or sellers are not averse to a bargain anymore the only question that would be left to answer is why not make the most of a discounted market?

Fancy packages

If you got to know that the developer is keen on giving you freebies --- a trip to some amazing holiday destination, gold coins, a car, free furnishing, etc. – choose what you really want. There could be instances when you could say you do not want the car but would want to have a real price cut. Most often, these freebies come alongside a discounted price as well and these show that the seller is clearing his stock. Most sellers offer a five-seven per cent discount on the quoted price but if the developer has a pile of unsold inventory, he may be keen on forgiving another few lakhs.

However, do ensure that you are buying from a renowned developer, who has a track record of coming up with quality constructions.

Distress sale

Speculation is the worst thing you can rely on. Many property holders believe in hearsay or perhaps circumstances lead them to head for distress sales. There are many kinds of distress sales— some try to sell what they see as a liability, some want quick cash, some foresee a bad economy and want to dispose of a property before pressure starts building up. Some even want to sell off a property because of an unfortunate incident that took place at the sight. In all the above cases, the seller would be quite willing to offer you a rate cut.

Pricing patterns

Most of us have had a chance to come across a textile store salesman. He would first quote an exceptionally high price, knowing that you will definitely ask for a discount. Two three rounds of negotiating and he would have start getting reasonable. Real estate is no different. There is a chance to negotiate if the seller has quoted a very high price or a very low one, the latter owing to his lack of information about market trends. While we do not suggest you take advantage of an ignorant seller's lack of information, there is no harm settling for a little less than what is being quoted, isn't it?  Vice versa, keep yourself abreast of market trends so that sellers cannot cheat you into paying a higher sum.

Ready to sell?

Find out when the said property is hitting the market. If it is ready-to-move-in, perhaps it was lying vacant. If there is a sufficient time gap, be sure that the seller is quite prepared. There are chances that he has done his research and is building up a list of prospective buyers. The bigger this list, the more competitive the price. Therefore, it is advisable that you get to know the background of this sale.

Kind of advertising

If the property is listed, check out the period for it is up for sale. If it is a property that has been listed for too long and yet not been taken, you have a good chance to bargain. Alternatively, if the seller has gone in for a word-of-mouth advertising, there are chances that he will be willing to bargain.

Sample this.

Tapan Nanda asked Samantak Bose to help him sell his property. Nanda said it would be a big help if Bose could refer this property within his private circle of friends and family. One month later, Bose's niece bought the house. Because Nanda and Bose were good friends, Bose's niece could avail of an impressive discount and the furnishing came free.

It is always a good idea to buy or sell within known circles (if there are no conflicts) because you can be sure about the deal and documentation.