Pulling off a real estate deal has never been easy for buyers, sellers or brokers. A deal invariably requires a tardy and lengthy process that may run over several days, weeks or months. Sometimes due to certain sticky points such as price, offers or payment procedures, a deal may result in an impasse. Which is why, as many as 40% transactions fall through before they complete.
If you find yourself in a similar situation, especially when you are after your dream property, you need to get a little bit creative and for a while taking off the focus from price only. So an out of the box thinking can help you get a house or property you have been eying on for so long.
Here are some creative ways with which you can seal the deal effectively:
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1. Drop the costs of warranty from the seller
If you really need a specific house and don’t want to settle for anything else, you can ease the burden on the seller in some way. So dropping costs of home warranty from the seller would be a better idea in this case.
You can shoulder that if such is being provided by the seller. Even in this situation, if no middle ground is found, you can add more “earnest money”. This will help you show that you are truly interested in purchasing the house.
2. Offer the seller a rent back
If the seller needs more time and you still want to move the deal along, one solution could be to allow the seller to stay even after the close of escrow. You can even consider offering the seller a free rent-back even if you want to move in the same day you close.
If the renting date is in the middle of the month, you can possibly pay both rent and mortgage for a short period of time.
3. Offer a fast closing
Sometimes the closing time becomes more important than the price itself. Has your seller already bought a home and wants to be in it as soon as possible? Are they anxious about the mortgages? This understanding can be a great opportunity for you to seal the deal.
In this case, if you offer a quick closing let’s say a period of one month as opposed to three months, the seller may be motivated to accept less than the purchase price. It will also give you an edge over other buyers in a situation of a multiple offer scenario.
4. Make it easy for the seller
When it is all about buying your dream home, you need to consider all the factors that might come between your offer and the closing. It is also time to explore opportunities and make things easier for the seller. This may lead to a reduced price.
Again in case of multiple offer situations, some buyers would have higher offers. If you are engaged in a better communication with the seller, chances are you will land up in closing the deal.
5. Pursue the deal until it is done
You need to reinforce your motivation behind the possible transaction rather than just money. Also, don’t just become a delivery person for other buyers in case of multiple counter offers.
Besides, the more information you have the more leverage you will get in terms of closing the deal. Try to get inside their head and read their minds. What are their needs; their must-haves and want? Why they are selling and what is their time frame?
6. Build better bonding to conclude the deal
A better degree of bonding is essential in finalizing that coveted deal, especially when you are keen on buying your dream property. You need to keep in touch with your sellers because it is important to establish a necessary trust between you two. Be open with your expressions of gratitude and gesture and look for creative ways to conclude the awaited business transaction.
You can invite them to special events; create better bonding by having a toast of wine bottles with custom labels and improve your buyer-seller relationship. This will ensure your negotiations end in a signature.
The success of your real estate deal depends on how prepared you are; how you can forge good relationships and what out-of-the-box solutions you can come up with in case the deal seems to hit the roadblock. The above few tips can give you food for thought in this direction.