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5 Negotiating Tips For First Time Home Buyers

by Jeff Thompson
February 2011

From Jeff Thompson's Enjoy Mediation Blog

Jeff Thompson

Enjoy!

Homeownership is a big step and it is important to make sure that you approach it wisely. When you do find the home that you are looking for, there is often the opportunity to negotiate a price that is lower than the list price. You need to know what you are doing, however, because negotiating poorly can cause you to lose the home that you truly want.


Here are five important negotiating tips for first time homebuyers.

  1. Try not to get emotional. It can be extremely tempting to bid top dollar for a place that has everything you have ever wanted, but you could end up setting the negotiating standard so high that you can’t afford the house...
  2. Get a Comparable Market Analyses (CMA). Most real estate agents can easily supply you with a CMA, which is basically an average price range for recently sold home within the same neighborhood with the same features....
  3. Access the seller’s motivation level. There are many reasons why people sell their homes. Sometimes people are relocating for job purposes, divorce, upgrading, downsizing, or the owner passes away...
  4. Make a firm and reasonable offer. Some people who are new to the real estate market assume that in order to get the price they truly want, they should start out very low with their offer...
  5. Put everything in writing. Verbal offers are difficult to enforce. Make sure that once you and the seller have agreed upon a price and terms that everything gets printed out and signed by both parties...

Interested in reading the rest? Click [here] for the full article.

Biography


Jeff Thompson, Ph.D., is a professor at Lipscomb University, researcher, mediator, and trainer. He is also involved in crisis and hostage negotiation as well as a law enforcement detective. His research includes law enforcement crisis and hostage negotiation in terrorist incidents. He received his doctorate from Griffith University Law School having researched the impact nonverbal communication has in conflict situations with respect to developing rapport, building trust, and displaying professionalism.

Dr. Thompson has presented and trained on the topic of conflict, mediation, (crisis and hostage) negotiation, communication and nonverbal communication internationally for a variety of audiences including police personnel, government officials, judges, attorneys, physicians, sales people, business professionals, and both graduate and undergraduate students. He has also been published in numerous professional and academic publications.

He is the co-chair of ACR's national Crisis Negotiation Section, and he is an ad-hoc reviewer for multiple academic journals. He received his MS in Negotiation and Dispute Resolution from the Werner Institute, Creighton University School of Law.

(All posts by Jeff Thompson represent his personal reflections and opinions and not that of any organization.)



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