Research Before Negotiating
Know the Market:
1. Check similar listings on LocateLanka
2. Research recent sales in the area
3. Understand price per perch/sqft
4. Know how long property has been listed
5. Research the developer/seller
Information to Gather:
- Original purchase price (if available)
- Current market conditions
- Any defects or issues
- Seller's motivation
- Competition (other interested buyers)
Pro Tips
- Use our price comparison tools before making an offer
- Properties listed for 6+ months often have more negotiation room
Understanding Seller Motivation
High Motivation (More Room):
- Divorce/separation
- Financial difficulties
- Job relocation (urgent)
- Estate sale
- Multiple properties
- Property listed long time
Low Motivation (Less Room):
- No urgency to sell
- Emotional attachment
- Unrealistic expectations
- Multiple interested buyers
- Prime location
- Recently listed
How to Find Out:
- Ask the agent directly
- Check how long listed
- Notice if price has dropped
- Ask about seller's timeline
Pro Tips
- Motivated sellers can offer 15-25% discounts
- Be respectful - they're more likely to accept your offer
Making Your Offer
Opening Offer:
- Start 10-15% below asking for fairly priced
- Start 20-25% below for overpriced properties
- Never offer asking price initially
Justify Your Offer:
- "Similar properties sold for X"
- "I noticed these repairs are needed"
- "Market has slowed recently"
- "I'm a cash/serious buyer"
Counter-Offer Dance:
Pro Tips
- Always put your offer in writing
- Set a maximum price and stick to it
Negotiation Tactics
Effective Tactics:
1. Be patient - Don't show desperation
2. Find flaws - Point out issues (politely)
3. Cash is king - Offer quick closing
4. Silence - Let them fill the void
5. Walk away - Most powerful tool
6. Bundle - Ask for fixtures/furniture included
What to Negotiate Beyond Price:
- Closing date
- Fixtures included
- Repairs completed
- Furniture/appliances
- Survey costs
- Payment terms
Scripts That Work:
- "I love this property, but I can only go up to X"
- "I've seen others at this price with X feature"
- "I'm ready to sign today if we can agree on X"
Important
- Don't insult the seller with extremely low offers
- Don't reveal your maximum budget
Closing the Deal
When You've Agreed:
1. Get agreement in writing immediately
2. Pay holding deposit (usually Rs 100,000-500,000)
3. Set clear timeline for next steps
4. Begin due diligence
Deposit Strategy:
- Lower deposit = less risk for you
- Higher deposit = shows seriousness
- Make deposit refundable during due diligence
Final Tips:
- Be prepared to walk away
- Have financing pre-approved
- Keep emotions in check
- Focus on value, not winning
- Be respectful throughout
Pro Tips
- A good deal is when both parties feel they got fair value
- Maintain a good relationship - you may need seller cooperation later
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