Buying South Lake Tahoe real estate is not only an expensive venture, but a time consuming one as well. So it makes perfect sense that a buyer would try to employ some negotiation tactics that save them some money on the bottom line. It is one thing to make a smart offer when purchasing a home for sale in South Lake Tahoe, but there are a few things you should avoid.
Making a lowball offer
Making a lowball offer on real estate in South Lake Tahoe is usually something that is not successful, and if it is, it is usually in a buyers market with a VERY motivated seller. The idea behind this one is that you make a lower offer, they counter up, you counter back and then both parties decide on a mutually attractive number. However, South Lake Tahoe real estate is in a sellers market, which means this ploy will not fly. In fact, in any market, it can backfire and here is why: 1.) You lose credibility as a serious buyer. Sellers will think you are either trying to take advantage of someone OR you don’t know the market. This can result in them not wanting to work with you. 2.) You offend the seller. Either way, you come off as possibly being difficult to work with. In a seller’s market there are plenty of buyers willing to pay market value with little hassle.
Negotiating in small amounts
Speaking of being a hassle with offers, don’t make incremental offers. For example If you have $10,000 more in your budget to spend on a home for sale in South Lake Tahoe, don’t make 5 small counter offers at $2,000 each. Too much back and forth can annoy the seller and they may move on to another buyer. After all, you usually have about 48 hours to respond to an offer on real estate in South Lake Tahoe which means this tactic can drag it out. May as well counter with what you can afford and know if you got the home or not.
Don’t act like your offer is the best they are going to get
Everyone has a number in mind. The seller knows what they want for their South Lake Tahoe real estate and the buyer knows what they want to spend on it. However, as the buyer, do not come in guns blazing with a stubborn “take it or leave it” attitude. Once again, this is a seller’s market. Which means, you are not the only buyer. Even if you are offering all cash and waiving all contingencies, act flexible and humble. It will get you so much farther.
Asking for a bunch of “free gifts with purchase”
You’ve found a home for sale in South Lake Tahoe that is in your budget and you LOVE IT….including the things inside. If the listing verbiage doesn’t state that furnishings are negotiable, don’t go crazy asking the sellers to leave behind their belongings. Even if it “goes so well with the house”, you can actually offend the sellers by asking for more, for free. If you really love something inside the home, you have two options: Ask your South Lake Tahoe realtor to ask their South Lake Tahoe realtor if there were some items they wanted to leave anything behind (This comes off more as a favor. Less items to move!) OR you can see if there is anything they would like to sell.
Using the inspection to renegotiate
Most inspection reports are going to come back with something, either as a recommendation or a necessary fix. Some buyers think of this as an opportunity to re-open negotiations on the offer price. However, you shouldn’t nickel and dime as no house is perfect. Little things aren’t necessarily something the seller is responsible for in order to move forward to close escrow. Big things may change the game a bit which could result in either a lower price or the sellers have to fix it before close. In either scenario, your South Lake Tahoe realtor will be able to advise on the next step.
If you are looking to buy, let us know how we can help you navigate this process!