Negotiating a property to the best possible price is the one way to build instant equity into your property. Remember that buying the property is the key to your real estate investments. So, this is how I get a seller to take less than they should.
1. Negotiate From A Position of Power
I let them tell me the problem areas first, then give them a strong bid coming out of the gate... and I'll back the bid with a massive amount of research. If you'd like to get a rough idea of the true value, get started by looking at the high, medium and low value of the home, at any time, on my website: https://www.vivaseattle.com/cma/property-valuation/
I believe, most get to caught up in the back and forth game of countering each other until they meet in the middle. Lots of buyers like to identify the perfect property in a love letter to the seller and then later make a strong point that this property isn't actually perfect. Then, the buyer proceeds to point out each problem area and attach a price tag to it. Instead of thinking this way, I like to research the homes sold around it, look at the quality, and make a good bid coming out of the gate. No one wants to feel nickel and dimed.
3. Keep It Clean
When I write our offer, I want to make sure the fees are paid for by the traditional parties. In doing this, no one feels blind sighted at the closing table. Sometimes, a buyer may want the seller to pay for the closing costs; I've found, it's best to negotiate these requests before the offer is written. Also, it's not advisable to have long contingency periods (time it takes to run inspections and get the loan in order) unless absolutely necessary. No one wants to wait for a 20-days when the other offer on the table can figure things out in 7 days.
4. Do What You Say
When you say, "This is my final offer," make it your final offer. Be ready to walk away and also be prepared to offer the same final offer one last time. Many times, I've found, when the seller has had a chance to sleep on it for a night or so, they're much more willing to agree, so long as it's close to what they wanted to see.
5. Closing Argument
In your final and best counteroffer, I've found it's best to write another letter to introduce yourself again. Many times, in a multiple bidding situation, it's best to separate yourself from the sharks. Take time to say you appreciate the seller for taking the time to negotiate with you and remind them you'll be moving along to the next home, without a YES to your counter.