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Learning how to negotiate a house price down involves learning how to be firm, patient, nonchalant and not emotionally invested during the offer negotiation process. Plus, it doesn’t hurt to make offers on multiple properties, have fewer contingencies and threaten to back out to scare the seller into meeting your demands.

Home Price Negotiation Tactics

Be firm – The listing agent may try to get you to improve on yourself after you submit an offer, so please as firm as a rock on where you stand.

Be patient – Patience is the key to success. If the seller doesn’t have any other offers and their home has been on the market for a while, then more likely than not the seller will come crawling back to you.

Be nonchalant – Tell your buyer’s agent that you are not in a hurry, don’t need to move anytime soon and make sure this gets relayed to the listing agent. Remember, actions speak louder than words, so make sure your buyer’s agent is as nonchalant as you are. That means not bugging the listing agent after you’ve submitted an offer, and waiting for the listing agent to chase you.

Don’t become emotionally invested – If you fall in love with a home, then you’ve lost before you’ve even begun. Make sure to submit all offers with complete emotional detachment. Know that nothing is final until you have a fully executed contract, so there’s no logical reason to get worked up about something that could easily fall through.

Express financial strength – Make sure the listing agent knows just how financially qualified you are. For example, are you capable of putting down more than 20%? Are you buying all cash or otherwise non-contingent? Make sure the listing agent knows just how real of a buyer you are. Then play it cool and wait for them to try to make a deal with you.

Have fewer contingencies – If you have more than enough in liquid assets to cover the purchase price plus closing costs, consider waiving the mortgage contingency to make your offer stronger. A non-contingent offer is much more attractive to a seller because it gives them greater assurance of execution. You never know, a seller just might be willing to take a haircut in price for a greater certainty of selling.

Make multiple offers – The best way to strengthen your negotiating position as a buyer is to make multiple offers on different listings. This way, you’ll have the optionality to be able to pick and choose which ones you wish to move forward with. Remember, there’s no prohibition against you negotiating and getting multiple accepted offers. You can even negotiate multiple contracts to satisfaction, and then choose one to sign.

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