Today’s Thoughts: How To Negotiate an Offer on a Home in the Age of Coronavirus

The coronavirus crisis has thrown a number of wrinkles into the home-selling process. Stock market fluctuations and job layoffs have some buyers rethinking whether to commit to a property purchase.

While that occasionally happens, a lot of people are trying to take advantage of vulnerabilities and perhaps negotiate a better deal. On the surface it makes sense: Who doesn’t want to pay less to borrow money?

With that in mind, determined home buyers and sellers will find a way to accommodate and help their clients even if open houses and home tours are not advisable for now. Your customers may be on self-quarantine, but that doesn’t mean you can’t stay connected and continue providing excellent service.

Still, buyers should not assume that because there is a pandemic they can automatically lowball a seller. Sellers may be more willing, however, to entertain offers on the lower end.

At this point, before you make an offer at all, you should be thoughtful about your goals. If you love the house and truly want to buy it, don’t drop the price too low. Be honest about what kind of mortgage you can afford and how much the house is worth. If you’re not sure, you can always ask your real estate agent if the house is fairly priced, or if it would be reasonable to come in at a lower number.

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