Mortgage Blog

Getting you the mortgage you deserve

5 Negotiation Secrets Smart Buyers Use to Get Better Deals

June 22, 2022 | Posted by: Justin Emilio

Being a buyer in today's real estate market can be challenging. The market is very competitive right now, making the average buyer feel like it is impossible to secure a good deal. Luckily, some tricks can help you make an intelligent deal so you can achieve your dream of ownership.

5 Negotiation Secrets to Get Better Deals

Most areas are experiencing what is known as a seller's market. That means that sellers are entertaining multiple offers on their own and are seen as having the upper hand. However, experienced mortgage brokers know that you can still employ a few tricks to help shift the balance in your direction.

Of course, remember that a good deal starts with shopping around private lenders for great mortgage deals and ends with making a successful offer on the house of your dreams. Here are a few of the top negotiation secrets to help savvy and smart homebuyers obtain the best deals.

Bring the First Offer to the Table

It goes without saying that most homeowners are cautious about placing an offer on a home, but you can't wait too long if you want your offer to be accepted. At the same time, you don't want to oversell your interest in the home and make the seller think that they have the upper hand. Despite this fact, it is best to make your first offer while you are in-house and in-person so you can gauge their response. This is often a great place to start your negotiation and if you come in with a solid first offer increases your chance of winning the bid.

Remember Your Margin

It can be easy to get carried away with a bidding war, especially if this is the third or fourth house you have placed an offer on, and you are getting exhausted with the buying process. However, it is essential to remember that you will have to pay a mortgage based on the final bid you place. Therefore, you need to use concrete numbers when you bid instead of offering a range. Concrete numbers leave less negotiation room and help prove you are serious about what you are willing to pay.

Keep Your Questions Open-Ended

It is easy for a buyer or seller to waiver a bit when answers are oblique but harder when your questions are open-ended. This allows you to get a glimpse into where they might compromise and opens some areas where you can negotiate further. Instead of asking things like "What do you want out of this property>" try questions like "What are your future plans?" Understanding the sellers' needs helps you anticipate where or where not they may be able to compromise.

Remember that Price is not the Only Negotiation Point

Many home buyers focus on Price when they enter the negotiation table, but sometimes the price is not the only way you can save money. You may not be able to talk the seller down on the Price, but you may convince them to hire an exterminator, repair damage to the yard or fence, and agree to an earlier move-in day. Sometimes negotiating improvements will pay off more in the end than lowering the asking price.

Pay Attention

Finally, when it comes to home negotiation, you must pay attention to every aspect of the experience to get the best deal. Alternatively, you can hire a real estate agent who will do this for you, but sometimes it pays to create a personal connection between you and the seller. Understanding the motivation of the seller and their goals can help you avoid roadblocks and reach a final sale price that works for everyone.

Back to Main Blog Page

2023

Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening

Bank of Canada raises policy rate by 25 bps to 4.5%

Before you lock in your variable rate

Budgeting for the Year Ahead

Alternative Lending

2022

Should You Spend the Full Mortgage Amount You're Approved For?

The Pros and Cons of Fixed vs. Variable Mortgages

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

The Bank of Canada Hiked Rates The Full 50 bps

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

Enjoying a Debt-Free Holiday

How Not to be House Poor

Job Loss and Your Mortgage Application

10 Things to Know About the Offer Process

A Six-Step, Back to Basics Financial Plan for Most Every Canadian

Canada's Inflation at 6.9% in October Supports a December Rate Hike

10 Important Questions to Ask Your Contractor

First-Time Homebuyer Tips

Bank of Canada Slows Pace of Rate Hikes

Bank of Canada Rate Update October 26, 2022

Best Ways to Plan for Your Down Payment

Bank of Canada Will Not Be Happy With This Inflation Report

Common Mistakes That House Flippers Make & How to Avoid Them

Credit Clean-Up!

Understanding Mortgage Trigger Points

Canadian Inflation Slows For the Second Consecutive Month

How Mortgage Rates Affect Buying Power?

Bank Of Canada Rate Update September 7, 2022

September 7th BoC Rate Hike

Adapting Your Finances

5 Reno’s With the Best ROI

Should You Pay Off Your Mortgage Early?

Gasoline Prices Dipped, But No Time To Celebrate

How Many Homes Should You View Before Buying?

Looking to buy your first home in BC? Here are programs that can help you with that goal

Breaking Your Mortgage Without Breaking The Bank - How Mortgage Penalties Are Calculated

5 Things to Consider When Building Your Own Home

Canadian Inflation Surged to 8.1% in June

Bank Of Canada Rate Update July 13, 2022

Tips for Buying Rental Investment Properties

Inflation, Interest Rates & Locking In

New to Canada?

5 Negotiation Secrets Smart Buyers Use to Get Better Deals

Bank Of Canada Rate Update June 1, 2022

Another Jumbo Rate Hike, Signalling More To Come

Dreaming of a Home Away From Home?

Reverse Mortgages and What to Know

How a Mortgage Pre-Approval Can Protect You from Rising Rates

Purchase + Improvements Mortgages

How is a Private Mortgage Different Than a Traditional Bank Mortgage

Have You Had Your Mortgage Check-Up?

Purchase Plus Home Improvements?

Home-Buying 101: A Guide to Purchasing Your First Home

Bank Of Canada Rate Update April 13, 2022

From tax breaks to homebuyer incentives, how the 2022 federal budget affects Canadians’ wallets

5 Benefits of an Investment Property

Preparing for the Spring Market

Refinancing: What You Should Know

Tips for Picking the Right Home to Flip

Bank of Canada Starts Hiking Rates, Signalling More To Come

The Difference Between Bank of Canada Rate and Prime Rate

Bank Of Canada Rate Update March 2, 2022

Can Housing Upgrades Affect Your Insurance?

What to Look for During a Home Tour??

Understanding Insurance

Rent to Own Homes vs. Mortgage: How Do They Work?

Improving Your Financial Direction

Bank Of Canada Rate Update January 26, 2022

Top 10 Questions to Ask Your Mortgage Broker in BC

How Much of A Mortgage Can You Afford?

Housing Market Predictions

2021

Prequalification and Pre-Approval—What is the Difference? Home Buying in BC

Bank Of Canada Rate Update December 9, 2021

Selling Your Home in Winter

Mortgages for the Self-Employed

What to do if You Are Denied a Mortgage

How to Know if it's Time to Refinance

7 Steps for Mortgage Prep

Up for Renewal??

Bank Of Canada Rate Update Oct 27, 2021

Five Great Benefits of Owning an Investment Property

What Is Home Equity and How Can I Build It?

Why Invest in a Home Inspection

Low Credit is Spooky! Get Better Credit With The 5 C’s

Fall Home Tips

How to Handle a Low-Ball Offer in Real Estate | Home Selling Advice

5 Approval Roadblocks You Should Know

How to Talk to Your Kids about Finances

Bank Of Canada Rate Update Sept 8, 2021

What are credit scores and how are they important?

Getting a Mortgage as a Student

What Happens if You Lose Your Job Before Closing?

How a Funding Condition Can Secure Purchasers From Financial and Legal Penalties in BC

Bank Of Canada Rate Update July 14, 2021

Risks of Putting Down a Firm Offer with a Pre-Approval BC

Low Rates in BC Helping Buyers Pay Off Their Mortgages at Record Pace

Buying Land To Build A Home in BC

Bank Of Canada Rate Update June 9, 2021

Your House-Closing Timeline: A Step-By-Step Guide | BC

What Are the Next Steps After Your Offer Was Rejected? In BC

Investing In An Apartment Complex

2021 Mortgage Stress Test - Latest Updates

Things To Look Out For When Viewing A Property

April 21-2021 - Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, adjusts quantitative easing program

Stress Test 2021

April 2021-Bank of Canada Releases Results from Consultations on Inflation and Monetary Policy

Buying A Home As A Senior Citizen | BC

Top 10 Considerations When Moving to a New Area

Multi-Family Lending: What You Need To Know About Hard Money Loans

Why Borrowers May Choose a Private Mortgage

How to Handle a Mortgage After a Separation or Divorce

How Good vs Bad Debt Impacts Your Household

Benefits of Investing in Multi-Family Real Estate

2020

Top 3 Biggest Home Seller Mistakes

3 Tips on How to Better Your Credit Score

Renting VS Buying a Home

Five Tips for Buying a Condo

Cons of For Sale By Owner (FSBO)

Real Estate 101: Getting Your Home Ready To Show

Tips for Real Estate Investors

Reverse Mortgages – Impact on Heirs

Advice for First-Time Home Sellers

Top 3 Home Improvement Ideas to Increase the Value of Your Home

5 Things NOT To Do When Selling Your House

Home Inspections, How They Can Benefit Home Buyers and Sellers

Useful Tips for Buying and Selling A Home During Covid-19

When Is Mortgage Refinancing a Bad Idea?

Is it a Good Time to Become a First-Time Home Buyer?

5 First-Time Homebuyer Mistakes To Avoid

5 Smart Ways to Use a Home Equity Line of Credit

What should you consider when refinancing your mortgage?

6 Signs a Home Will Likely Increase In Value

6 Persistent Real Estate Myths You Really Need to Ignore

Should You Pay Off Your Mortgage Early?

New Stress Test On Insured Mortgages

Real Estate 101: Essential Tips for First-Time Home Buyers

10 Essential Tips for Taking Out Your First Mortgage

Should You Refinance Your Mortgage?

Should You Spend the Full Mortgage Amount You're Approved For?

Take Advantage of Low Interest Rates – Refinance Your Mortgage Today!

2019

Strategies to Dig Yourself Out of the Debt Hole

Why You Need an Emergency Fund And How to Get One

The Benefits of Investing in Income Producing Properties

4 Hidden Problems That Could Be Hurting Your Home Sale

users image

Hi, How can I help you?