How to Negotiate a Major Price Reduction in Property Today.
A lot of people have said to us that they haven't witnessed discounts. Let me start this article by saying that even though we believe massive discounts are being given already, we do not recommend that you buy yet. You should wait another couple of years for the best prices to show. We think the market will keep dropping relentlessly for many years, and the low won't be for another few more years. If you wait until 2018 or 2019, the sellers will be puking discounts. We guarantee it.
As to why many sellers haven't been easily showing you discounts, it's because they've been operating this way for years and they can detect the lack of confidence and doubt in you, and if they feel that you don't believe there are discounts, they certainly won't give them to you. In other words, they're still behaving like wolves, and you're still behaving like sheep.
That said, if you absolutely insist on buying now, here are our tips for how to not be a sheep so that the wolves won't eat you:
1. Don't fall in love with the place you want to buy! Fall in love with your wife or husband, not with the apartment you want to buy. There are thousands of more apartments to choose from.
2. If you love it, don't show that you love it! Keep a poker face!
3. If you have a very "expressive" wife (or husband), don't take her (or him) with you to the negotiations and during the showing don't let them express how beautiful the apartment is. Keep the comments like that for when you get home.
4. Present yourself as a cash buyer even if you're not. So decouple the price negotiation from the issue of how you will finance the purchase. When he asks you how you'll pay, tell him your parents are buying you the place or you have savings. After you've agreed on the price, then say "actually I now need an Iskan loan because my parents don't want me to buy this apartment and they want me to buy another one, so they won't pay for this one". This would scare him because it shows you have another option and that one is fully financed. However, it also might cause him to back down from the agreed price, but at least it gives you a good indication of where he's willing to get to in price.
5. BE PREPARED TO WALK AWAY at any point when he's not being cooperative. Say, "look there are other people who are being more flexible on the price, and although I like your apartment, I think I'll go back there." When he asks who they are (so he can rip into the "quality" of their work), just tell him that it doesn't matter.
6. If he starts with the line that you'd better buy now because prices will go up soon and that this is the best time to buy, tell him you don't believe this and to just look around at all the empty buildings and more still being built every day.
7. Be prepared to walk away and look somewhere else! Don't let him sense that you're in love with his apartment!
8. Don't be afraid to say that this is your "best and final offer" or "take it or leave it" just like they did in the good times.
9. Shop around and negotiate with several sellers at the same time. This isn't marriage. You don't have to be faithful.
10. Good luck!
Source: Real Estate in Lebanon
2. If you love it, don't show that you love it! Keep a poker face!
3. If you have a very "expressive" wife (or husband), don't take her (or him) with you to the negotiations and during the showing don't let them express how beautiful the apartment is. Keep the comments like that for when you get home.
4. Present yourself as a cash buyer even if you're not. So decouple the price negotiation from the issue of how you will finance the purchase. When he asks you how you'll pay, tell him your parents are buying you the place or you have savings. After you've agreed on the price, then say "actually I now need an Iskan loan because my parents don't want me to buy this apartment and they want me to buy another one, so they won't pay for this one". This would scare him because it shows you have another option and that one is fully financed. However, it also might cause him to back down from the agreed price, but at least it gives you a good indication of where he's willing to get to in price.
5. BE PREPARED TO WALK AWAY at any point when he's not being cooperative. Say, "look there are other people who are being more flexible on the price, and although I like your apartment, I think I'll go back there." When he asks who they are (so he can rip into the "quality" of their work), just tell him that it doesn't matter.
6. If he starts with the line that you'd better buy now because prices will go up soon and that this is the best time to buy, tell him you don't believe this and to just look around at all the empty buildings and more still being built every day.
7. Be prepared to walk away and look somewhere else! Don't let him sense that you're in love with his apartment!
8. Don't be afraid to say that this is your "best and final offer" or "take it or leave it" just like they did in the good times.
9. Shop around and negotiate with several sellers at the same time. This isn't marriage. You don't have to be faithful.
10. Good luck!
Source: Real Estate in Lebanon
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