Please help new buyer

[JoshMed]

I am looking at a couple places (condo) and have some meetings set up. ( in the Parklawn/Lakeshore area)

One place - saying it's the last one bedroom they have left.

Another place has couple options but not much left.

My big question is in reality what is negotiable?

Trying to lower the asking price include parking locker. Other then that i am not sure.

Does telling the sales rep about another deal and trying to get them to match it work?

i would be very thankful for any help thanks.

 

[shawn_c]

Telling the Sales Rep. about another deal doesn't do anything, so don't go offending anyone (I'm assuming you're looking at new or pre-construction)!

Basically, Sales Reps. have a certain amount of negotiating leeway, let's say maybe $10,000 - 20,000 up or down. Nothing else after that, unless they have some kind of bonus that's available to everyone.

Your best bet for a good deal is to either; A) Buy a resale, where you can negotiate and hopefully catch a "motivated seller," or B) Wait until later on in the summer... summer is traditionally a slow time for real estate sales.

 

[JoshMed]

Hey thanks for the reply,

Well ya i don't mean to offend anyone, but for instance i need reasons to justify myself asking for a lower price. so if i have 2 condos one with a balcony and one without one that's more in price shouldn't i be able to use that as a reason to ask for a lower price.
Mind you that's just an example.

 

[JoshMed]

sorry, i am buying for pre construction.

 

[aguduser]

Hey thanks for the reply,

Well ya i don't mean to offend anyone, but for instance i need reasons to justify myself asking for a lower price. so if i have 2 condos one with a balcony and one without one that's more in price shouldn't i be able to use that as a reason to ask for a lower price.
Mind you that's just an example.

I used this tactic to negotiate with builder before. It wasn't for reducing the price, however, just the percentage for down payment. There were two very comparable units from two different projects in the same area. One required 5% down, and the other one 15%. I liked the one with 15% down better, so I told the sales rep about the other one, and they reduced the down payment to 10%.

I don't think you can negotiate much with prices as builders usually do not want to lower prices, even in bad times, unless they absolutely must. What they can do is offering bonuses and free upgrades. You may ask for a free locker for example. (I did that before, too.)

 

[shawn_c]

Well, sure, it seems reasonable that certain features should command a higher/lower price... but at the same time, the Sales Rep. will be able to point out counter-arguments easily; such as the balcony unit is near the garbage chute! Haha... but seriously, that is not exactly a bargaining chip.

Spend a lot of time with the Sales Rep., asking him/her questions, showing your genuine interest. And then when it comes time to negotiate price, let them know that you ain't paying retail. And make sure s/he knows that you're totally willing to walk away if you don't get the price you want (and be willing to walk away). If they don't call you back or give you the price you want, well... it doesn't hurt you, because if you want that unit bad enough, you can go back to the table at the price they mentioned before.

However, I strongly advise you to wait until at least July/August before making a purchase!

 

[shelfun]

If you still have a choice of "finishings" Ask for free upgrades. That may be more "workable" for the developer than a price decrease. I personally will skip an agent & get it direct from the developer since it's pre-con. That way, you can have the developer knock of the same amount that they would have to pay as commission. I would tell them what other units I'm looking at cos it's not a lie. (that was what we did & we actually told them how we justify our "negotiated" price) The worst they can say is no to the price decrease, they won't say no to selling the place. I guess if you tell them about your comparison without trashing their project they shouldn't be offended.

Anyway, just my 2 cents...

In conclusion, we negotiated the price decrease equivalent to the commission that they would pay our agent (if we had one) & also some free upgrades to the unit. We put in our offer early June.

 

[iSlutsky]

Some things you may want to try to negotiate:
- Capping closing fees;
- a locker;
- free upgrades;
- rent vs buy the heat-pump unit; and,
- an assignment clause.