Nick Perry explains why asking for a price cut on a home sale backfires. A $15,000 price reduction on a $300,000 house saves only $600 in closing costs and $50 monthly on the mortgage. Instead, offer full price and negotiate seller concessions to cover closing costs directly, which saves far more.
Never ever ask for a price reduction when you're buying a house. You lose more money than you save. So ask for a seller concession instead because you'll save more money than you lose. Here's how. Say you want a $300,000 house that's been sitting on the market for a while. So you offer $285,000. The seller agrees, so you should save $15,000 on that property, right? Wrong. Because if the seller agrees, you save about $600 in closing costs and $50 a month on the payment. That's it. So what you should do instead is offer the full $300,000, then ask the seller for $9,000 in concessions, which will go straight to your closing costs you'd already be paying for. If you want me to help you get discounted properties, then comment PPC and I'll reach out.
