Negotiating Price and Terms (Initial Stage)
The client expresses serious interest in a property and begins preliminary discussions with the agent about potential price negotiation, offer terms, and next steps.
Dialogue9
Thanks for showing us around, Mark. We're really quite impressed with this property. It checks a lot of our boxes.
You're very welcome, Ava. I'm glad to hear that. It's a fantastic home in a great neighborhood, truly. So, if you're seriously considering it, what are your initial thoughts regarding the asking price?
Well, we like it a lot, but the price is a bit on the higher side for us. Could there be any room for negotiation? We're looking to make an offer, but we'd need to come in a little lower.
I understand. The owner is keen to sell, and while they've set a firm asking price, there's always potential if the offer is strong and the terms are favorable. What figure are you thinking of, roughly?
We were hoping for something around 5-7% below the asking price. And we're pre-approved for a mortgage, so we could potentially close quickly, which might be appealing to the seller.
That's good to know about the pre-approval. Quick closing dates are often very appealing to sellers. I can certainly present an offer like that to the owner. Are there any other key terms you'd want to include in an offer, like an inspection contingency?
Yes, definitely an inspection contingency, and perhaps a 30-day closing period from the offer acceptance date. We're pretty flexible on the exact date within reason, though.
Excellent. This gives me a clear picture. Let's draft up a formal offer based on these points. I'll send it over to you for review by end of day, and once you approve it, I'll present it to the seller immediately. How does that sound?
That sounds perfect, Mark. We're ready to move forward. Thanks!
Vocabulary8
- impressed
Feeling admiration or approval for something good. In real estate, use it to show positive interest in a property, like 'We are impressed with the location.'
- asking price
The price a seller is requesting for their property. It's common in negotiations; buyers often discuss if it's too high.
- negotiation
The process of discussing to reach an agreement, often on price. In buying a house, say 'Is there room for negotiation?' to ask about lowering the price.
- offer
A proposal to buy something at a certain price. In real estate, 'make an offer' means submitting a formal bid to the seller.
- pre-approved
Having received initial bank approval for a loan before buying. It's useful in negotiations to show you're a serious buyer who can close fast.
- mortgage
A loan from a bank to buy a house, repaid over time. Mention being pre-approved for a mortgage to build trust with the agent.
- contingency
A condition in a contract that must be met, like an inspection. In offers, it's a key term to protect the buyer, e.g., 'inspection contingency.'
- flexible
Able to change or adapt easily. In negotiations, say you're flexible on dates to show willingness to compromise.
Key Sentences8
- 1
It checks a lot of our boxes.
This idiom means it meets many of our requirements or wishes. It's useful for expressing interest in a casual way during property viewings; no special grammar, just a common expression.
- 2
What are your initial thoughts regarding the asking price?
This politely asks for the buyer's opinion on the listed price. Use it in sales to start negotiations; 'regarding' is formal for 'about,' good for professional talks.
- 3
Could there be any room for negotiation?
This questions if the price can be lowered. It's a soft way to negotiate; the structure uses 'could' for politeness, ideal for intermediate learners in business English.
- 4
We're looking to make an offer, but we'd need to come in a little lower.
This shows intent to buy but at a reduced price. 'Come in lower' is an idiom for offering less; use in negotiations to express seriousness while bargaining.
- 5
What figure are you thinking of, roughly?
This asks for an approximate price idea. 'Figure' means number here; 'roughly' softens it. Useful for agents to gauge offers without pressure.
- 6
We're pre-approved for a mortgage, so we could potentially close quickly.
This highlights financial readiness and speed. 'Potentially' means possibly; it's a strong point in offers to appeal to sellers, showing reliability.
- 7
Are there any other key terms you'd want to include in an offer?
This seeks details on contract conditions. 'Key terms' are important clauses; use in real estate to clarify and build a complete offer.
- 8
How does that sound?
This asks for agreement or opinion on a plan. It's a common closing phrase in conversations; simple structure, very practical for confirming next steps.