Whether you are buying a home or selling one, it is likely that once an Offer To Purchase is on the table, you’ll enter a phase of the transaction called Negotiation. Fear not – this is how both sides feel like they “win.” By following a few reasonable recommendations, both parties can turn Negotiation into an Agreement.
It’s best to begin with a fair asking price and a fair offer. Sellers, don’t shoot for the moon. Buyers, don’t lowball on a home your really want. Overpricing is a turnoff to potential buyers, while low offers may meet with outright rejection from the seller.
Next, understand and respect each other’s priorities. The seller won’t budge much on the price? Perhaps they would leave the refrigerator. The buyer urgently needs quick possession. Perhaps they would forgo a minor repair.
This illustrates the value of compromise. A win-win situation doesn’t necessarily mean that both parties get everything they wish for. Avoid emotional decisions and be open to concessions. If you can’t agree on a particular term, try meeting in the middle. You needn’t hold up the entire agreement when you can simply split the difference on certain terms and move forward.
Experienced real estate professionals are successful negotiators. Bringing buyers and sellers together is their highest priority. Protect your best interests by seeking the advice of a professional and listen to their advice.