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Selling Your Home – Negotiating

Is there a secret to good negotiating?

There are several cardinal rules to negotiating effectively. One is do your homework, and learn as much about the seller or the buyer as you can. The more you know about their motivation, the stronger a negotiating position you are in. For example, a seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called “motivated sellers” include people going through a divorce or who have already purchased another home.

Another is to play your cards close to your vest and not reveal too much information to the other party or their agent. Don’t let yourself get rushed into any decision, no matter how tempting it may be.

Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller’s asking price stacks up. Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all

Finally, if you have doubts about your negotiating skill, hire someone to help.

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