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The art of negotiation Published February 14, 2010 When it comes to real estate, negotiation comes into play whether you’re buying or selling. If you’re selling, the buyer makes an offer and you accept it or counteroffer. If you make a counteroffer, the buyer can accept it, counter your counteroffer, or restate his original position. On the buying side, you reverse the roles but the process unfolds pretty much the same way.Negotiations may also alter the original agreement after an inspection of the property. The buyer may ask the seller to make extensive repairs. Both sides agree on what will or won’t get fixed or someone walks away. Perhaps the most important rule of negotiation is to leave your emotions out of it. As the saying goes, “Only the facts, ma’am.” Decide what you’re willing to sacrifice in price and other concessions in order to make a sale. As a buyer, identify the absolute limit of what you’re willing to pay for the house you want in the neighborhood you want. You can always walk away from negotiations. Meeting in the middle doesn’t mean both parties get a fair deal. If a buyer offered $70,000 for your $100,000 home, you countered with $90,000, and the buyer offered to split the difference at $80,000, would you feel like you both won? Whether you’re buying or selling, don’t allow an extreme offer to affect your counter. Do you know if your area is considered a buyer’s or seller’s market? That will greatly influence your negotiating tactics. Buyers shouldn’t rush to raise their price if the seller hasn’t seen an offer in three months. Likewise, sellers won’t want to budge from their asking price if offers from buyers are piling up. Your Realtor can help you analyze the current market, determine what your limits are and identify the buying or selling strategy for you. Realtors are also well versed in the art of negotiation. Use their expertise to your advantage. For more information, please visit TexasRealEstate.com and HAR.com. Nancy Furst, CIPS, TRC, GREEN, GRI, is owner of The Furst Group and serves as southeast district director for the Houston Association of REALTORS® (HAR). She is actively involved in HAR’s governmental affairs efforts and has lived in the southeast district since 1997. Please visit TexasRealEstate.com or HAR.com for more. - Written By Nancy Furst |
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