The goal in a real estate negotiation is to reach a good agreement – one in which the underlying interests of both buyer and seller are met. The results of a poor agreement often return to haunt the parties after closing. Many of our real estate clients have been experienced negotiators in other industries, and we have learned from their skill and experience. Review these tips as you prepare for the purchase of your home.
What do you want to achieve in the negotiation?
The first step in getting what you need is simply to let the seller know – in a clear and reasoned way. For most people, the highest priority is the price they will pay for the property. The best way to establish this is by a market analysis of the neighborhood. Set an offering price range that makes sense. Knowing your range allows you to balance the price with other needs. Your interests might include:
1) Buying at the lowest price possible.
2) Setting a closing date that meets your time frame.
3) Settling any repair issues fairly.
4) Having your concerns heard and addressed.
5) Locking in an acceptable mortgage loan rate.
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