The negotiation process is just one step of the real estate process. It might be one of the best reasons to have the help of an experienced, knowledgeable real estate professional on your side. Whether you choose to work with a Realtor or go through the process alone, these tips are important for helping you get the best deal!
1. Don't Get Emotional. Let go of the emotion you've invested in your home and approach negotiations in a detached, business-like manner. You'll find the process to be a lot less painful, and will have an advantage over prospective buyers who do get caught up in the emotion of the situation.
2. Know your buyer. Your objective is to control the pace and set the duration. The more you know your buyer, the more easily you can maintain control. Maybe your buyer needs to move quickly? Maybe your buyer can't afford the price you want? Knowing information like this puts you in a better bargaining position. It's especially important to know what prospective buyers can actually afford.
3. Don't Constrain Yourself. Flexibility is an invaluable asset in the negotiation process. You don't want to sign a deal on a new home or move out before you close the deal on your current home. This might signal eagerness (or desperation) to sell, which is not going to help you in the negotiation process!
4. Don't take low offers seriously or personally. The first offer is low for a reason- the buyer is trying to get you to fixate on that low number. Don't fall into this trap. Understand what your home is worth and what you are willing to accept. Low offers might scare you into thinking your home is worth less than it really is. In reality, a low offer might indicate a buyer is unable to afford a home like yours.
5. Make sure the contract is complete. As with any contract, you want to have the terms, costs, and responsibilities all spelled out in the contract of sale. It should include the date it was made, the names of all parties involved, the address of the property being sold, the purchase price, where deposit monies will be held, the date for loan approval, the date and place of closing, type of deed, any contingencies that remain to be settled, and whether there's any personal property included (or not) in the sale, among other things.
6. Don't deviate from the contract. Resist the temptation to diverge from the contract. Don't take any chances of the deal falling through!
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