Real Estate Reference On Negotiation
Tuesday 19 February
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  by David B. Zwiefelhofer

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  Many home sellers and home buyers fear "realtor-free" real estate deals for one simple reason. They believe they are poor negotiators. As is true of most endeavors, in negotiating a deal a little preparation goes a long way toward achieving one's goals.

With this in mind, review the following principles of negotiation and realize that you've already negotiated countless times in your life. Here's your chance to save yourself lots of money by remembering what you already know.

Principles of Negotiation

1) The least motivated party has the most control.

Prepare yourself to be patient. There are plenty of houses to buy and plenty of buyers. You don't need to deviate far from a fair price.

If you're not willing to walk away from the deal, and the other side knows it, then you've already lost. If you want to stay in control, don't fall in love with the house, or with your asking price.

2) The party with the most knowledge gains the most benefit.

All the arguments in the world won't change the value of a property. If you've independently determined what that is, then you're not going to sell too low or pay too much. At this point, negotiating becomes an attempt to learn the other party's level of knowledge.

3) Ask for more than you will accept.

Even if both sides of the bargaining table have perfect knowledge of the property they will still need to feel as if they have negotiated a good deal. It's hard to feel you've accomplished something by negotiating if the starting and ending points are the same.
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