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by Charles Warnock
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other than price.
Even though independent sellers can avoid some or all commission costs, there are still other fees that might apply: property and termite inspections, escrow or attorney's fees, a title search, insurance costs and applicable taxes. Even if sellers don’t offer much flexibility on asking price, they may be more willing to make a deal with buyers who offer to share the costs of necessary repairs or transaction expenses.
Be prepared to compromise.
Approaching negotiations with a confrontational “win-at-all-costs” attitude is unlikely to yield positive results. Many professionals who teach negotiation skills to executives say a more realistic goal is to find a mutually beneficial solution in which both parties can “win.” This means being aware that you may have to sacrifice something to reach agreement at some point. In this case, be sure to identify in advance what you will and will not give up to ensure you’re happy with the deal in the long term.
Back up your offer
When offering to buy a property, you don’t have to explain how you arrived at a particular dollar amount. But you may fare better in negotiations if you have some objective basis, such as examining comparable sales. If you're a Subscriber, try Homekeys' ValueKey valuation tool for an objective estimate of value. If you’ve got a substantial down payment that you’re ready to put into escrow, now’s the time to mention it.
All participants in a negotiation should be prepared to walk away from unacceptable terms. You may be reluctant to give up after all the time you’ve invested in the buying or selling process, but emotionally tense negotiations can sometimes benefit from a cooling-off period. Walking away (or watching the other party walk away) may be uncomfortable, but it is always preferable to accepting terms you can’t l |
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