First, the Don’ts:
· Don’t Focus on small details – If you have a compelling offer, don’t jeopardize it by focusing on items such as who keeps the drapes.
· Don’t Dismiss offers out of hand – read and consider all offers; sellers often balk at their first offer, but statistics have shown the first offer is often the best. Unless the home has only been on the market a few days in a seller’s market, you should consider and/or counter every offer.
· Don’t be afraid to walk – Enter into a deal if you think its fair – if your buyer or the terms of the deal are unsatisfactory to you, don’t be afraid to call off the negotiation and walk away.
What you Should Do:
· Do Stick to the Facts – The facts of the deal such as the condition of your home relative to the competition, current market conditions, and the buyer’s finances should guide your negotiation.
· Do Give to Get – Holding a hard line early can shut down a negotiation. While respecting the priorities of your counterpart, “Never give without getting something in return.” As a seller, you may agree to the Buyer’s price in exchange for a shorter escrow saving you another mortgage payment or ask them to remove a contingency.
· Do Focus on the issues you can solve – In each round of negotiation address what can be solved, rather than what can’t. By doing this you build momentum and goodwill making big issues seem smaller & easier to deal with.
· Do Get it in writing – Never consider an oral agreement definitive. Get and maintain a written record of all offers, counter offers, and revisions signed by both parties.
· Do Use an Agent – Convey your wishes candidly with your agent and let them present your position. Using a professional 3rd party to negotiate on your behalf will keep you focused and emotionally disconnected – resulting in a much better outcome.
As a Certified Negotiator, we provide our clients with the extensive market knowledge & experience needed for a successful sale. If you’re thinking about selling your home or you’ve had your home on the market and it didn’t sell – give us a call – we would be pleased to review our successful marketing strategies with you.
The Real Estate Corner is a monthly article published in Desert Living newsletter for the Palm Springs Valley – to receive a copy send your email address to: Cathi@CathiWalter.com.