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UNDERSTAND AND RESPECT THE BUYER’S PRIORITIES
If, during the negotiations, you can find out more about the buyer’s prior-
ities you will not only improve your position, but you will also be able to
resolve any obstacles more creatively and sensitively.
For instance, if a buyer is adamant about the sale price – perhaps because
they love your property, but they are at the limits of their available financ-
ing – they might be more flexible about the closing date or willing to
make concessions about some other terms. There are no “one size fits all”
approaches to negotiating, particularly in the current market. In principle,
though, the more you know about the buyer’s priorities, the more you will
be able to work with them in order to achieve your own priorities.
HAVE YOU REALLY FOUND THE RIGHT BUYER? IF SO,
MAKE THE DEAL HAPPEN
Particularly in a market where reasonable offers can be hard to come by,
once a buyer makes one you should be willing to make a few compromises
to seal the deal. You just never know when the next serious offer will come
along – or what it will cost you to wait for it.
That said, here are a few basic principles of successful negotiation to
consider if you’re committed to completing your sale:
•
Remember your priorities and respect the buyer’s. Do not let small
things get in the way of your better judgment
•
Disclose everything. Smart sellers pro-actively go beyond legal necessi-
ty to disclose all known defects to their buyers. Most states have prop-
erty disclosure forms. Use them. If the buyer knows about a problem,
they cannot sue you later
NEGOTIATING
THEDEAL