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What follows is a brief description of
the negotiation process and a few strat-
egies for negotiating the best possible
deal you can. This includes:
•
Keeping in mind your situation
•
Priorities and needs
•
Not giving your situation away to the
buyer
•
Trying to understand and respect the
priorities of the buyer
•
Being creative and, where necessary
•
Willing to compromise to get the deal done.
THE BASIC PROCESS
When a buyer makes an offer on your home, they will
do so using a contract that has been developed by your
real estate agent.
These contracts enable the buyer to set a sale price, and
include many clauses for specifying various terms of
purchase, such as the closing and possession dates, the
deposit amount, and a variety of other conditions.
The buyer will then deliver the offer to your Realtor,
who will present it to you. You should closely review
every detail of the offer with your Realtor, who will be
happy to address all your questions about the offer and
the process itself. You can then accept the offer, reject it,
or counter it to initiate the negotiation process. Succes-
sive counter-offers, with deadlines for responding and
meeting various contingencies and special conditions
(e.g. a home inspection, the buyer securing financing),
will be exchanged between you and the buyer until a
mutually satisfactory pending agreement is reached or
the negotiations collapse.
DON’T SHOWYOUR HAND
Even in a buyers’market, it is crucial to keep certain
aspects of your selling situation (e.g. your finances, why
you are selling, how urgent you are) as concealed as
possible from the buyer. Remember, the buyer want to
make the best deal they can, so any vulnerability you
show could end up compromising your position and
costing you thousands.
This is not the same, however, as expressing your prior-
ities very clearly throughout the negotiations. Properly
done, the firm statement of your priorities will strength-
en your position.
It is the responsibility of your Realtor to make sure the
buyer only know what they are legally entitled to know
and, beyond that, what you want them to know.
NEGOTIATING
THEDEAL