Both the buyer and seller need to remember that when it comes to real estate – price isn’t everything. Your negotiation strategies will depend on how well the property has been priced as well as who is on the other side.
Short Sale – If you’re trying to buy a short-sale listing, the seller doesn’t have much say in the negotiations about price, unless they can contribute money to pay down the loan amount.
Cash – Buyers that can pay all cash often feel they deserve a break in price. Not all sellers agree. Some would rather work with a well-qualified buyer who needs a mortgage, but will pay a higher price.
Pre-approved – Buyers who are pre-approved are more likely to stand out with a seller.
Before you start negotiating, you need to understand the other party and what their motivation is. While every seller wants the highest dollar, there are other factors involved: fewer contingencies, closing & possession dates, what’s included/excluded, etc. Pretty much everything is up for grabs.
Whether selling or buying, make sure you are clear about what is or is not negotiable. Be flexible where you can and clear where you cannot. Ultimately, being honest and fair is the smartest strategy to ensure a clean, smooth negotiation.
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