The Art of Negotiation

Good negotiating has more to do with knowing exactly what you want from a deal than it does with playing the role of tough bargainer.

Obviously, the sellers are hoping for maximum profit from the sale of their home, and you want to pay as little as possible. This is what the negotiating process is all about. In fact, the definition of market value is just that – the price a willing buyer will pay, and a willing seller will accept.

Offer what you think the house is worth both in market terms and to you in particular. When writing an offer, it’s natural to zero in on the price, but remember that other components of the contract are also important such as what is and is not included, closing dates, financing concessions, and so on.

Once you’ve submitted an offer, the seller may respond in one of three ways: by accepting it, by rejecting it, or by making their own suggestion, known as a counteroffer. Each time either party makes any change in the terms, the other side is free to accept it, reject it, or counter again. The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other sides’ proposal.

While this is taking place, be kind to yourself. Go out to dinner, see a movie, play golf, breath deeply. However, be available should your agent need to reach you with a counteroffer that requires a quick response. 
Just remember... You and the seller want the same thing; a successful agreement. With this in mind, there is rarely an obstacle that can’t be overcome when partnered with an expert REALTOR® who will represent, protect, and negotiate in your best interests from offer to closing.