Updated: Jul 17
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In business and in life, you don't get what you deserve, you get what you negotiate. If you have or want to buy or sell a home, you realize the importance of this. In the art of negotiation, there are several main points that will allow you to win or compromise:
Here are the top key points:
1. Purchase Price- If someone is looking for a million dollars for a property and you offer them $500,000, it is unlikely that they will accept it depending on a variety of different variables.
2. Cash VS Financing- style when you make a purchase or sell. Are you buying with cash or financing? Often times, cash is king. The reason is because there is a number of vendors that would not be involved like appraisal, financing time frames and underwriting.
3. Closing Date- as a buyer, make sure that you can close in 2-3 weeks.
4.Earnest Money Funds- a bigger amount of earnest money is
more attractive to buyers. It shows that you are motivated or serious to buy the property.
5.Contingency- as a buyer, these are the items that will allow you to walk away from the offer if items that pop up in this contingencies are not what you are looking for.
6.Time Frame-the length of time it takes to complete a deal.
7.Number of Contingencies-If you are a buyer, it would be better not to have many contingencies. The more items that you have, the more that a seller will be unattracted to that offer.
8.Expiration of Offers- A buyer should add a cancellation time frame for the seller, it make sure that the home doesn't sit out there for months.
Negotiation is about knowing what you want, going after it, and respecting the other person in the process. Remember that the whole point of negotiating is compromise. This means that you need to look out for yourself, but also be willing to budge in order to satisfy both parties.