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Tips for Successful Negotiations

Knowledge is power. Be prepared for each of the points in the process where negotiations may occur. The two points where negotiations almost always occur are at the original offer and during the inspection process. Some additional points in the contract where negotiations may occur are: changes to dates and deadlines, property appraisal and closing date.

Allow me to handle all communication with the Seller’s agent. I am experienced at negotiating real estate transactions and this will allow for an ‘”arm’s length transaction”. The concept of an arm’s length transaction is to ensure that both parties in the deal are acting in their own self-interest and are not subject to any pressure or duress from the other party.

Don’t take anything personally. This is a business transaction and we are working to achieve the best outcome for you. Remember, the seller wants to sell their home or they wouldn’t have put in on the market. Stay focused.

Always respond to any counter-offer and keep the negotiations moving. As long as both parties are talking we are making progress and we increase our chances for a good outcome.

Be willing to walk away. The one in the negotiations who is willing to walk away holds the cards. Set emotions aside and focus on getting what you want.

Know your bottom line and stick to it (see ‘be willing to walk away’)

Don’t let emotions get in the way of making a deal. Keep your cool.

Choose your battles wisely. Be careful not to argue over something just for the sake of winning a point. You may want to save some “good will” for later negotiations.

Download a copy of this tip sheet

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