Tuesday, January 15, 2019

How To Get Buyer & Seller to Agree?

There is so much negotiation that goes on in a Real Estate sale. From the moment a Buyer expresses interest to the day it closes escrow, there are several areas that must be agreed upon.

The first, of course, is the price. The Buyers agent provides their client with all the data about homes that have closed nearby that are similar to the one they are interested in. The Sellers agent provided those very same bits of info when they were first discussing list price.

Seller wants to get the most. Buyer wants to pay the least. If a buyer comes in ridiculously low, doubtful the Seller will accept. If the seller gets an offer that is pretty good, but not quite there, negotiation takes place.

So, they agree on a price. Then comes the appraisal and inspections. Both are to protect the buyer(s). Both can make seller(s) tense.

So, let's say the appraisal comes in low. Is the property over-priced? Did the appraiser use all the data accurately? Buyer & Seller must work through that difference in price. Many ways to make that happen.

Inspections show damage that was not apparent to the naked eye. Shows systems that aren't functioning correctly. Among many other things. Buyer wants to have seller fix, Seller says AS-IS.

I'm smirking while I type this! So, the answer to the subject line? Honestly? Depends on the motivation, and sometimes pride, of each side.

I have to bring my client back to the reason they are buying or selling the home. Is a thousand dollars in repairs worth canceling on their dream home when they've already spent close to a thousand dollars on appraisal and inspections? If they appraisal comes in 35k low? Walk off in a huff? Not if it's the home you need to sell to get to your next one. You figure out where the deficit is, how much you're willing to give.....both Seller & Buyer.

If my Seller is smart & motivated, they understand that a little bit of money now gets them to their next destination they desire. Buyers need to be educated a bit more it seems. And, with more inventory coming on the market, Sellers need to be ready to bend more than the most recent home sales market.

Keep in mind, it's not a battle, it's a discussion. A way to get both sides what they want. That's where your Realtor goes to bat for you. Makes a Win-Win situation happen for everybody. Gets the Buyer their new home, gets the Seller sold.

If you'd like to know some of my personalized techniques for negotiations, just ask. I'm happy to share with you my strategies.

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