Real Estate : Real Estate: Negotiation Tips

Countless buyers and sellers put in innumerable hours charily probing properties or preparing their homes for sale. Even if you’re not an experienced negotiator, there are steps you can take to improve results whether you’re buying or selling property. Negotiation doesn’t need to be a confrontational process if you set priorities, plan ahead and stay focused on issues, not personalities.



By far the largest expense related to traditional real estate transactions is the agent/brokers’ commission, and independent buyers and sellers should take advantage of this fact. Without the overhead expenses of a 5-6 percent commission, both buyer and seller have a little more flexibility to come to an agreement that’s acceptable to both parties. Here are some negotiation tips for independent buyers and sellers.



Seller negotiating instructions:



1) Set levelheaded priorities before commencing.

When selling, be sure to outline realistic goals before negotiations begin. Expect to have very different negotiations and their results from the price you originally determined for selling your house. If your aim is to sell the property inside 30 days



2) Eventually, the marketplace sets the price.

If you make your house’s price very high then it may sit on the market, becoming less enticing to buyers (some sources estimate a monthly decline of 1.5 percent). Contrarily , if you price it very lowly then you get less room to negotiate and may lose money eventually.



3) Take inventory to take advantage.

Characteristically, property sales include anything that’s installed or built in to the home. If you’ve got appliances, furniture or fixtures you’re willing to part with, you may be able to entice prospective buyers by counting them in the deal.



Buyer negotiating guidelines:

1) Fix your credit

A grand approach to brace up your case as a purchaser is to display superb credit. The time to test out credit is well before talks commence so you can square away problems.



2) Procure pre-sanctioned, not simply pre-qualified

Pre-sanction is another mode to display your buying prowess as it permits you to exhibit a probable trader that your lender is willing to grant you a loan. Numerous sellers will opt for a lower offer from a pre-approved buyer above a higher one from one who hasn’t been pre-approved.



3) Search for vistas in addition to price.

Though self-governing sellers can avoid some or all commission costs, there are still other fees that might pertain: property and termite check, escrow or attorney’s fees, a title search, insurance costs and pertinent taxes.



4) Be Primed to Conciliation.

Negotiating with a provoking “win-at-all-cost” mindset is dubious to confer encouraging consequences. Countless pros who teach negotiating put a more pragmatic aim is to hit upon a reciprocally advantageous resolution in which both parties must “win.”



5) Back up your offer

When offering to buy a property, you don’t have to explain how you arrived at a specific dollar amount. But you may do better in dialogue if you have some objective basis, such as examining comparable sales.

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Source:IndiaRealEstateblog