Page 33 - AreaNewsletters "Dec'19" issue

F I NA NCE & B US I NE S S
The Reality Real Estate
Did You Know...
By Kay Rowe eXp Realty LLC
The Negotiating Tactics That Kill Home Purchases
Negotiation is a subtle art in real estate, but skilled negotiators can usually find some common ground that satisfies all parties. On the other hand, using the wrong negotiation tactics can sink a deal pretty quickly. Here are some negotiation tactics buyers (and real estate professionals) should avoid:
1. Lowball offers: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the seller. The seller has a range in mind that they’ll accept, and if you’re not even approaching the low end of that range, they won’t even consider the offer.
2. Incremental negotiations: Don’t continue to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.
3. “Take it or leave it”: Try not to draw a line in the sand with your initial offer. The seller can get de- fensive and consider other offers if you immediately show that you’re unwilling to budge. Even if it’s true, don’t make a show of it.
4. Nitpicking after inspection: Obviously if inspec- tion reveals a major issue, it should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations in a stalemate.
5. Asking for more, more, more: Some buyers will request that the sellers throw in add-ons like furniture or appliances that weren’t included in the listing. Try to avoid giving the seller a reason to build up resentment and think that you’re being greedy.
Real Estate
&
Mediation
33
Castle Rock “AreaNewsletters • December 2019
about