asking price. This method capitalizes on human nature's competitive spirit, fostering an atmosphere where buyers may even overbid each other. While it may seem counterintuitive to delay the decision- making process, it can result in a higher sale price, leaving you in a favorable position. NEGOTIATION TECHNI N TECHNIQUE #4: I UE #4: Imposing an Expiration Date for Added Momentum Once you and the buyer reach an agreement, signing the contract legally binds both parties to see the process through to closing or mutual cancellation. This means that while under contract, you cannot entertain higher offers should they arise. To mitigate this limitation and pave the way for a swifter sale at a more attractive price, consider incorporating an expiration date into your counteroffer. This provision offers the buyer a defined period to accept or reject your terms. Strive for a reasonable timeframe; you don't want to dissuade the buyer by setting an overly brief deadline, especially if their current offer aligns closely with your desired price. However, it is acceptable to set a timeframe shorter than the standard duration in your state. For instance, if the typical deadline is three days, reducing it to two can convey your seriousness about the transaction while acknowledging its significance for both parties. This expedited process offers several advantages. Not only does it hasten the deal's conclusion or free you to explore alternative offers, but it also minimizes the time your property remains on the market.
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