NEGOTIATION TECHNIQUE #1: THE TYPICAL NEGOTIATING APPROACH
You are probably familiar with the way most people approach the buying and selling process. The home is put on the market, and when an interested buyer comes by, they make an offer to the homeowner. The homeowner will usually make a counteroffer, which can be accepted or rejected by the bidder. Sometimes, this back-and- forth goes on a while. There are pros and cons to this situation. Pros: One positive to the typical negotiating method is that the transaction is straightforward and easy to understand. It makes the seller seem flexible and willing to work with the buyer’s needs. This strategy can work well for folks who are willing to take lower offers to simply be rid of a home. Cons: A serious negative to this approach is that once you accept and sign off on the low offer, your house is off the market. Let me put that in perspective. Let’s suppose Sally Sue, who checked out your home last week, calls with a much higher bid five minutes after you reluctantly signed off on the low offer. You are now legally bound to put Ms. Sue on hold until you see if your current accepted contract works out. You could make substantially less money, and there’s not a thing you can do about it. Another con to the standard approach is that you might feel pressured to take lowball offers from deal seekers out of fear
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