CHAPTER 11 Negotiation Prep
You’ve marketed your home and a buyer steps up. Now, you’re in pre-game, the time when you discover if this buyer is for real—fingers crossed!—and prepare for the mano-a-mano negotiations.
BUYER INVESTIGATION
If this is the first time you’ve sold a home by yourself, you may have a hard time determining if an interested party is a for- real buyer or just a tire-kicker. Before you sink into hard-core negotiations, ask the potential buyer these questions.
1. Are you working with a buyer’s agent?
Hope the answer is “yes.” Someone working with an agent is less likely to waste your—and the agent’s—time. Plus, a buyer’s agent can handle a lot of the closing paperwork, which will take the burden off you. Of course, you’ll probably have to pay 2% to 3%* commission to the agent's brokerage; but having a professional help you navigate the closing process is worth the price.
2. How long have you been looking?
Answers to this question can tell you a lot about a potential buyer, or they can muddy the waters. (This is where experienced agents are invaluable.) If a buyer answers, “I just started looking,” don’t hold your breath 60
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