AFY Steven Thomas - Seller Book

THE DOS AND DON’TS OF NEGOTIATING CHAPTER 12

Selling your home is a business transaction. Although it may be a many-layered process that appears more personal than business, at its heart, it’s simply a buyer negotiating to purchase a seller’s home for an agreed-upon price. You as a seller must keep this fact in mind. Opinions, emotions, and ego may attempt to derail your efforts; don’t be the transgressor. The more you know about negotiating, the less likely you are to create a needless detour during the sale process. DO LET THE BUYER SPEAK FIRST Let patience be your guide when dealing with an interested buyer. Don’t be anxious to tell him or her what you’re willing to accept; it may be lower than the buyer was willing to offer! Like any sale transaction, buyers have a price in mind, even if it is a lawn mower at a yard sale. They might be willing to pay $200 for the mower, but when they ask, you say $125. Do not lose the advantage of being able to counteroffer rather than offer first. Let the buyer speak first. That’s why it’s called an offer . It will either be an offer you can accept — or you will at least have more knowledge about what price the buyer has in mind. DON’T “MEET IN THE MIDDLE” Even in the simplest of sales transactions, agreeing on a price often includes “meeting in the middle.” For instance, a buyer speaks first and offers to buy an item for $150, when the seller is expecting to sell for $200. Most will split the difference and counteroffer $175. By keeping the splitting point in the seller’s favor by counteroffering $220, the mid- point is now $200. The buyer may take the offer or agree to $205, which

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