low a price. By day three, there is often now some "flexibility" in their offer, and this is what we want. I have used this technique many times to improve price and terms, but as a Seller, you need nerves of steel to employ this technique.
KNOWLEDGE IS POWER
Information is crucial to real estate negotiations. The more information the buyer is able to glean from you, the more pressure s/he can exert. The more knowledgeable side will overpower the less-informed at the bargaining table. The more insight the buyer has into your motivation to sell, the more powerful s/he feels in the negotiation. If your unique situation is disclosed, there is little I can do from that point to keep you in a position of power with that specific buyer. Don’t be afraid to answer tough questions. When the buyer asks them, s/he will be looking for direct answers and your reactions to his/her questions. Any reluctance on your part will show the buyer a lack of confidence. The best way to handle a tough question, without giving out too much information, is to answer with another question. If they ask you if your home has been on the market long, simply answer imprecisely, e.g., “not long,” then ask them how long they have been looking. Their answers empower you just as much as your vagueness weakens them. Human beings love to talk about themselves, so with the right strategy, it's relatively easy to shift a conversation in a direction that refocuses on the Buyers and their needs. If asked why you are relocating, answer with vague reasons such as downsizing or eliminating stairs. You don’t need to reveal you are selling after a divorce, and stating downsizing as the reasoning is usually pretty effective. In order to learn if you have any time constraints, a buyer may ask how soon you want to move. Tell them you’re flexible, even if you would really like to move immediately. Next, it’s your turn to ask them questions.
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