Interested in Your Own Personally Branded Magazine? Click Here!

Want to customize this content for your business?

Learn More

Categories

  • Home
  • Decor
  • Real Estate
  • Life & Culture
  • Food & Recipes
  • Holiday & Entertaining

  • Printables
  • Videos


General

  • About the Magazine
  • Advertise
  • Copyright
  • Privacy Policy
  • Cookie Policy
  • Careers


Editorial

  • Editorial Calendar
  • Issue Archive
  • Contact Us
  • Pitch an Idea

American Lifestyle Magazine Logo
  • Home
  • Decor
  • Real Estate
  • Life & Culture
  • Food & Recipes
  • Holiday & Entertaining
  • Search
  • Follow
  • 0 Heart
  • |
  • Food & Recipes Categories
    • All Recipes (772)
    • Appetizers (143)
    • Breakfast (64)
    • Cooking Tips (42)
    • Desserts (222)
    • Dinner (231)
    • Drinks (59)
    • Gluten Free (10)
    • Healthy (70)
    • Lunch (12)
    • Quick & Easy (65)
    • Vegan (38)
    • Vegetarian (55)
Dinner | Sep 15, 2023

Louise’s Upside-Down Chicken

  • Holiday & Entertaining Categories
    • Celebrate (2)
    • Christmas (84)
    • Easter (16)
    • Entertaining (46)
    • Fall (19)
    • Father’s Day (6)
    • Halloween (28)
    • Hanukkah (17)
    • July 4th (37)
    • Mother’s Day (8)
    • New Year’s (24)
    • Spring (20)
    • St. Patrick's Day (11)
    • Summer (30)
    • Thanksgiving (41)
    • Valentine’s Day (5)
    • Winter (20)
Fall couch
Decor | Sep 4, 2023

The Right Way to Design for Fall

  • Decor Categories
    • Crafts & DIY Projects (287)
    • Curb Appeal (6)
    • Decorate (88)
    • Interior Design (101)
Marie Burgos home redesign
Interior Design | Sep 12, 2023

California Dreamin’

Modern dining room
Interior Design | Sep 5, 2023

A Dining Room Design Guide

Fall couch
Decor | Sep 4, 2023

The Right Way to Design for Fall

  • Real Estate Categories
    • Buying & Selling (195)
    • Home Trends (21)
    • Staging (22)
    • Your First House (38)
Buying & Selling | May 15, 2023

America’s Best Cities

Staging | Feb 13, 2023

Put Your Best House Forward

Decor | Nov 14, 2022

Design Trends to Follow in 2023

  • Life & Culture Categories
    • Editorial (316)
    • Family & Pets (219)
    • Finances (37)
    • Health (158)
    • Travel (266)
Chairoplane
Travel | Sep 19, 2023

Where to Celebrate Oktoberfest This Fall

Travel | Sep 18, 2023

Melding Art and Nature

Health | Sep 11, 2023

Pickle Power

  • Home Categories
    • Cleaning (46)
    • Organizing (50)
    • Home Improvement (125)
    • Outdoors & Gardening (91)
Marie Burgos home redesign
Interior Design | Sep 12, 2023

California Dreamin’

Two children returning home from vacation with luggage
Travel | Aug 9, 2023

Get Organized After a Summer Getaway

Exterior of modern house
Outdoors & Gardening | Aug 8, 2023

Give Your Landscaping Some End-of-Summer Love

Follow us on social media today!

Facebook Twitter LinkedIn

Winning At Negotiations

Buying & Selling | By Christy Murdock Edgar | 0 Likes
SHARE
Facebook Twitter LinkedIn More

One of the most important things your real estate agent or broker does is represent you during the various negotiation processes involved in buying or selling a home. While we often think of the negotiation in terms of the initial offer to purchase, in reality, there are many separate negotiations at play all the way up until closing.

Whether you are negotiating the sales contract, contingencies, home inspection items, or a low appraisal, it’s important to ensure that you are clear on your priorities and that you are adequately communicating those priorities to your real estate professional. That will allow them to be more effective in negotiating on your behalf, giving you a better chance of getting your needs met.

Following are some of the main priorities for buyers and sellers during the negotiation process. See which ones you are most concerned with, and talk to your agent about the order of importance of these to help inform your strategy.

light brick home exterior

Negotiating on Price

For some buyers and sellers, the bottom line is the only thing that matters in a negotiation. If you are a buyer, this may mean a willingness to lose the dream house over a relatively small amount of money, or a willingness to wait months for approval on the purchase of a foreclosure in order to get a better deal in a desirable neighborhood.

For sellers, negotiating on price may mean not negotiating at all—holding firm on the list price regardless of how good the other elements of the offer may be, or what price the market indicates. While negotiating on price is a necessity for some, don’t let it blind you to other factors, especially in a multiple offer situation. An over-asking-price offer is worthless if the financing falls through, while a lower, all-cash offer that closes faster and saves on carrying costs may be a better option.

all white kitchen with marble island

Negotiating on Terms

Is there deferred maintenance looming over your home sale? You may have an as-is listing on the MLS. Are you willing to facilitate an information-only home inspection?

You may have a home for sale along with a neighboring lot. Are you willing to split them up and offer them separately?

In many cases, sellers have specific needs that trump other factors in their negotiations. Buyers may or may not be willing to accommodate those needs, or they may use them to negotiate a lower price or more favorable terms of their own. It’s vital to ensure that any hard-and-fast deal-breakers are adequately communicated to your agent or broker so that they can form the foundation of your negotiation strategy.

Negotiating on Time

You may be moving for a job change and need to buy or sell quickly. You may have found your dream home and need to get out of your current home in order to buy. You may be having a child so the clock is ticking for closing on that larger space.

Negotiating on a strict timeline can be difficult and is dependent on the processes of mortgage underwriting, title research, and closing processes in your area. It’s vital to communicate clearly with your agent and to determine what you are willing to give up in order to stick to your timeline.

bedroom with tan bed and long windows

Negotiating on Extras

The chandelier in the dining room makes the house pop in photos, but it’s a family heirloom and won’t convey. The painting in the foyer was commissioned just for the space, but will buyers want to pay extra for it? There’s an outdoor shed that is useful for garden tools, but the buyers have a lawn service and want it torn down and removed.

There are often extra items that come up during the negotiation process, from furniture to playsets to landscaping. In some cases, being willing to part with some furniture that fits perfectly or even an attractive, just-right decorative item can sweeten a deal—and can make buyers more willing to meet your other requirements.

Roadblocks to Effective Negotiation

Once you know what’s important to you in the negotiation, it’s time to identify some problem areas that may undermine even the best-laid plans. Ensure that you are not falling into any of the following traps that could derail your deal.

Us vs. Them Competitiveness

A home sale or purchase is not a contest to see who is smarter, better, and tougher. Don’t allow “winning” to blind you in making a good deal or make you walk away when a little compromise would create a win-win.

Price Sensitivity

There are some cases where you truly can’t give in on price. Maybe you are a seller who is overextended financially and needs every dime of the sale price to get into your next home. Maybe you are a buyer struggling to put together the down payment and closing funds you need to get to the finish line. Talk with your agent or broker to find other ways to accommodate when you can’t budge on price.

Making It Personal

A lowball offer is not a personal insult. Neither is a negative home inspection report. Keep focused on the process as a business negotiation rather than allowing your emotions to cloud your judgement.

All-or-Nothing

The essence of negotiation is the ability and willingness to compromise. Give and take is the only way that the process can work. You may want many things—ideal price, ideal timeline, ideal terms—but it’s very difficult to get all of them. By separating your needs from your wants and prioritizing the elements that matter, you and your agent can craft a more effective and successful strategy.

Your real estate professional is an expert at negotiation. Whether you’re a buyer or seller, the more they know about you the better they are able to help. Communicate your needs and nice-to-haves and help them develop the right strategy for your particular situation.

15614 Views

This article is tagged in:

FinanceFinancial AdviceHome AdviceHome BuyingHome LoanReal EstateReal Estate AgentRefinancing

Related Posts

Home | Jun 19, 2023

Lengthen the Life Span of Your Home

Real Estate | May 15, 2023

America’s Best Cities

Life & Culture | Apr 1, 2023

A Modern Funk Redesign

Life & Culture | Dec 23, 2022

A Look Back at Inflation in 2022

Life & Culture | Nov 30, 2022

Banks vs. Credit Unions: What’s the Difference?

Popular Posts

can-planters-card
Decor | Mar 25, 2020

Make Your Own Can Planters

Home | Jul 8, 2021

Tips for Redesigning Your Patio Space

Life & Culture | Feb 17, 2020

Trash vs. Recycle: Do You Know When to Trash it?

spring-cleaning-countdown
Home | Mar 23, 2021

Spring-Cleaning Countdown

Real Estate | Dec 14, 2017

House Selling Checklist


You may also like:

can-planters-card
Crafts & DIY Projects | Mar 25, 2020

Make Your Own Can Planters

Outdoors & Gardening | Jul 8, 2021

Tips for Redesigning Your Patio Space

Health | Feb 17, 2020

Trash vs. Recycle: Do You Know When to Trash it?

spring-cleaning-countdown
Cleaning | Mar 23, 2021

Spring-Cleaning Countdown

Buying & Selling | Dec 14, 2017

House Selling Checklist

Make Your Own Seed Paper
Crafts & DIY Projects | Mar 17, 2016

Make Your Own Seed Paper

home office with white furniture
Health | Mar 30, 2020

Here’s How to Work From Home Effectively

Share on Social Media

Our mission is to deliver entertainment that inspires and motivates our readers, encouraging them to follow their passions as they explore new horizons.

© 2023 American Lifestyle Magazine

General
  • About the Magazine
  • Advertise
  • Copyright
  • Privacy Policy
  • Cookie Policy
  • Careers
Editorial
  • Editorial Calendar
  • Issue Archive
  • Contact Us
  • Pitch an Idea
Categories
  • Home
  • Decor
  • Real Estate
  • Life & Culture
  • Food & Recipes
  • Holiday & Entertaining
Follow Us
Facebook Pinterest Instagram Youtube

Customize this content for your business!

Learn More

,