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Getting To YES; Negotiations; Best Strategies

Negotiating the deal – Best Strategies

Everyone likes a win in a negotiation.

P A win-win is ideal because it ensures a smooth long-term relationship.

O A win-lose may make you feel euphoric, but the implications of the other person’s

defeat will hinder future relations.

Here are some tips to avoid confrontation and conflict in a negotiation

environment:

1. Focus on the problem, not the individuals.

2. Target interests of the parties involved; look beyond their stated positions.

3. Increase the pie by finding creative solutions other than price or money that may

satisfy the other party.

4. At the end of the negotiation, ensure that all parties are satisfied and a

compromise is reached based on objective and factual considerations.

5. Most Importantly, try to CONTROL ANGER.

Anger derails negotiations by destroying objectivity, narrowing vision of the topics

and issues, focusing on the offender and deviating from the purpose of the

negotiation.

6. Preparation is the key to a successful negotiation. No amount of preparation is

too much. Here are some of the issues that may be included on your negotiations

agenda in a real estate transaction.

Try to gather as much information about these topics relative to the parties

involved in the negotiation.

? Mortgage and Financing

? Home Inspection

? Closing date

? Agent

Here are some proven negotiation strategies:

1. If you think the property is overpriced and it is a slow market, then you should

start low and move up gradually.

2. If the property is priced well in the active market, you can make an offer close to

the asking price.

3. If it is a hot market, your best bet may be to offer the top price that you can

afford, because the alternative may be that you will not get the deal as the seller

will have multiple offers.

4. Negotiate on items other than price. Try to bring value to the table by agreeing to

close sooner or to take responsibility for repairs in exchange for concessions on

price.

5. Do your research on the seller’s situation before you make an offer.

6. Make controlled concessions and set the bargaining range (with a maximum and

minimum limit) at a reasonable level so as not to give yourself away and also not

to make the seller think that you are trying to manipulate them.

7. Irrespective of what a property may be worth, it is never a good idea to pay more

than what is financially comfortable for you.

8. Clearly list in the contract who is going to take responsibility for the following

costs:

§ Survey points § Title search

§ Title insurance § Bank Attorney fees

§ Pest Inspection § Brokers Commission

§ Recording fees § Escrow or closing fees

§ Transfer fees § Other related expenses

TAKE SOME ADVICE FROM EXPERTS:

What does the offer “mean”?

§ If you offer within 5 % of the list price, you are indicating to the seller that you

are a serious buyer.

§ If you offer 10 % or more below the list price, you may be indicating to the seller

that in your opinion the price is too high.

§ Suggest principled comprises in response to the other party’s request for a

concession to make them feel you are reciprocating their good intentions.

§ Be honest but don’t lay out all your cards at the beginning. You want to do this in

a manner that does not suggest manipulation and lead to mistrust.

§ Don’t make a fuss about topics of minor importance to you. Gain a reputation for

being reasonable by compromising on items low on your priority list to gain

the advantage in negotiating a concession on those high on your priority

list.

§ Being represented by your agent: Discuss with your agent what they believe

your negotiation priorities to be, before you go into a negotiation.

§ Learn to step back and take a break. Never change or alter your position in

the midst of a negotiation. Always take a break to analyze the decision.

§ Know when to walk away. Decide what your priorities are and stick to them.
 

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Real Estate Contracts >Signed Sealed and Delivered Most people assume that when a real estate deed is signed, it is effective. However, there is one more essential part of the process. Even if a deed is properly executed, it is not effective until it has been delivered to and accepted by the buyer. This can sometimes create bizarre results. Here is an example. An elderly man properly signed, sealed and acknowledged a deed to his nephew and placed it in an old tin box in his room, where it was discovered shortly after he died. The nephew lost a contest with other heirs over the property because the deed was not delivered, and therefore, was not effective at the time of the old man's death. Until the deed is delivered, the title remains with the seller, who could change his mind at any time and destroy the deed. But once the deed has been properly delivered and accepted, the title passes and cannot be revoked. Thus the old, old saying: signed, sealed (and notarized) -- and delivered. See All Tips In The "Real Estate Contracts" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

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