How to Play the Home Sale Negotiation Game

If you are in the process of a home sale you will undoubtedly have to negotiate a little. Buyers usually want some kind of concession from the seller along the way. They need a reason to make them feel like they are getting a good deal. Therefore, you will have to negotiate with them in order to give them what they want and keep your profit as well. Here is how you can effectively play the home sale negotiation game. 

Be Flexible But Not Easy

When you are negotiating with someone, you have to be a little bit flexible. At the same time, you do not want to give the other party too much. You need to run a fine line of flexibility and rigidness. If you are too hard, the buyer will feel like you are not easy to get along with. You will have to concede something along the way, or they will move on to another house and seller. However, you do not want to give them everything that they ask for. If you do this, they will walk all over you and eat up the equity in your house. 

Do Not Be Afraid to Ask

As the seller, you might be under the impression that the buyer has all of the chips. However, you can also ask for some things as well. If you want something, do not be afraid to ask for it. In exchange for a reduction of the price, you might ask to take out the flooring allowance or the appliances. You do not always have to give without getting something in return.

Silence Is Golden

When you are negotiating, learn to be silent. When the time comes to make a counter-offer, you need to speak and then be quiet. Do not speak again until the other person says something. Many people make a mistake by making an offer and then immediately talking. While an awkward silence might be uncomfortable for a moment, it could save you a lot of money in the long term. People have a tendency to fill any awkward silences even at the expense of what they want in a negotiation. Therefore, they might immediately start conceding things if you do not speak. Learn to be silent at the right times and it can be very valuable to you. 

Clarify Details

When you are negotiating, the heat of the moment can sometimes erase some of the details. When you are selling a home, you cannot afford to overlook any of the details. You need to make sure that you and the other party understand everything that has been decided. You need to write everything down on paper and have both of you sign it once an agreement has been reached. If you forget something, it can end up costing you a substantial amount of money upon closing. Just make sure that you cover all of the details before anything official happens. 

 

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