These Errors Could End Your Real Estate Negotiation Process Quickly

The negotiation process can often be one of the most challenging elements of selling your home. When you receive an initial offer from an interested buyer, you might feel close to getting the deal done — but there are a number of pitfalls that you'll have to successfully navigate before the purchase agreement is signed and the closing date is agreed upon. Some things you won't be able to control, such as a buyer not wishing to negotiate fairly, but there are other potential obstacles that you can create yourself. Here are some negotiating errors that you should try to avoid making.

Not Reading Every Element Of An Offer

A real estate offer often contains more than just a dollar figure. The prospective buyer may also submit a different closing date or request some changes to your chattels with the offer. It's easy to focus on the price of the offer, but too much focus on the number may lead you to miss another element. This can end up seeming insulting. For example, if your closing date is May 30, the offer may ask for a closing date of May 15. If you overlook this part and don't acknowledge it, the buyer may think you're not taking his or her wishes into account, and this may harm the negotiation.

Feeling That You Need To "Win"

No one likes to feel as though they've been taken advantage of, but it's important to understand that a real estate negotiation isn't personal. Some homeowners will submit their counteroffers so that they feel as though they've "won" the negotiation; for example, they may be unwilling to budge on certain requests. This approach may risk alienating the buyer, who may stop negotiating with you. Try to view this negotiation as an opportunity for a win-win situation — when you can adopt this mindset, things are more apt to go smoothly.

Expressing Condescending Sentiments

Although you won't specifically be talking to the prospective buyer, you can always give your real estate agent a message to pass along to the buyer's agent. If you choose to do so, make sure your message isn't condescending or aggressive. Some sellers will make the mistake of saying things such as, "This is a good offer. You should take it," or "Your last offer was way too low for a listing that is this good," which won't likely accomplish anything but annoying the interested buyer.

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