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Negotiations have many facets: Timing, motivation, leverage, value, competition, and more. All are very important when negotiating a home sale. Another equally important factor is the amount of "emotional energy" the buyer and the seller have.
During price negotiations it's difficult to determine all the secrets and motivations of the other side. Without that information, it's smart to know our own negotiating "fortitude", before making or receiving an offer.
Let's face it, few buyers or sellers ever negotiate big ticket items like a home sale, all that often. When it comes to real estate, buyers and sellers are seldom equipped with the grit and patience to get the 'best deal' possible. Complicating matters, is the fact that negotiations can collapse from all sorts of buyer or seller emotions. This is the reason why so many real estate transactions are negotiated quickly, most within the first 48 hours. Beyond those first few days, the likelihood of a deal being struck -- diminishes rapidly!
I don't have any official statistics to support my theory, but based upon lots of experience with negotiating homes sales over the years, I think my point can be illustrated by the graph, below:
Recently, I worked with a young couple who wanted to buy their first home. They had all the energy and determination to negotiate beyond "the curve." After the first few days, both the buyer and seller 'dug-in' and a standoff occured. My buyer client was very frustrated, and I could see it in their eyes. This was their first attempt at a home purchase, and they really wanted that house.
On the other hand, they were prepared to 'walk away' and risk losing the-house-of-their-dreams, just to get a certain price. Fortunately for these buyers, the seller didn't sell the house immediately. As we continued a talk with the sellers, they eventually agreed to a price that was acceptable to my buyers. That victory came with plenty of anguish though. Actually, both parties risked losing what was already a reasonably good deal, prior to their final volleys.
If there's a moral to this story, it's that buyers and sellers shouldn't try to "muscle" their way through negotiations, without preparing themselves for the risks, the stress, and the disappointment of negotiating beyond 'the curve'. This advice can go a long way towards making a smart deal, or losing the opportunity. If you're planning on buying or selling a home anytime soon, allow me to help you consider all the options.
Michael Dagner is an expert in Denver-Area home sales.
Call today, (303) 514-4000, for help with your home sale or purchase.
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