Somewhere between the buyer’s Offer to Purchase and the sellers listed price, negotiating the deal is a common, expected procedure. Both the seller and the buyer know that they will not get the price they prefer and also realize and anticipate compromise in finding common ground. A buyer can be quite certain that the seller has accommodated pricing to reflect this fact, and the seller should have a bottom line number in mind establishing what the final selling price must be. Catching one side unaware can save money amounting to thousands of dollars.
As experienced negotiators, we will offer a couple expansive tips that cover a lot of ground. Individually, both the intelligent Buyer and the informed Seller can use these to their advantage:
Be armed:
Just as you need to provide evidence in court to sway the judge in your favor; freely contributing documents supporting how you established pricing will put the other party in an ideal mindset. Comparables easily run by your Ponte Vedra Beach real estate agent may be sent along with the buyer’s initial offer or the seller’s first counter-offer. Low-end and high-end comps do not always show the entire story and can be easily manipulated or supported to fit either case. Providing them early on puts an extra bit of leverage in your swing.
Keep a contingency changing nature:
As thorough as Real Estate contracts are, there are still some things left in a vague haze of contractual verbiage interpretation. This is why we have real estate attorneys. What is included or who is going to pay for the particulars is always defined with large items, but the smaller ones can be negotiated too. For examples, who is to pay for the repairs that are deemed necessary by the Buyer’s property inspection? The buyer can demand that items are fixed in order to proceed, threatening to enact their contingency rights, while the seller can refuse to pay, falling back on the “as is” clauses. It’s easy to call one's bluff if you can end up changing your mind at a later time.
If you are afraid to take risks or irritate the other party, this can end up costing you a lot of money when it comes to new Ponte Vedra Beach real estate.