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Negotiating the Deal - Knowledge is Power

As you begin to think about marketing your home, don't forget the importance of the negotiating process. The better prepared you are, the easier the negotiations will be, and the more likely that you will be the one to stay in control of the process.

A successful negotiation process begins with a commitment to remaining calm and unbias toward your buyer. Don't let emotions cloud your judgement and lead to a negative outcome. Be prepared to listen to comments and possible negative assessments. Your home is arguably your most personal and highly valued possession and it is easy to feel offended if someone is not offering praise and revel about it.

Knowing how to price your home right is the single most important factor in the negotiating process. By having an appraisal done on your home, you can show any prospective buyer that you can "back up" your asking price, thus giving you the negotiating power you need to get your asking price.

You will also want to have a list of recent comparables that have sold in your neighborhood. How do they compare to your house? Understand these reports and be able to discuss this information with your buyer. Being on top of what's going on in the market is key to making your buyer feel confident that he is dealing with someone who has done their research, and has the information to justify the asking price of the home.

Another important document a seller may want to be in possession of when negotiating the sale of their home is an official home inspection report on the property. This report will give an accurate description of the condition of the property. It will point out any defects as well as any upgrades & improvements that have been done to the property. It is especially helpful if the home is older and has not been recently updated. Knowing exactly the condition your property is in when negotiating a fair price is vital. When you are disclosing the condition of your property ( a legal obligation of the seller in NY state), and backing it up with a home inspection report, you will certainly be in a strong position to facilitate a full price offer from your prospective buyer.

Having tax affidavits, energy costs, expected maintenance costs, etc available to show your prospective buyer indicates that have done your homework and are prepared to justify the price you are asking for the home.

And don't forget about the significance of a comprehensive marketing plan when considering the details of the negotiating process. The more comprehensive your plan is, the more prospective buyers you will reach, thus increasing the chances of negotiating with multiple buyers. Multiple offers can lead to a bidding war on your home and reward you with the absolute best offer. A good website with local support is an invaluable service to you as a seller. Almost 90% of real estate is sold locally, so look for sites that list local properties, and can give you the support you need to access the real estate professionals that can arm you with the most up to date information on your specific market. Buyers looking in your area will know to come to that site because that's where they will find the inventory of homes in the area they are specifically interested in. Keep in mind that website are world wide, so out of town and relocating buyers will not fall by the wayside either.

Finally, try to relax, remain confident and look at the negotiating process as an exciting and ultimately rewarding experience. Be friendly and approachable, and above all be willing to answer any and all questions the buyers may have. After all, it's your home, who knows it and the surrounding neighborhood better than you?

Copyright© 2008 FSBO Publishing Group, Inc., All rights reserved. This material may not be republished without written permission.