The Process Of Negotiation

By
Real Estate Agent with Sarah Miller - RE/MAX Bryan College Station

Presenting a beautiful and immaculate home for sale is not all that is involved in selling your home. Once a potential buyer has seen your home and is interested, it is now time for the most difficult (for some) part of the process: the dreaded for sale by owner negotiation process.

 Truthfully, negotiating with a buyer is not all that different from the everyday for sale by owner negotiations you may go through with family members and co-workers. It can seem intimidating in a situation such as this simply because of the high stress level associated with the sale of your own home.

 In the process of for sale by owner negotiation, emotions can easily destroy a good deal. It is characteristic of people to walk away if their offer is insulted in any way. It is a deal killer also if a potential buyer has different plans for your garden that you worked so hard to cultivate.

 A key rule to remember in for sale by owner negotiation is to establish trust. Avoid responses that may offend the buyer. It is at times hard to do, especially if you feel insulted such as if the buyer calls the wallpaper ugly or your favorite rosebush an eyesore, but if you hope to get a good for sale by owner negotiation in this deal you must let such things slide by. You must remember to be truthful in your for sale by owner negotiations as well. If the buyer notices something wrong such as a water stain on the attic ceiling, making false and ridiculous excuses will do nothing but damage your credibility before the for sale by owner negotiations can ever even begin.

 It is important, first of all to make sure the buyer can qualify for a mortgage loan big enough to cover your asking price. After this is taken care of, you must remember that the buyer is not the enemy. You are working with the buyer to achieve a mutually beneficial result. You must remember to refrain from getting defensive. If the buyer offers to pay far less than what you are asking, ask questions to determine how he got to that number.

 When you make your counteroffer, be respectful as you let the buyer know you have considered his position. Be willing to explain your counteroffer in a way that you would have liked to have the offer explained to you. You must remember above all else to be courteous and not to get defensive during any portion of the for sale by owner negotiation. Everyone is entitled to an opinion, but you are engaging in a transaction and it must be handled in a professional manner. Be willing to discuss any property defects and to allow an inspection of these defects. If after inspection, a price quote is given to fix the defects, be prepared to lower your asking price by a portion of the cost to repair.

 For sale by owner negotiations can be a harrowing and intimidating process, but if handled properly, it will be just another step in the process of selling your home. If the above tips are followed, things will flow a lot smoother than you might expect and will produce a happy buyer and a happy seller.

For inquiries on how to effectively negotiate your selling and bidding price, visit Sarah Miller, the leading real estate provider for all your Bryan/College Station rela estate services.

Posted by

If you have questions about the real estate market in Bryan College Station or about buying or selling a home in Aggieland, please contact me, YOUR College Station Realtor!

Sarah Miller

RE/MAX Bryan College Station

http://www.sarahmillerinc.com

979-255-1904

 

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Comments (9)

Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Sarah, I really love your post here. I worked for many years in Katy Texas as a Realtor until I moved to the beach. You really hit the nail on the head here.

Jul 13, 2012 02:03 AM
Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

Great post on negotiating the key is to establish trust and realize everyone is entitled to their opinion. Have a great weekend.

Jul 13, 2012 02:11 AM
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

Great post on negotiation, Sarah!    The key is to establish a rapport with the other agent so they trust you and understand your clients' desires.      That is the most painless way to get there...

Jul 14, 2012 10:50 PM
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Sarah, great post.  Very thorough outline of what needs to be done.

Jul 14, 2012 11:04 PM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Best solution sometimes is for the Buyer and Seller to never meet and let the pros handle the back and forth.

Jul 15, 2012 01:58 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Thanks for posting this, in this business far too many people concentrate on filling out the forms and forget that the clients expect a bit of salesmanship and negotiation.

Jul 15, 2012 04:21 AM
Dorte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Sarah,

This is an excellent reason to use a Realtor. You usually get much more money, when someone else can take the insults to your Ralph Lauren paint treatment or those roses, you tended lovingly for years.

Jul 15, 2012 07:03 AM
Amy Steele Realtor SRS CNE NHS MRP LUXE
JP and Associates - North Richland Hills, TX
Amy Steele Estates Group LLC

The deal will probably be MUCH smoother having a third party, ie your Realtor handling the negotiations. You can rarely keep emotion out of the sale of the home unless you are emotionally unattached to it, and that's a difficult thing to do when you make have raised your children in the home,maybe it was your first house, all of the work you've done to make it yours.

Jul 15, 2012 11:40 PM
Marnie Matarese
DWELL REAL ESTATE - Sarasota, FL
Showing you the best of Sarasota!

Excellent post and I think that very few buyers and sellers really understand how serious the negotiation portion of the transaction is.  Handled incorrectly and the whole deal is over.

Jul 17, 2012 11:21 AM