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Getting Ready to Negotiate To-Do List

Steve Flanagan May 22, 2023

Before you enter into negotiations, follow these steps to be fully prepared:

  1. Create a seller’s proceeds net sheet (or update if you already have one) so you know how much you currently need to meet your goals.
  2. Update your property disclosures if need be.
  3. Make a list possible property defects a buyer’s inspector will require to be fixed.
  4. Update your neighborhood comparables.
  5. Decide how late is too late to close so you can negotiate that date. If you want to remain in the home past the closing date you will need to offer a per diem reimbursement to the buyer.
  6. Decide what contingencies you might accept. For instance … on a close, yes. On a sale, no.
  7. If you accept a contingency, decide if you will insist on the right to rescind the offer of a contingency within 72 hours (in case you get a better offer with no contingencies).
  8. Determine what forms of payment by the buyer are acceptable – cash or conventional of course. But can you accept FHA or VA loans for the property? Also determine if your mortgage is assumable. Your current lender can help you sort out those issues.
  9. Determine which negotiating strategy you’ll use: meet in the middle, I can’t budge off the comps or the candid win-win approach (this is what I need to make this happen).