Negotiating With Confidence

Posted by Steve Flanagan

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Seems like a crazy question, but one of the first factors you need to consider before you enter into negotiations with a buyer who has made an offer is what price you are willing to settle for at the low end. As you moved through the deciding, preparing and marketing phases of your home selling process, you established a price for your home and advertised that price. If you receive a single offer at your asking price, there really is not much suspense. Unless the buyer doesn’t qualify for a mortgage loan or for whatever reason you feel uneasy about that particular buyer, you are ready to ride off into the sunset together.
But what if you receive an offer that’s lower than your asking price, and no other offers are in sight? Of course, your instinct might very well be to submit a counter-offer, but should that counter-offer be closer to your original asking price, closer to the offer or split down the middle?
Know your basement, so to speak, so if the time comes that it makes sense for you to accept that price you’re not shocked by it.