The Art of Negotiation
November 14th, 2008 categories: Chicago Real Estate News, FSBO's, For Buyers, For Sellers
A top REALTOR® can help you with all phases of the home-buying and –selling process. But the best REALTORS® truly shine during the negotiation process.
Negotiations may be the most important part of the real estate transaction. But it’s the one part of the process that few people think about or plan for.
This is astounding to me. Think about it: If you negotiate successfully, you can save thousands of dollars on the purchase of your home. You can work with sellers to get roofs repaired, electrical lines moved or plumbing updated before you move into the home. You can even work out the closing dates that are most advantageous to you.
But too many buyers give little to no thought to the negotiation process until they actually make a formal offer. If you’re working with a skilled REALTOR®, though, that agent will help you plan for negotiations. The REALTOR® will work out with you beforehand what is most important: Are you most interested in lowering the price of the house? Or are you more interested in getting specific repairs done before you take ownership? Do you want credits to pay for foundation repairs? Or do you want a delayed closing date?
Armed with the knowledge of your priorities, your REALTOR® can then work with the sellers and their agent to work out compromises that make everyone happy.
The negotiation process is especially important in Chicago’s top neighborhoods. Home values are holding steady or increasing in places like Lincoln Square, Lincoln Park, River North and Lakeview. The sellers of homes here are not desperate. They are not unloading properties. They are looking for the best offers, the ones that are fair and reasonable. A good REALTOR® will help you present that fair offer, and then handle the negotiations that follow until everyone is satisfied.
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