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Step 7 NEGOTIATE LIKE A MASTER
When you get an offer — or ideally multiple offers — you are this close to selling your home.
But, as they say, close only counts in horseshoes! Skilled negotiation is required to ensure that the deal is made for the highest price possible, with ideal terms and conditions.
Negotiating is a skillset that is difficult to master. That is why it is important that you have a skilled agent handle this for you — someone who works in your best interests.
Chances are, an offer will be higher or lower than your asking price. Don’t be concerned or offended. It’s normal. In fact, the best way to think about an offer is as a starting point to a conversation. The buyer is interested. They have proposed a price. The conversation has begun!
Some things to keep in mind:
- Counteroffers are normal. Expect some back and forth. They offer. You counteroffer. You eventually come to an agreement.
- Momentum is important. Things happen fast at this stage. That’s why having a good agent to represent you is vital.
- Price isn’t the only thing. You can negotiate on conditions, closing dates, assets included with the property. Don’t get stuck on one thing.
Once you agree, the buyer provides a deposit cheque to be held in trust until the conditions are met. The conditions usually have a set time for removal, and usually include things like a home inspection and financing.
Once the conditions are met, the buyer signs a waiver and the deal is done.