The art of the deal: How buyers and sellers find common ground

During most residential real estate transactions there are two points where the buyers and sellers are polar opposites. When negotiating the purchase price and the terms of the sale and when buyers submit their request for repairs.

Here’s a look at the polarizing aspects of these two epic events.

Negotiating the sales price and terms: This is the point where the buyers start the ball rolling by completing specifying the price they are offering, the length of the escrow period (or how long they want to take to close the deal) disclosing their finances, stating the amount of their deposit, and stating whether they want the fridge and the washer and the dryer.

Obviously, the buyer wants to get the house for the lowest price possible, and the seller wants to get the highest price possible. So both agents sharpen their pencils and work with their respective clients to crank out the counter offers.

The fun part is trying to make everyone think they’re a winner. The seller comes down a little, the buyers come up a little, each wanting to give the other as little as possible.

The end point comes when one of them decides they want it badly enough to say “yes.” Or neither wants it that badly and someone finally says “no” and both move on to the next opportunity.

Negotiating the request for repairs: In the case where there’s finally a “yes” and you move forward, the next point of polarization comes with the home inspection report and the subsequent buyers’ request for repairs.

By this time, the sellers usually…

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California News
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