The Sale

Negotiating the Deal

Successful real estate negotiation is more than a matter of luck, innate talent or charm. The following tips will help you to make a successful deal.

Successful negotiating includes the acquired ability to use certain skills and techniques to bring about coveted win-win results. Your agent can help you stay focused, objective, and not let your emotions rule.

  1. Start with a thoroughly researched, fair price.
  2. Respect the other side's priorities. For example, a buyer with an urgent move-in date might be willing to pay a higher portion of the transaction costs or bypass some major repairs. Or, they may prefer to push out the closing date, in order to be more confident that there will be no unanticipated additional expenses.
  3. In any case, be prepared to compromise: "win-win" doesn't mean both the buyer and the seller will get everything they want. It means both sides will give some.

Home Inspection

A home inspection is a professional, objective visual examination of the physical structure and systems of a house, from the roof to the foundation. The following section provides information and tips about this critical pre-sale step.

A home inspection is a thorough visual examination of the home and property. The inspection process usually takes two to three hours, during which time the house is examined from the ground up. It includes observation and, when appropriate, operation of the plumbing, heating, air conditioning, electrical, and appliance systems, as well as structural components, such as the roof, foundation, basement, exterior and interior walls, chimney, doors and windows.

Some home sellers elect not to correct every defect found in the inspection report. Instead, they acknowledge the defects to buyers and explain that the asking price has been adjusted to reflect the estimated cost of repairs. Such candor tends to shorten negotiation time, because buyers have fewer objections.

In addition to facilitating the sale of a home, an inspection helps the homeowner comply with full-disclosure real estate laws, governed by state laws. By focusing on the condition of your property, you are less likely to overlook a defect or material fact for which you could later be held liable.

A thorough home inspection covers more than 1,000 items, everything from the foundation to roof and takes two to three hours depending on the size of the property. The report should reflect the condition of about 400 items.

TIP: Home inspections are for buyers; appraisals are for lenders. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property.