The Negotiation Process
- Only the Sellers and Buyers are parties to the contract and can make the decisions
- Consider today’s market values
- Offers are generally a starting point for negotiations; the ultimate goal is for both parties to agree on the price, terms and the conditions.
- All contracts must in be in writing and all changes must be initialed by all parties.
- The negotiation process can be emotional but should not be taken personally
- An offer can be verbally revoked anytime BEFORE the written acceptance this is called the “right of recession”.
- During the presentation of an offer, Sellers should not “hint” or give advice to the Buyer’s agent – all discussions about the offer should be in private between the sellers and the listing agent after the presentation of the offer.
- The Buyers and Sellers should not discuss the offer with other parties until the deal is firm
- There are 3 choices for the Seller to respond to the offer: Accept, Reject and Counter
- The “ceiling price” is as high as the Buyer is willing to offer; the “floor price” is as low as the Seller is willing to accept
- The price may not be the only point to consider; the completion and possession dates, terms and conditions are also very important
- The property will continually be marketed and shown until all subjects are removed.
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