Bad news sends Dow tumblingThe Dow suffered its steepest dropoff in weeks Wednesday amid bleak business forecasts. DIA?s November traffic sags with the economyThe number of passengers who traveled through Denver International Airport in November 2008 dropped nearly 5 percent from the previous November, said airport officials on Wednesday, blaming a sluggish economy and airlines’ decision to cut costs by cutting capacity in and out of DIA. Opening-day speech by Senate GOP leader PenryColorado Senate Minority Leader Josh Penry encouraged his colleagues Wednesday to take a measured approach to reviewing new oil and gas regulations proposed by the office of Gov. Bill Ritter. Opening-day speech by Senate President GroffIn his opening-day speech to the Colorado Senate Wednesday, Senate President Peter Groff called on legislators to address the problem with the state’s structurally deficient roads and bridges. Opening-day speech by House GOP leader MayTimes are tough in Colorado and the state will need to “tighten its belt a notch or two to adjust,” Mike May, GOP leader of the state House of Representatives, told lawmakers Wednesday on the opening day of their 2008 session. Opening-day speech by House Speaker CarrollWhile Colorado has fared better than other states during the economic crisis, lawmakers can’t take the state’s fortunes for granted, Rep. Terrance Carroll said Wednesday in his first address as the new speaker of the state's House of Representatives. Legislature opens with jobs, education on the agendaColorado’s 67th General Assembly officially opened for business Wednesday, with lawmakers promising to make jobs, support for struggling families and the state’s public-education system their top priorities. Denver-area home sales up a bit, but prices dropDenver-area home sales were up slightly in December from a year earlier and there were fewer unsold homes on the market, but sales prices declined, a real estate analyst reported Wednesday. Visit Denver to recognize DNC, other 'tourism stars'The Democratic National Convention in Denver is one of five 2008 “tourism star” events that Visit Denver will recognize at its annual “Tourism Hall of Fame Dinner” fundraiser on March 5. Frontier?s 2008 passenger count up 2% despite year-end declineFrontier Airlines says its passenger numbers in 2008 were up 2 percent from 2007, despite a dropoff late in the year.
be dealing only with the other parties agent and they have their clients interest at heart.
In this type of negotiation your homework is very important. Know the property, know the market, and know values so you are able to negotiate the deal that is best for you, or be able to walk away. Blind negotiations can be handled, but they are a bit more time consuming.
Open negotiations are a bit easier, but require you do be good at your homework. In an open negotiation you may be working with the for sale by owner. In this way you have access to a bit more information.
If during your negotiations you begin having problems on a particular point, such as price, do your homework. Find out why the other party is buying or selling. Knowing the other parties motivation can give you the upper hand. For instance, if you know the seller or buyer needs to move quickly, you will then have a bit more leverage to work with.
What homework will help you in your negotiations?
a. Why does the other person want to buy or sell?
b. Who is the other person trying to impress?
c. Know the timing aspect of the transaction.
d. Verify the facts.
3. In the art of negotiating, it is critical to get started on the right foot. Do not try to antagonize the other parties to the transaction. Be very neutral about the entire deal.
a. Don't praise or criticize the property.
b. Don't try too hard to buy or sell the property.
c. Don't criticize the other parties to the transaction, including any agents involved.
d. Explain motivation without disclosing too much information.
e. Meet all deadlines or better yet be ahead of the deadlines.
f. Do not lie, rather say nothing.
4. Communication is the key to negotiation. However, too much talking can kill your negotiations. Make your offers in a written contract and let the other party do the same. Remember "lose lips sink ships."
When you begin talking to the other party you will give away too much of your motivation. You may think you can better obtain information from the other party about their motivation, but keep in mind it works both ways.
Now that you've learned the 4 basic steps to negotiating you are ready to go out and get the property you desire. You must also keep in mind that not all negotiations turn into real estate deals. Don't be afraid to walk away from a deal that is not to your liking. Otherwise you may well find yourself making very bad deals and wasting your negotiation skills. Good luck and good negotiating.
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Cheryl Shank, provides more Real Estate info at www.YourRealEstateReality.com and also has written the Ultimate for Sale By Owner Guide available at www.HomeForSaleByOwnerHelp.com
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