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Foreclosure Basics: Three Keys to Negotiation Success
By jason | April 30, 2008
Negotiation is actually a very complicated matter. You can not determine the outcome of any sales transaction despite similar circumstances. This is because both seller and buyer would try to make the result as balanced as possible, if not favorable to them. For this reason alone, it is important that you obtain a dominant bargaining position. In order to do this, here are some key negotiation tactics.
Listen to the Market
In real estate, the market may favor sellers, buyers or sometimes, both. It is very important that you know what the trends are in the local market in order for you to plan your negotiation tactics. For instance, a market with high demands for Los Angeles foreclosure homes but does not have sufficient supply will obviously favor sellers. They might even enjoy multiple offers if the property is hot.
Look Out for Details
For buyers, you must always pay attention to the details. For example, several Los Angeles bank foreclosures are being sold with the same asking prices but if you check the different incentives given by the owners, you might find that the other property has more to offer you. This is probably why it is important for buyers to be thorough when asking sellers about the price and incentives.
Who Has the Advantage?
Lastly, it is very important to determine who has the upper hand. Sellers with multiple offers will have the luxury to choose which among the offers will provide the most profit. In the same way, a buyer will have the advantage if he knows that you are anxious to sell your home especially if you are still in pre-foreclosure stage and would like to close the deal before the re-instatement period is over.
Whether you are buying or selling these Los Angeles CA foreclosures, it is always best to be prepared. It would help if you subscribe to Los Angeles foreclosure listings so that you will know what is going on in the market.
Topics: Foreclosure |