Based on my experience in real estate over the past several years I've found one of the biggest assets that an experienced Realtor can bring to the table as a buyers agent is top notch negotiation skills. It's also one of the
most challenging aspects of real estate too.
The week before Thanksgiving I wrote an offer for a property where they had 5 showings the 1st week on the market and 3 offers. How did that happen? Doesn't the seller know its the holidays?
That said, my clients fell in love with a home and just HAD to have it. You know how the story goes. I told them that negotiating the terms of the sale can be a real roller coaster ride. And, oh boy, this transaction wasn't any different. Needless to say we went back and forth on the terms of the agreement with both sides compromising, giving, taking, until we finally reached an agreement.
What does it truly take to get from Offer to Contract? These are some pointers that I've stuck with that seem to hold true from transaction to transaction.
1. Start with a fair price and a fair offer. The first 30 days of the listing is absolutely critical in the selling process. If my clients want to sell their home I tell them to it appropriately. If they overprice their home it will turn off potential buyers. On the other hand, I avoid submitting "low ball" offers that will alienate the sellers. Generally, when this happens, the negotiations generally go south from there. Asking and offering prices should be based on the sales prices of comparable homes in the same neighborhood if possible.
2. Respect the other side's priorities. Knowing what's most important to the person on the other side of the negotiating table helps my clients avoid pushing too hard on hot or sensitive issues. For example, in this situation my clients didn't have a lot of cash for closing so they were willing to pay close to the asking price given the competitive offers. I always call the listing agent to find out what Hot Buttons the sellers have so that the transaction will hopefully go more smoothly.
3. Be prepared to compromise. "Win-win"doesn't mean both the buyer and the seller will get everything they want. Negotiations are exactly that - both sides have to generally give a little to come to terms. For example, my clients had the home inspection done on this house and there was a real laundry list of repairs. I explained to my clients that the "BiG" items were what we needed to focus on - water under the home, wood rot, and we found out that even though the home was being treated for termites it had termite tunnels(Termite Treatment).
4. Meet in the middle. I consider meeting half way to be a "win-win" for everyone. By splitting the closing costs,
completing the major repairs, being flexible on the closing date, and completing the structural issues this sale will make it to closing.
5. Leave well enough alone. If there is a major sticking point that's not material to the overall contract, I get the overall contract finalized and then resolve the other difficulties in an amendment. This technique allows both sides to recognize and solidify basic areas of agreement, then move ahead toward a fair compromise on other terms and conditions. Summarizing the points of agreement in writing is another way to handle the situation.
6. Trust Your Realtor. I've been around long enough I've seen what works and what doesn't work in the real estate business. I wouldn't be in this business if I weren't able to consistently bring buyers and sellers to the closing table.
Photo courtesy of Flickr
I've written a few posts on my milestones - each more elaborate than the other. I"ve included them here for giggles. 
Cynthia Tilghman wrote a blog entitled, 
fantastic time. The Triangle luxury home inventory is very high, and, that makes for a great opportunity for buyers. The winter months are slow and builders are anxious if they have standing inventory. They are willing to negotiate during this time of year and, in the Triangle over the past several years, that has not been the case. 
What does this mean to a buyer? Builders are sitting on the homes longer and having to reduce prices to compete with the expanding inventory. Since the timing is right one can find opportunities for the savvy buyer. Many buyers in this price point have bought and sold several homes and sometimes feel a Realtor isn't really necessary. To the contrary, an experienced Realtor is essential in finding, not only your dream home, but a home that will be a smart investment in the long-term. 
A Poem of Gratitude:
I can sum my reaction to moderating the Week in Review 11/11-11/18th in just one word!! 
Katerina Gasset
By Teri Eckholm 
I've always wanted to visit the potters in ACTION!! Seagrove is home to over 100 potters and each year they 
are kind enough to display their skills at the pottery fest. One thing that most North Carolina residents don't realize is that the best potters from the Carolinas have learned their trade through many generations of pottery making. I am also intrigued by the "folk" pottery tradition that has deep roots tracing back to the mid-18th century. The tradition grew up in Seagrove where folk potters still use local clays; ash, salt and alkaline glazes; and wood-fired kilns. It's really a throw back to another generation. Folk pottery designs include face jugs to butter churns to vases. 
Click 
If you are new to the Triangle or contemplating moving to the Triangle you need to know one thing - this is ACC Basketball country. And another thing - you'd better pick your team before you get here. 
It's that time of season again. I know you've waited all year for the basketball season to return. The UNC Tarheels play their 1st game at home on 11/18th at 6pm and the Duke Blue Devils play at Cameron Indoor on Friday November 9th at 7pm. The rival this year seems just as big as ever. Last Friday the Associated Press released it's 2007-08 preseason poll and guess who's on top? The UNC Tarheels. The Blue Devils came in at #7, still in the Top 20.