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When you meet a potential Purchaser for the first time it is important not to be fooled by appearances. Often flashy dressers who display trappings of wealth may in reality be ridden with debt and conversely those who are casual dressers with no appearance of wealth may be well off. One must not discriminate against any person based on appearances alone, anyone could be a good Purchaser for your property.
When you allow a potential Purchaser to view your home it is best to guide them and let them walk slightly ahead of you. Don’t talk too much but rather just point out one or two nice features and look at their reaction as they walk through your property. With you right there they will ask any questions that they feel are relevant. It is important to mention any ‘exclusive use areas’ and/or servitudes. You should also refer to Sellers Trouble Shooting on this Site for info on disclosure of latent defects.
If the Purchaser has expressed an interest in your property then you can enter into negotiation. You should read the information on the Selling your own property on this Site to see firstly if the Purchaser has the finances or could qualify for a loan to purchase your property. When negotiating directly with a Purchaser there are three possible options to reach agreement:
- Split the difference. For example, when negotiating the purchase price the Purchaser and Seller ‘meet each other half way’.
- Trade-off. For example, purchase price is to increase but Seller has to include all movable pot plants.
- Add an enhancement. For example, the Seller to have pool repaired and re-coated as part of the agreement.
When negotiating with a potential Purchaser you should:
- Understand their objection.
- Understand the Purchaser’s needs.
- State your own needs as a Seller.
- Test possible solutions by asking questions and hearing responses.
- Ask the Purchaser to suggest possible solutions to involve them more.
- Confirm acceptance to prevent any misunderstanding.
- Place the acceptance aside. When tending to a few differences of opinion, discuss each one separately to find an overall solution via a process of elimination.
Next you can prepare the agreement and get the Purchaser to Commit.
- Outline your proposal on what you have discussed.
- Mention the benefits.
- Mention the procedure to conclude the agreement.
Now close the sale. Obtain a commitment in writing from the Purchaser i.e. get them to endorse an Offer to Purchase document. You can download a copy of the document from the Home Page on this Site. You could also opt to both go along to a suitable Transfer Attorney who should have the documentation and will assist you.
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