Framing your offer Most people involved in a real estate negotiation are doing it for the first or possibly second time in their lives and therefore often feel under equipped in terms of knowledge on the best way to proceed. A professional agent will assist you with this process by clearly explaining how the negotiation will likely unfold and this can vary depending on the method of sale being used to sell the property.
Marty Maher
Regardless of the method of sale, the one thing you must do is frame your offer. Framing your offer means explaining the background story of your situation to the agent during the inspection period, and then reinforcing that story around the offer you are making. An example might be that you are a young couple who
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have had a certain amount approved by the bank and as much as you would love to pay what the vendor wants for the property, you are limited by what the bank has approved. Or it may be that you are selling another property for $xx and this forms the basis for your budget for the new purchase.This forms the frame or reasoning behind your offer. If you just submit an offer without the frame, the agent and vendor will always think there is more available. As the agent generally does not know you personally or your financial affairs, they will have to take this on face value and this is what they will report to the vendor when placing your offer. Whether the vendor cares about your story will vary between vendors. The
level of care will increase the closer you are to an acceptable figure to the vendor. Towards the end of the negotiation, a good agent will know how to delicately test your story to make sure they have got the maximum amount from you. If they are convinced that they have, they will again report this to the vendor to assist the vendor in making the right decision in regard to your offer. At our core we are emotional beings, some more so than others, but because of this, framing your offer is very important to have a successful outcome in the negotiation. It gives the negotiation context. If we can ever be of assistance in any real estate matter please do not hesitate to call.
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