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Blog by Philip Jones

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Secrets of Successful Negotiation


              Every real estate transaction requires negotiation.  Many factors are written into a home purchase contract, such as price, terms, dates for the home inspection, appraisal and closing, moving dates and what personal property will be included or excluded from the sale.  In coming to terms on these issues, the needs of the parties involved are likely to conflict at some point.  The key to a satisfactory resolution is the willingness to compromise.

              The foundation of a "win-win" negotiation is that no one expects to triumph absolutely at the expense of the other participants.  If everyone assumes that some concessions will be made at the bargaining table, a resolution is easier to achieve.  Both buyer and seller must also be clear about their priorities - which points of the contract they will remain firm on, and where they feel they can be flexible. 

In an atmosphere of mutual trust, where each party is really willing to listen and take the other's needs into account, negotiations are most successful. 

Working with real estate agents who are skilled negotiators will be of great benefit to both buyer and seller.

ARMs can be an excellent tool for the savvy investor.  But the average homebuyer should be well informed before taking on an ARM loan. If in doubt, a Fixed Rate mortgage can be the safer way to go.