Negotiation Not Just a Matter of Price
Most vendors and purchasers expect that in a private sale, the asking price will be negotiated to take into account the different expectations of the two parties. Few realise, however, that attributes other than money can also be subject to the negotiation process for a mutually beneficial result.
As a vendor or a purchaser, it pays to find out as much as protocol permits about the needs and desires of the party on the other end of the negotiation process. After all, a vendor may not need to negotiate as much price wise if the other party has needs that can be accommodated and have value in dollar terms. Some purchasers may be buying now just so they can secure a property for an anticipated move; they may not need to occupy in the normal settlement time frame, so a delayed settlement may suit their pocket while giving them the security of a home when they need it and perhaps while they have the time to do the work associated with making the purchase. Vendors too need security, and may prefer to know their home sale is a done deal before embarking on their next project. They may not be ready to move out (for example an elderly couple retiring to a warmer climate who would like to stay until their ailing dog passes away may even rent from a flexible incoming purchaser until such time as they need to make their move). For many, the security of a ‘sold’ home means they know exactly what they can afford to pay for the property they will move to next, and renting from purchasers until they need the property themselves (they may even be buying it as an investment and will never occupy) is peace of mind and time to research their next purchase.
Inclusions are another item that is often subject to negotiation. Sometimes a piece of furniture or an artwork is particularly ‘right’ for the house and would be hard to replace – indeed maybe hard to re-locate from the vendors’ point of view! – and so becomes a candidate for inclusion in the negotiation process. An antique billiard table that needs to be taken apart to be moved and is not needed when retirees are scaling down is a perfect example. Or a sideboard that neatly fits an alcove and is such a feature that it would detract from the look of the house when removed (and may not be nearly so ‘perfect’ where the vendors are going).
Many vendors, especially those who are scaling down or who are moving to another state or country prefer to lighten the load of what has to be sold or re-located. An incoming purchaser could be the one who is prepared to pay the most to save time sourcing and replacing items, just as the outgoing vendor is the one who has most to gain by selling to someone who will leave items in place.