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When negotiating with a vendor or a purchaser it can help to understand the needs of the other party, as sometimes they may be looking for certain conditions of the sale that are worth more to them than securing the best monetary deal.
For instance, a purchaser who is looking to buy and secure a property now, may not wish to move into the property straight away and therefore may prefer a delayed settlement.
Vendors too may not wish to move out of their home as soon as it’s sold; they may need the finances, but may not have had the time to search for a new home to move yet.
In these cases, both the vendor and the buyer want to have the security of a ‘sold’ home and they may be willing to pay more or accept less for flexibility in settlement arrangements and the peace of mind of knowing that the home has been sold. Even the amount of the purchase price that the purchaser is borrowing from the bank may be taken into consideration. A seller may look more favourably at someone borrowing 50% from the bank rather than 95%-100% from the bank, so it is good to let the agent know the terms of your borrowing capacity.
Inclusions may also make up part of the negotiation process. If a piece of art or furniture works particularly well in a property then buyers may be willing to pay more to have it included with the property. This can work to the vendor’s advantage as well if the item is hard to move or if they are trying to scale down the amount of furniture they are moving with.
When negotiating to buy or sell a home it’s important to think about valuable factors such as settlement times and inclusions and whether or not they would affect the price you would be willing to pay or accept for a home.