- Only the Seller & Buyer are parties to the contract and make decisions.
- Consider today's market.
- Offers are generally a starting point for negotiations; the goal is
for the two parties to agree on price, terms & conditions.,
- All contracts must be in writing, all changes initialled by all parties.
- Negotiations should not be taken personally.
- There is a "right of rescission" – any offer may be verbally revoked BEFORE written acceptance.
- Sellers should not "hint" or give advice during
negotiation/presentation of the offer – all discussion should be in
private between the sellers and their listing agent, after presentation of the offer.
- Buyers or Sellers should not discuss the offer with other parties until the deal is firm.
- There are 3 choices for response to an offer:
- counter offer
- The "ceiling price" is as high as the Buyer will go; the "floor price" is as low as the Seller is willing to go.
- Price is not the only important point; consider completion and possession dates, as well as other terms & conditions.
- The property will continue to be actively marketed until all subjects are removed.
I believe in negotiating strong, enforceable contracts (i.e. it
is better to challenge "shaky" contracts early, rather than waiting
until completion and hoping nothing goes wrong... after making
subsequent decisions and commitments).