Compromise is Critical When Negotiating Real Estate

Negotiating Real Estate

Negotiating real estate is simple, it just takes an old skill we all learned in preschool, COMPROMISE!

Compromising is a critical element when buying or selling a home.  If you aren’t willing to compromise, then you can expect a longer sales cycle.  If you’re okay with that, then by all means stick to your guns! 😉

But, for those who tell us, “sell my St. Louis home fast”, we always try to sell your home fast! St. Louis real estate market is strong and homes are moving quickly, but we can’t just give credit to a strong real estate market.

Many times homes sell fast because buyers and sellers compromise during the negotiation process.

Art of Compromise and Negotiation When Buying or Selling a Home

This month we want to talk about the art of compromise and negotiating, two critical attributes needed in any real estate transaction.

We are happy to do the actual negotiating, that’s our job, but to accomplish that, every buyer and seller is going to be called on to compromise at some point.  That might take place at the very beginning of the selling process, or later on when we are dealing with the home inspector.

Don’t get hung up on asking price when negotiating real estate

We all know there are times when offering less than asking price for a home is warranted and times when offering more than list is needed to buy a home.

Both the home buyer and seller need to carefully calculate what their bottom line is, something that should be discussed when first choosing a realtor.

If you’re selling your house, you can’t take it personally when a buyer offers less than they think your house is worth.  This is a business deal, even though you love that charming Cape Cod that you raised your children in—it doesn’t matter, and you need to get over it.

What is your bottom dollar?

Think about that beforehand and be prepared to let your realtor negotiate to that number, if needed.  Any good realtor will always try to get you top dollar for your listing.

Buyers, same goes for you.

Think about how high you can comfortably go, and let the negotiations begin.  Buyers and sellers need to think about whether it is worth losing a deal for $1000 or $1500?

Remember that each $1000 up or down is a difference of $5 in monthly payments.

Keep it all in perspective and don’t let your emotions get in your way when negotiating real estate offers.

Inspections are a part of negotiating real estate, just compromise

Home inspections are a normal and necessary part of negotiating real estate.

Once an offer is accepted, the buyers will schedule an inspection of the seller’s home by a licensed home inspector.

Once that is completed the buyer will receive a thorough report of all the problems, large and small that exist in the home.  This list can literally be pages long—truly!

Many municipalities require the seller to also obtain a municipal inspection.

This can also be a long list.  First off, if it is on the municipal inspection the seller must fix it and it must be rechecked by the municipal inspector.  These items are usually safety related, and do not encompass all the categories of the regular home inspection.

Problems usually arise when deciding which items from the regular inspection the seller is willing to fix, or compensate the buyer for.

Here is where compromise and negotiating come into play.  Remember, you can always counter offer during any real estate negotiation.

Buyers

It is not realistic to think a seller is going to fix everything on the list. Ask yourself what is of greatest importance to you.  If the house needs a new roof, and there are also a myriad of little things, think about asking for the roof (big ticket item!) and be willing to handle the stuck window on your own.

Make sense?

Sellers

If there is a lengthy list of smaller items and the mere thought of fixing all of them with a licensed contractor overwhelms you, consider offering to pay a designated amount towards those repairs at closing as part of the buyer’s closing costs.

Make sense?

Both buyers and sellers need to be willing to compromise on the inspection notice.

Again, think about your bottom line.  Many a deal implodes over inspections.

Give and take, and realistic expectations are needed.  Let us help you negotiate so you don’t lose the home of your dreams.

Now to the fun stuff!

Things to Do in St. Louis: April 2018

April is here and are there is a plethora of fun things to do in St. Louis.

We all know that “Hamilton” is playing, dang I wish I had tickets.  The Go Marathon is also this month, not so sorry about missing that one!  There is also Opening Day for the Cardinals, and the St. Louis Blues Festival.

Our list has a few suggestions for events that are not as well known.  Okay, and I will admit I am shamelessly plugging several events that are near and dear to my heart.  Have a great April!!

  • Animal Rescue Foundation’s Wine and Whiskers: April 4, from 5:30-8:30 in the Redbird Club at the ball park.  Tony La Russa will be there to raise money for ARF as you enjoy wine, beer and appetizers and join in the fun of the auction.  Tickets are $100, call 925-296-3118.
  • 360 Annual Rooftop Rally: At 360 on April 5th from 11 am to midnight.  Join in the fun with baseball-inspired cocktails, Cards-themed surprises, snacks and beads and rally towels being handed out.  KTRS will be broadcasting.  Let’s go Cards!!! Free, well except for the drinks you consume!
  • Rumpelstiltskin: The Chapel, 6238 Alexander Drive in Clayton, Interactive musical for kids 2-10 and their families.  Tickets $10!!  http//: ediesfairytaletheatre.com.  Thought this on looked like a great activities for families and their children.
  • Kiefer Sutherland: At the Delmar Hall, April, 12, 8:00pm, $25-30. Call 314-726-6161.
  • Judy Garland: Come Rain or Come Shine: The Playhouse at Westport Plaza, April 12, 13, and 14 at 8:00 pm, and Sunday, April 15 at 2:00.   A tribute to Judy Garland performed by award winning dynamo, Angela Ingersoll, who captures “the emotional and vocal power of Judy Garland in a live concert.  Tickets are $60, call 314-469-7529.
  • The 3rd Annual Grand Day of Piano: Evangeline’s at Euclid and Washington, from noon until 11:30 pm, seven different artists or groups will be performing throughout the day and evening.  I personally know the duet performing from 8:00-9:00.  Tina is a wildly talented singer and Diane is an amazing pianist.  It will be a treat!!  For reservations call 314-367-3644.
  • NCAA Women’s Gymnastics Championship: Friday, April 20 from 12:00-3:00 and 6:00-9:00, Saturday from 6:00-9:00.  Chaifetz Arena, Tickets $54-$71.  See the top 12 teams in collegiate women’s gymnastics compete.  For all of you out there that have kids competing in gymnastics this seems like a must see NCAA.com/WGymnastics.
  • New City School Auction: April 21, at The Moto Museum from 6:00-11:30. Tickets are $100 and proceeds go to the New City School financial aid program.  Nearly 40% of the students at NCS receive some kind of financial assistance and the school awards over 1.3 million in aid each year.  Call 314-361-6411 for more information.
  • Louis Earth Day Festival: April 21-22, 11:00 am to 5:00 pm, Forest Park, FREE. A community tradition that fosters sustainable living, recycling, and environmental causes and products.  Local musical groups, hands-on activities, diverse cuisine, and more.  A true family event for an important cause.  

THE BLANKENSHIP SIPS

As I said, rainy days and Mondays get me down, as well as weeks of dreary skies, no sun, and still wearing my winter coat in April.  So how about some cocktails?

This month I thought sunny cocktails might speak to the weather gods!! Here are few to try out.

The Sun Also Rises from 10th Kitchen

  • 2 oz. light rum
  • ¾ oz. fresh lime juice
  • ½ oz. fresh grapefruit juice
  • ½ oz. maraschino liqueur
  • 1 teaspoon absinthe or Pernod

Combine all the ingredients in a shaker of ice then SHAKE-STRAIN-SIP!!!

Sun Slush from Ocean Spray

  • 2 oz. of Cointreau
  • 5 oz. of Ocean Spray Cranberry Juice Cocktail
  • 1 oz. fresh lime juice
  • Lemon-lime soda

Mix the first three ingredients in a Collins glass filled with ice.  Top off with soda.  Garnish with fresh mint, cranberries or lime if you feel the need.  Me, I’d just drink itJ!

Liquid Sunshine from twotwentyone.net

  • 3 oz. Malibu rum
  • 5 oz. peach schnapps
  • 1/3 cup of OJ
  • 1/3 cup of pineapple juice
  • Splash of grenadine

Pour in a glass over ice.  I think this one could also be made a slush.  Throw it all in the blender with ice.  Okay, maybe save that for a hot summer day.

I know we usually end by thanking each and every one of you for helping us grow our business, but we could not do it without your listings, your referrals, your shared postings on Facebook, and so much more.   Please know your kind words and all you do for us is greatly appreciated.

Want to Stay Updated with our St. Louis Real Estate Tips?

For questions on buying or selling your home in St. Louis, you can reach Brad directly at 314-302-0592 or, you can join our contact list and we’ll continue to send you great tips on buying and selling your home in St. Louis.  Enter your information below and we’ll keep you up to speed on the good stuff!