The New House Negotiation

The New House Negotiation

Role played in negotiation

I played the role of the buyer in the negotiation.

1 - What you expected in the situation

The situation of buying a home for the first time is quite challenging and daunting that it's alluring to either just go with the first home that falls in the range of your range of price or continue to rent.

As I had a home inspection contingency in this situation therefore, I was expecting that there will be negotiations after the inspection of the house. Apart from this I expected that the seller will make the house perfect as part of the purchase procedure even knowing that the seller does not want to spend more money for maintenance and repair the defects. I also expected that the house will have a dishwasher and built-in range, and if there are other electrical appliances that can be acquired along with the home so that will be a plus point.

At times the expectations of the buyer and seller differ therefore, it is important to know how to negotiate so that your expectations are protected.

2 - How you prepared for the negotiation

Negotiation is an aptitude one develops over time. I prepared for the negotiation by gathering information both about my interest, alternatives and resources and also about the seller's. Secondly I assessed the cost and expenses that will be used in order to do the repairing work and calculated amount allocated for each of the required work to be done so that it won't go past the savings. I even tried to anticipate all the possible points that the seller might say or do and worked out on those scenarios accordingly. I also prepared a list of potential negotiating points which I felt would be necessary to achieve in completing a successful bargain and what terms, conditions and stipulations could be excluded. The concept of give and take should be remembered on both sides for any agreement or deal that make sense.

3 - How you and others in the group behaved

I as well as others behaved very courteously with each other. I acted confidently without being prominent, and encouraged others as well. In general, the behavior usually varies according to the situations and settings.

4 -What you learned about your skills?

Decision making skills, communication skills and negotiation skills are the most prominent skills that I have learned due to this situation.

Communication skill has helped me in improving my way of asking questions, because when you ask a question you place a basis for agreement and probably receive a complete response. Plan for questions you might ask while negotiating.

Ask open ended queries to gain information and build a connection. Open ended queries generally start with “what”, “when”, “who”, “why”, and “where”.

Additionally, make use of close ended questions (questions that support short responses like “yes” or “no”) when you need to gain a confirmation or concession on deal point. The more information you obtain, the better you will be to ...