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Negotiate Price And Terms
Once you have a serious prospect, get that prospect to make an offer. I encourage buyers to make an offer even if it is very low or is full of contingencies and escape hatches. Once there is an offer with a cash binder, you know you have a serious prospect. Only after you have such an offer should you get involved in serious negotiations. Lowering your asking price or granting concessions before you have a concrete offer is tantamount to negotiating with yourself.
The goal of the negotiation process is to agree on terms and price that are acceptable to all parties. Keep agreements in plain English without a great deal of technical accounting and legal language. That will be handled in the next phase.
Negotiations are discussed in more detail in section XI.