Have you already fallen in love before buying that house? It doesn’t favor your position in the negotiation.
Negotiating is sometimes (by adherents of economic game theory) compared with playing poker. When playing poker you do not show your cards. You look at your cards, and you follow the eyes of your opponents. Can you notice something?
But if you are to negotiate you could show your cards.
Think of buying a house. You can be open about what you favor about the house; the location, the amount of space, the classical or rather modern style, the fact that it has a fire-place, the kitchen, the fact that it is near your work, etc. . .
The real estate agent or the owner of the house doesn’t know you. Buying a house from a friend is a different game with different rules. So let’s focus on the normal circumstances;
the house owner - and you.
The house owner should want to know what your preferences really are. Also the owner will normally not show his or her cards; how many more people are there “waiting” - although this can be analyzed by the period the house is already for sale –- is he or she in a hurry to sell the house? Etc. . .
You can be open about your cards. You have mentioned to positive aspects, and you can also present the issues you are not too happy about; the overdue in maintenance (windows and the roof), the missing garage, etc.
When negotiating, you can be open about all these cards. What you shouldn’t show is how much you value each of them. And leave emotions out if you can.
© 2006 Hans Bool
Hans Bool is the founder of Astor White a traditional management consulting company that offers online management advice. Astor Online solves issues in hours what normally would take days. You can apply for a free demo account