Business Adviser Magazine September 2013 | Page 29

“...this points up the importance of getting information on the other’s deadline, but also the importance of not revealing your own.”
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A bit of sophistication is required to use this information effectively. You may want to start by identifying what is most important to you in the negotiation. For example, if you are buying an apartment building, is the price or the terms the crucial element for you? Let’s assume that price is most important to you. When you wrote the offer, you put some price on it, but you have inspections and other contingencies that allow for everything to be renegotiated. The process of inspections and negotiations ties up the property, so your competition is excluded for the moment. Then you learn that owner really wants to sell by the start of the school year, because he will be moving with his children. Work on everything else in the negotiations except the price. Have inspections done, agree on what will be included with the property, etc. As the seller’s “deadline” approaches, he will be getting anxious to close the deal. Then you let him know you’re ready to close quickly. Of course, you’ll need the price adjusted due to the results of the inspections. At this point the seller has the choice of throwing away the whole deal. This means starting over, and not moving when he wanted to. A ?FW&?FV???R6?&R??F?B?Rv?Bv?B?Rv?G2??7B?V?6?6??6R?F??2?V?2v?f??r??R??W"&?6R?F??2???G2WF?R???'F?6R?bvWGF??r??f?&?F?????F?R?F?W.( ?2FVF??R?'WB?6?F?R???'F?6R?b??B&WfV??r??W"?v??v?V??v2&V?W7FFRvV?B??V&BF?R7F?'??b??v??6??B??2&?W'G?f?"?&vR&?f?B??R?BF??C????6?F?v??2F?W2V??W72?R&???VBF?R???W???F???F?W"&?W'G??2( ?F?F?R3W?6??vR?( ??R?BcF?2F?6??6R??F?R?Wr&?W'G??f?"?WfW'?F?W???R?bW6??rFVF??W2?G'?'W???r??W"?W?B6"F?v&G2F?RV?B?bF?R???F?????F??W2F?W&R&RV?F2F?BFV?W'6??2v?BF??VWBf?"F?R???F???B&??W6W2F?B6?W6?V?vWBf?"???F??f??V?R?6???r( ?( ???F????&?WB?B?B&WGW&???F?W'6F??( ???"v?FWfW"F??2F?Rf?'7B?bF?R?W?B???F??6??fRF?V?G&???rF?R&?6Rf7B??N( ?2?v?2v??BF?&7F?6R??W"?Vv?F?F???6????2???v??RF?R'W6R?Rv?V?B?V????6V?bF??b?v?F?FV?F?2F?v??F?R6V??W"?V&?VB?b??2FVF??R?BF?R6?7B?bF?R'W?W"?76??r?B??R6?V?BF?&VFV?F?FV??6??6??rV??W72F?R'W?W"?BC?W?G&f?"6??R??B6?????W&FVBv6???r?6???W2?f?"W???R??fW'?'?fWrF??W6?B??"??6RC???v?BF???RF?????Rv?V?BF????%U4??U52Ed?4U ??#????