Not having a personal attachment to the property can help you when offers come in, especially if they are low. Your agent is there to negotiate for you, so at least you don't have to worry about dealing directly with tactless buyers. Vent to your agent if necessary, but keep cool. Think back — have you ever submitted a low offer to a seller? Did you mean it as an insult? Probably not. You just wanted to get the best deal possible. Being in the seller's shoes gives you a better understanding of how a low offer is received. Some people take it personally, and they don't want to have any further dealings with the buyer. Avoid that type of reaction. Work with your agent to make a reasonable counter offer back to the buyer.

Your counteroffer will probably involve more than just the price of the property. There are many other contract issues that are every bit as important to resolve.

• Is the buyer preapproved by a lender? If so, you want to see a copy of the preapproval letter before you sign the contract.

• Does the buyer have to sell a house before closing on yours? The contract should include a kick-out clause, an agreement that allows you to ask the buyer to either speed up the closing process or back out if another buyer is found.

• What about the other contingencies — are they reasonable? That includes planned inspections, the type of financing the buyer is looking for, and other issues.

The contract you are offered contains a full set of complex issues that must be considered before you agree to it. Most buyers don't expect you to agree to every one of their demands, so come up with a realistic counter to present to their agent. The offer might go back and forth several times before all parties are satisfied, and there will be many times that you cannot come to an agreement at all.

If too many negotiations end without a contract, you must ask yourself why. Is the same reason over and over? Perhaps the pricing is too high? How about repair issues — are there some aspects of the property that seem to bother every potential buyer? If you see a trend, take steps to correct the problem so that the next offer has a better chance of making it. When you do get a contract, refer back to Chapter 10 to help you get it to the closing table.

Every chapter of this book is as important to you as a seller as it was to you as a buyer. You must have a thorough understanding of both sides of a real-estate transaction in order to make the most of your investment career. Go back and review those chapters now, looking at them from a seller's standpoint. That exercise will help you remember what it was like to be a buyer, an important feeling that can make the negotiating process a little easier to get through.