Accepting & Negotiating Offers
When selling a home, negotiating is by far one of the most important things in the process. Your agent will serve as your expert negotiator and will work on your behalf to make sure your best interests are represented. They will hopefully save you a lot of money in the process. Remember, they have plenty of motivation to help you sell your home, too. Their livelihood and reputation depend on getting their clients what they want.
Have Realistic Expectations
Whenever you’re in a negotiating situation, it helps to remain flexible and open. This includes maintaining realistic expectations. It’s rare that you’ll get everything you want while negotiating. Think about what you’re willing to give up and what are absolute deal breakers.
Be honest and upfront about any damage or flaws a buyer may point out about your house. Discuss these problems, and let the buyer know they’re welcome to have any perceived damage or defect inspected—at their own cost if it’s a major concern. If there is indeed a problem, you can offer to reduce your asking price to help offset the cost of repairs.
Think Twice Before Rejecting A Low Offer
There is always the chance that you’ll receive a low offer. Here are some things you can do to make the most of the situation.
Don’t take it personally. This can make you look weak in the negotiation process.
Try to understand the buyer’s motivation. You may learn something important, even if you ultimately reject the offer.
Make a counteroffer. Consider the buyer’s position and work with your agent to find a middle ground by reducing your asking price or explain how you arrived at your current asking price.
Negotiate other terms to counterbalance a low offer. There are things your agent can do to work with a low offer. For example, seller concessions, home warranties, closing dates, post-closing occupancy or quick closing/occupancy might help.
The longer it takes to sell your home, the less likely you are to receive your asking price. The longer you have to drag out the process, the longer you’ll pay the mortgage. It might be worth your while to talk to your agent about accepting the deal if you’ve been on the market a while. The negotiating part of the process can be tricky, but with an experienced agent by your side, you’ll be set up for success.