When it comes to negotiations in home selling, certain tactics work overtime. So we’ve compiled a list of some of the most important things to remember when negotiating with your buyers are:
1. Work with a Knowledgeable realtor
Hiring a realtor is one of the most important decisions you’ll make when selling your home, and knowing their negotiation style can help ensure that it’s an easy choice. A good agent has been around enough to know exactly how much is fair in today’s market.
2. Counter Back With the List Price
If a potential buyer offers you less than what your home is listed at, don’t be afraid to counter back with the full asking price. In these seller’s markets there may well end up being multiple offers on any one property and this move could save you from getting caught off guard in case it does happen.
Modifying or removing certain contingencies can often result in a more compromise-friendly offer. Sellers can cross out those portions they do not accept and modify their conditions for the buyer’s satisfaction, so both parties get what they want from this transaction.
4. Rejecting an offer
Rather than sending back a counteroffer, the seller can ask for the buyer to submit a completely new offer. This will make them realize how valuable their home really could be and put pressure on buyers who are looking at other properties in this area.
5. Adding an Expiration Date to Their Counteroffers
To sell your home as fast and easily as possible, consider adding an expiration date on any counteroffers. For example, if the default is three days but you want it shorter than one so that buyers have less time in which they can think about their decision before accepting or declining an offer then make it 1 day long.
6. Obtain a home inspection
Home inspections are a great way to avoid potential problems before they start. This allows the seller to anticipate the buyer’s complaints ahead of time. For example, if you know that your roof needs work, you may factor the price of repairs into your listing price during negotiations with buyers.
7. Offering a home warranty
Homeowners who are not in peak condition or have some obvious damages should consider providing buyers with a warranty plan before they purchase the home. This will ensure that any issues at your property get taken care of for free. So proposing a home warranty to an interested buyer could be a more reasonable deal.
8. Have a real estate attorney
Employing a lawyer to negotiate with buyers can be an effective strategy when selling your house. They are skilled negotiators and will fight for you more than anyone else, so it’s especially important if there isn’t a realtor at the table because of their legal training.
9. Set Limits In advance
When you are ready to start the process of selling your home, be sure that any price limits have been established ahead of time. Before setting foot in negotiations use a seller net sheet and determine how much money is left over after all expenses.