As a seller it is only natural to want to succeed and get the most from the transaction but you must keep in mind that negotiation involves giving-and-taking. The negotiation must come up with an agreement that represents a fair balance of interests.
You need to be proactive. It’s better to plan ahead so you are prepared when offers come in. Get your home in the best condition, make the repairs early so buyers cannot penalize your price because of them.
Have your home pre-inspected because you will know what’s wrong and you can have it fixed ahead of time. This will save you money and you can protect yourself from any future problems that might arise during escrow.
Make sure that the answers you filled in the seller’s disclosure are informed honest answers. If you fail to disclose relevant information about the house, it could end up in lawsuits.
Initial offers are usually less than your asking price but you don’t need to accept or reject them right away. When the offers come in, have your listing agent contact the buyer’s agent, get as much information from him so you can know how to respond to the offer. Find out the buyer’s position first by engaging him in some bargaining.
You don’t have to state your decision straightaway. Silence is a powerful negotiating tactic. This strategy will make your buyer think you’re not eager to jump on the offer and may start whittling away their position.
Be prepared to give and take. Keep in mind that if you try to win every point, the deal can turn sour. You should compromise.
Don’t let emotion reign during a negotiation. It can kill the deal or could cause you to make poor decisions. Keep in mind that selling your home is a business transaction, keep your emotions away from it.
Your negotiating position is influenced by the offers you receive. It all boils down to supply and demand, if it’s a seller’s market, you are most likely to receive multiple offers. It is also influenced by your situation. If you need to sell your home quickly then your position to negotiate is weakened because of the time pressure. If this is the case, do not disclose this to your buyer as they might use it to their advantage.
Be patient. The negotiation can take time and can be stressful. Don’t make decisions until you have all the information you need.
It is always good to know the buyer’s important issues. It can strengthen your own position by knowing and respecting items of particular importance to the buyer.
Read more: Should You Overprice Your Home?
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