Negotiation Tips For Selling Your Home
Get The Home Inspected Before Listing
Making sure to have an inspection before potential buyers have a look at the home can be a great tool to help you get your asking price without too much fuss. Also, it helps you stay realistic when thinking about your asking price. The inspection usually will cost less than $400 and tell you everything in your house that should be fixed. This way the buyers won’t come after you for repair costs.
If you have a buyer that seems extremely interested, but also on the fence, you can always throw in extras as an incentive. Let’s say the potential buyer seems to be eyeing some furniture; Offer to throw that in with the house. This can work in many scenarios. It could be a lawn mower, kayak, jet-ski, etc.. Some buyers are looking for something fun for their new home and that could be just the move that sells them!
Don’t Be Emotional
Rational thinking is key! Before you start getting offers in the door, you will want to set your limits. Set the absolute lowest price you will accept for the house. Do not go under that price no matter what the situation. If you do not get any offers, you might have priced the home incorrectly or maybe it simply isn’t the right time. Also be sure that you find out the buyer’s pre-qualification amount from the bank or what the buyer’s desired purchase price is. The more information you have about a buyer’s financial situation and needs, the better position you’ll be in when it comes time to negotiate.
Facilitate a Bidding War
If you are fairly confident your house will receive many offers, you might choose to let buyers know you will be “reviewing all bids at 5 pm on Friday.” This will create a bit of a buzz and maybe a bit of competition. This will help buyers be more time sensitive and more aggressive with their initial offers. People will want to outbid each other knowing there will be competition, so you will likely receive higher offers.