When you’re fielding offers for your home, there are a few things you should keep in mind. Price, flexibility, and patience are all important, and you can use all of these to your advantage. If you’re having trouble deciding between an offer from the buyer’s agent and a bank offer, follow these three tips. By following them, you’ll be well on your way to making a successful negotiation.
Patience
You might think that selling your home is a straightforward task. The process is more complicated than that, however. Mortgage lending and appraisals can take months. And emotions may arise during the lengthy selling process. If you can’t wait for these processes to conclude, you should expect to wait longer than expected. But just like with anything else, be prepared to wait until the right time. It might take more time than you thought, but just remember that the next home you live in will be filled with memories.
When you first put your property on the market, sellers are often less likely to bargain with you. That’s because they think their property is unique and worth negotiating for. While some properties sell quickly, others may take months to sell. You need to be patient with yourself, and your estate agent. Patience will pay off in the end. When it comes to selling your home, it’s best to wait for the perfect buyer.
Flexibility
When selling your home, you should learn how to be flexible. This way, you won’t feel pressured to accept the first offer that comes along. You can weigh the pros and cons of each offer and choose the one that best suits your expectations. Otherwise, you might make a snap decision that leads to subpar results. In this article, we’ll outline four ways to make yourself more flexible when selling your home. Here are some examples.
In a seller’s market, flexibility is essential. Buyers have to be willing to be flexible, and sellers need to be willing to be flexible, too. When your home is listed as “as-is,” you’re forcing buyers to purchase it as-is. If there are any major problems, you may need to make corrections. But if your home is well-located, buyers will still want to check it out.
Price
When negotiating for the price of your home, you should always remember that buyers are likely to haggle. While you may not want to go lowball, you should never overpay for a home. In general, a buyer should come in 10% under your asking price. If your market is a buyers’ market, you can go even lower. However, if you are in a seller’s market, you should start higher.
When it comes to negotiating a price, the more buyers there are, the more flexible a seller may be. While a buyer may be more flexible with price, sellers may not be. Having fewer contingencies in a deal is thought to make it more attractive to a seller. Moreover, less contingencies mean fewer chances of a deal going south. If you want to get a higher price for your home, have a strategy to implement in price negotiation.
Bank offer
When weighing offers, you’ll want to look for an offer that will require an earnest money deposit. This amount is typically paid by the buyer at the time the sales contract is signed. This is to show the buyer that you’re serious about selling your home, and it is usually held by the title company. This money will then be applied toward the buyer’s down payment at closing. It’s also important to remember that no bank wants to sell a home for less than it’s worth, so the offer that’s made should be an option that you should explore.
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