House-selling seems easy. After all, there are many people out there looking for a home. The trouble is that when you’re selling, you don’t want to sell to the first offer. You want to get the money you invested in your home back and a little extra. Here’s how to drive a hard bargain when it comes to your house sale:
One of the main reasons why sellers often fold when it comes to a deal is that they are impatient or in a hurry. Unless you need the money, you should wait for more offers to come in. Think to yourself, “People will want to buy my house,” and this is true, especially in New York City and similar areas. This also means that you shouldn’t be pressured by strong-arm tactics that buyers often use. If they offer a price that you don’t like, say that there are other offers that you will need to consider.
A mistake that many sellers make when it comes to selling is that they don’t often come up with a counteroffer. Buyers will usually low ball their initial offer to get a good starting position. This is why you should counter the proposal with your list price. This is an excellent tactic to weed out those who are interested in the property. Those who want it and have the cash for it will seriously consider the listed price. Some buyers might walk away, but the interested will stay.
Have a Bidding War
The demand always determines the price of a product. If you’ve only got one buyer and they know it, they’ll be much more confident that you’ll fold on the price. However, if you set up a public sale and you get multiple offers, then you have the chance to get a bidding war going. This will allow you to set the price higher than your initial list price. You don’t even have to do anything; just let competing buyers find out that someone is willing to get the property and how much they are willing to pay for it. This allows you to find out who wants the house.
Set a Deadline
If you’ve got a buyer who is a bit hesitant and other offers are floating around, you might want to close the deal by setting a deadline for accepting your counter offer. This gives the proceedings a sense of urgency, and it makes your buyer nervous. They might accept your offer.
You’re selling the house already and getting the money. Be kind about it and pay off any closing cost out of your own money. This ensures that there are no hard feelings.
The critical thing to remember with any real estate deal is that you should be able to walk away from it feeling like a winner, either as a buyer or a seller. The tips above should help with the seller part of the equation. Be happy that you got your money’s worth and move on to the next part of your life.