Once you’ve found a potential buyer for your home, handling the negotiations for the sale without the buffer of a Realtor to act as a go between can be one of the toughest parts of selling your home.
It’s important to complete the sale, so you can’t wait to consider it. To market and sell your home, financial negotiation should be a part of the plan.
One of the best points to have on hand, and something that will be useful when pricing your home, is an appraisal of the property. Although that may be costly, it’s something the buyer will need to secure a loan and can be included as part of the sales price, if the lender is agreeable. It’s a good investment either way.
Fix any issues that the appraisal raises, and you may can get a higher price. Getting your home in first class condition and making any needed repairs keeps the buyer from having those issues as reasons to lower the price, so take care of them yourself.
When you price your home, you will need to set the figure at the appraised value. You may be able to set your price higher than the appraisal. In either case, make note of any features or benefits the appraisal overlooked. You could include things about the school district, landscaping, and the neighborhood.
Try to find out the buyer’s motivation. Do not share yours. You can emphasize their needs if you know their motivation.
Have your side ready. Practice presentation. These include saying they’ll need their attorney, parent, etc., to look over the property/agreement, constant picking for details, and trial offers such as “Would you take…” You should be better prepared than the buyer or his/her agent because you know your property. They will be probably making assumptions and talking about other homes.
The hardest part may be walking away. If you’ve done your preparation, you know what your home is worth and what price you can accept. Be prepared to turn down some offers. You should be prepared for compromise, but make sure there are adjustments that you can tolerate. If they are serious, they should change their mind, so don’t feel bad for turning down offers.
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