Before you decide to list your house, you need to fully understand why you plan
to sell your house. Is your job forcing you to relocate? Are you upgrading to a
larger house? Do you want to move to a new neighborhood?
Negotiating Tip:
Establish a reasonable answer to the “why are you moving” question.
If you are in a hurry to sell, don’t let the buyer know. If a buyer sees that you are
anxious to sell, they will try to purchase the house for a lower price. Establish a
simple answer like “I need more space,” or “I would like to experience country living”.
Whatever your answer, just be sure that you don’t provide the seller with any negotiating
leverage.
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Negotiating the sale of your house is a very important and
delicate process. You should think of the
negotiating process as a business transaction where every person must be treated
with respect. You should prepare yourself for the negotiating process by
establishing your baseline transaction requirement. These requirements are
your bottom line deal breakers.
Evaluate the Purchase Offer. When you receive a purchase offer, make sure that
it is acceptable by asking yourself the following questions.
- Is the offer at or near your asking price?
- If yes, has the buyer added clauses in the contract that could end up costing you thousands of dollars?
- Are there any alternative offers?
- Has the buyer been pre-approved for a mortgage, or do you worry that they may not be able obtain financing?
- If this is the first offer you have received in months, do you expect any additional offers in the near future?
- How much will it cost you in mortgage payments, taxes and insurance to wait for another buyer?
- Do you have enough time to wait for another offer?
- What will you do if no other offers are received?
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