Depending on the market in which you are selling, your position in the negotiations with a potential buyer can be either a very comfortable one or a difficult one. In a buyer’s market, you might not have much wiggle room in terms of price and contingencies. In a seller’s market, you might have a lot of room to negotiate. Either way, there are a few things you should know going in.
How Low Will You Go?
Before you even begin negotiations with a buyer, you need to have a bottom line; this is the lowest price that you will accept for your home. Your REALTOR® can help you to determine a realistic selling price for your home, but only you can decide what you are comfortable accepting. Be prepared to turn down offers that are below that amount, no matter how much you want to sell.
Keep Your Cards Close
Potential buyers don’t need to know that you have already bought your new home and badly need to sell this one. Keep that information to yourself and make sure your REALTOR® does, too. When a buyer senses that you are anxious to sell, you will quickly find that you have lost negotiating power.
You do have to disclose any problems with the home that are already known, especially if there has been a home inspection and the issue was brought up. You don’t have to tell them about repairs you have already made unless it helps your sale, such as a new furnace or a new roof.
Beyond The Money
While the amount of money you get for your home might be the most important thing for you, to the buyer there might be other items that can help seal the deal. Try adding other incentives instead of going lower on your price when you counter an offer, such as taking care of some repairs or paying closing costs for the buyer. There are plenty of methods your REALTOR® can help you with to come to an agreement with a buyer without sacrificing the bottom line.
Negotiating can be a tough process, but with a little help from a professional and some sound advice, you can get through it and get your house sold for a price you can live with.