Love Selling Your Home – Week 7: Welcome back to our “Love Selling Your Home” series! Selling your home can be an emotional rollercoaster, but remember, it’s a business deal. Here’s how to keep your cool and make smart moves during negotiations.
Determine the Buyer’s Motivation and Timing
Why does the buyer want your home? Are they moving for a job in Fort Collins or expecting a baby and need more space? Knowing their reasons can give you an edge. If they’re in a rush, you might be able to negotiate a bit harder.
Keep the Conversation Going
Always respond to offers. A counter-offer keeps negotiations alive and shows the buyer you’re serious. Got multiple offers? Let everyone know! It builds trust and can push up the price.
Embrace Contingencies
Contingencies aren’t deal-breakers. They show the buyer is committed. Be willing to negotiate repairs after the inspection. Maybe you fix the issues, or perhaps you reduce the price so they can handle it. Just be wary of high-risk contingencies like buyers needing to sell their home first or those without financing approval.
Sweeten the Deal
Depending on the market and interest in your home, consider concessions to seal the deal. It doesn’t have to be price; think about financing options or leaving that fancy fridge. Showing you’re willing to work with buyers can speed up the process.
Behind-the-Scenes Magic
Most sellers think once their home is under contract, it’s a done deal. Nope! There’s a lot happening behind the scenes to ensure a smooth journey to the closing table. And trust me, you want to get there with everyone smiling. That’s why I keep you in the loop every step of the way.
Stay Cool and Collected
Your home isn’t sold until closing day. Stay calm and collected during the under-contract phase, as this is when a lot of negotiating happens that can make or break the sale. Here are some smart tips for negotiating once your home is under contract:
- Understand the Buyer’s Motivation: Why does the buyer want your home? Are they moving from out of town for a job? Expecting a baby and need more space? Knowing their motivations can give you an edge.
- Keep the Conversation Going: Always respond to offers. A counter-offer can keep negotiations moving and show the buyer you’re serious. Got multiple offers? Let everyone know! It builds trust and can push up the price.
- Positive Outlook on Contingencies: Contingencies aren’t deal-breakers. They show the buyer is committed. Be willing to negotiate repairs after the inspection. Maybe you fix the issues, or perhaps you reduce the price so they can handle it. Just be wary of high-risk contingencies like buyers needing to sell their home first or those without financing approval.
- Sweeten the Deal: Depending on market conditions and interest in your home, consider concessions to seal the deal. It doesn’t have to be price; think about financing options or leaving that fancy fridge. Showing you’re willing to work with buyers can speed up the process.
Play Nice
Don’t be hardnosed, don’t mislead, don’t stall, and don’t show a lack of appreciation during the negotiation period before you decide on an offer. Disclose the same information to all of the buyers and give them the same deadlines.
To Read or Not to Read those Love Letters
If multiple buyers are vying for your home, each will most likely write a letter and possibly send photos showing that they are the perfect buyers who will love your home just as much as you. Here’s their chance to stand apart from the competition and tug at your emotions as you decide on their offer.
Reading these personal appeals could either make your decision easier or much, much harder. You usually want to make selling your home a straightforward business transaction and not get mixed up in emotions.
However, selling a home you love IS emotional and very personal, so tread lightly here and keep it all in perspective. The more you know about a particular buyer, the harder it may be to disappointment them.
And, these love letters are now getting heat in the real estate industry for not complying with fair housing laws, which is why I always recommend to my sellers not to allow them. If you agree, then I can communicate that to potential buyers and their agents and keep us both safe of fair housing violations.
As you can see, it takes some finesse and tactics to make sure you say “Yes” to the right offer for your particular situation and home. Agreeing to the “right” offer is not always about the money. It’s about the other terms in the contract as well. Don’t worry, when it gets to this point in the process, I will clearly and concisely lay out the pros and cons of each offer and give you my best recommendations for making the right decision for you and your specific situation.
Feel free to reach out if you have any questions or need help navigating this process. I’m here to help you every step of the way!
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