Itâ€™s been a lot of work getting your home ready for sale. So when your REALTORÂ® calls with your first bid, you are thrilled! Your euphoria is short-lived, however, when you hear that their offer is lower than you expected. Should you work with this offer or wait for a better one?
One of the biggest mistakes a seller can make is to wait too long for something better. If your listing gets old, buyers start wondering what is wrong with your property and either look elsewhere or make low-ball offers. You donâ€™t want to be forced to continually drop your price to get the attention of bargain hunters.
Â Statistically, one of the first buyers to make an offer on your home will end up buying it. So if you donâ€™t like their original bid, your REALTORÂ® can help you come up with a counter-offer that is a reasonable compromise. Each party will have to make some concessions, but both should feel like winners in the end.
Everyone likes to win. In real estate, the best way to feel like a winner is to have every party get up from the table feeling good about the deal. Just about every detail of a real estate transaction can be negotiated. Thatâ€™s why coming to the table in the spirit of compromise is so essential.
Be clear on the points that are most important to you. Do you want the seller to pay for closing costs no matter what? Do you want the buyer to close within a certain time frame? Both buyer and seller will have issues that are important to them.
The best qualities to bring to the bargaining table are clarity about your priorities, the ability to listen to others needs and be flexible whenever possible, and trust that you will all come away satisfied. Your REALTORÂ® is an expert with negotiating real estate transactions and will be invaluable help when it comes time to working out an equitable situation.