A smart move is to go to the mortgage company of your choice and tell them what you want to pay for PITI (principal, interest, taxes and insurance).Â Once they qualify you, they can tell you what price range home to look at to get the payment you want.Â You would then only look at homes that are in the price range they recommend.Â That way, you won't fall in love with a house out of your price range.Â Plus, you have "picked" your payment!Â : )
We have been taught (erroneously) to be tough negotiators.Â We have been taught to be like the gun-toting, tough-minded poker player of the Old West.Â Don't let them know what you are thinking, it's a sign of weakness!Â Or is it?Â Consider this.Â You have a buyer who views your home and has expressed an interest.Â You andÂ your partnerÂ start gathering boxes.Â Your kids are crying because they don't want to leave their friends (who they won't remember after the move).
The buyers thank you for the showing and will get back in touch with you.Â You are asking $159,900 and will consider paying some closing costs.Â You and your partner discuss what you would accept.Â The next day the potential buyer (previously known as the enemy) calls to set up an appointment.Â You meet at the kitchen table and after pleasantries, they suggest you "get down to business".
In your mind, you know you will not take any less than $155,900 before any concessions.Â The buyer slides the offer across the table and the number jumps off the page like a spitting cobra!Â $142,900 and you pay all the closing costs!Â Despite the fact that you now have a rising feeling in your stomach, the dog starts barking like crazy, and yourÂ partner is searching for your nitroglycerin pills, you look at the buyer and ask if you can have a few minutes to discuss the offer with your partner.
"Can you believe this guy?Â Does he think we are nuts? Does he think we will accept this?".Â He may not have before, but unless you flinch, he is now thinking you are at least considering it.
Key Point to Remember:Â Flinch in response to a low ball offer, because if you don't they will think you might take it.Â Without being offensive, learn to flinch!
One of the things that can kill a deal quickly in the home selling process is a Home Inspection.Â A good inspector is worth their weight in gold.Â By having your home inspected while selling (cost can be anywhere from $200-$400) you will identify areas that most inspectors (and most buyers will utilize) that need repair or replaced.Â When identified by a inspector, you will have to address these repairs anyway.Â By fixing these items, the inspector for the buyer should be able to give them a good report. Nothing gives a buyer more comfort in a deal than having a good report from the inspector.
One thing you can do to make your home look bigger is to rent an inexpensive storage space (I think the least expensive is around $35.00 per month).Â Go through your home and put all the items you can live without for 90 days (toys, bookshelves, pictures, chairs, tables, etc...) in the storage unit.Â You will be amazed at how much bigger it will make your home appear, plus you will have a great start on packing!
Most agents will tell a For Sale By Owner they can't sell without a agent.Â I do more than tell them they CAN SELL, I help them.Â Go to my website at www.memphistnrealestateagent.com
and leave your email address.Â I will send you a free report titled "How to sell your home yourself, for the highest possible price, and avoid paying a big commission".