Selling a House: Your Guide to Negotiating the Best Price
Once you’ve listed your house, the waiting begins for an offer to come in. Hopefully you’re working with an agent you trust, and you know you’ve priced the house right for the market. But once an offer does come in, your agent becomes even more valuable. Once negotiation starts, your agent can guide you toward making the right moves to negotiate the best price.
How to Know if the Offer is a Good One
Your agent will know the market, but most real estate listing agents know that buyers tend to make their first offer with room for negotiation. You, with your agent, can decide whether to accept the offer, reject it, or start the negotiation process with a counteroffer. In order to figure out whether the offer is worth beginning the negotiation process, you need to look objectively at your situation, what your goals are in the sale of your house, and whether or not this offer can get you to them. A good real estate listing agent will understand the market and have an idea of whether or not the offer is a good one.
Deciding on a Counteroffer with Your Real Estate Listing Agent
Once you make your counteroffer, the buyer can accept it, reject it, or make another counteroffer. This volley can go back and forth for a while, and with some buyers, it may drag out unless you put an expiration date on your counteroffer. This is an important point your real estate listing agent should insist on, because in some cases, buyers will try and stall the process with multiple counteroffers and long periods before expiration, most likely because they are looking at other houses while still staking their claim on yours. If a buyer isn’t serious about your house, forcing them to make a decision will allow you to move on to other offers, and if they are serious, it won’t allow the process to drag on.
When it comes to negotiating, remember why you hired an agent you trust. Avoid making an emotional decision. It’s easy to get caught up in emotion, especially if important personal events are tied to the home you’re selling. But this is a business deal, and you need to be objective. Your agent is there to be that voice of reason. Talk to your agent about your bottom line – the number you absolutely must get from the deal. Your agent will know better how to proceed with the negotiation if they know what you need. When negotiating as the seller, you want a “clean” offer with as few contingencies as possible. Some contingencies, such as the appraisal and inspection, can’t be waived. But the cleaner the offer, the less opportunity for the buyer to back out of the deal during the escrow process. Finally, try to avoid using other offers as a bidding war strategy. Bidding wars often backfire on the seller. If you are fortunate enough to receive multiple offers, have your agent ask each buyer for their best and final offer, and then your agent will guide you into choosing the right one.
Selling your house is a complicated process, and during the negotiation process is when your agent will show you why they are worth their commission. Allow your agent to guide you through to find the best offer for your property. Contact us today, we can help you quickly sell your house for the best price.