Being a homeowner is highly beneficial because it’s where you can relax and live comfortably. Unfortunately, the time will come when your home no longer suits your needs, such as a growing family. While renovating the home is an option, it doesn’t come cheap. For this reason, homeowners sell their houses instead.
Selling a house is lengthy, given the effort and money that goes into getting it ready for the market. Because of this, you shouldn’t be hasty because you might make rash decisions that affect your return. You should remember that a negotiation is always an option, and you always have an advantage because you’re the seller. Regardless, negotiations for buying a house can be tricky, so here are some tips to help:
#1 – Counter at Your List Price
If anyone tells you you should counteroffer the price at the highest amount possible, disregard this advice. It’s the worst possible thing you can do because the buyer will just walk away.
When you’re selling your home, you should counteroffer at a price close to your list price; this way, you make sure that your home sells quickly. If you ask too much, it might take a long time before you can close the deal. You should counter at least 5% lower than your list price, but never more than 10%.
If you’re unsure what price to set for your home, you should always list your home for more than the market value. That way, you’ll be able to come down to your buyer’s price range.
#2 – Know When to Reject an Offer
Just because you received an offer doesn’t necessarily mean you should accept it. You must screen the buyer’s proposal to ensure you get the right price. If you’re getting a low offer, you should reject it and keep looking.
Most sellers tend to accept the first offer because they’re afraid of losing the deal if they negotiate. However, there are situations when you should reject the first offer. If they’re lowballing you, don’t accept it; instead, ask them to raise their bid. Remember that they’ll just walk away if they don’t want to increase their offer.
#3 – Attempt a Bidding War
A bidding war is when two or more buyers compete to win a property at the highest price. If you achieve a bidding war, you can get as much as 50% more in terms of your return.
There are some ways that you can create a bidding war. First, you can sell your home to a buyer’s broker, so the buyer will be obliged to fill in the deal. Second, you can wait for two weeks before closing the deal, and then you’ll have multiple people wanting to buy your home.
#4 – Add an Expiration Date on Your Counteroffer
Unless you want to sell your home for a low price, you shouldn’t give a counteroffer without an expiration date. Simply put, you should tell the buyer that the offer expires at a specific time. The expiration date can range from a few days to several weeks to give them a sense of urgency.
The expiration date allows you to negotiate a more favorable price from your buyer. If you know that you’re getting a low offer, you can counter the offer within a short time. This way, you’ll have time to negotiate a higher price.
#5 – Pay the Closing Costs
Closing costs are the expenses the buyer pays when buying a home. It includes property appraisal, title search, mortgage, survey, and government transfer taxes. Who pays for closing depends on the agreement, but if you volunteer to pay for it, you can incentivize the buyer to agree to your offer.
Buying a home can be tricky, especially if you’re a first-time homebuyer. However, you can always negotiate with the seller to get the best price for your home. Remember that negotiating requires time and patience, but getting the best deal is worth it.
If you want to sell your house fast, Greenlight Offer can help you! We buy properties with cash, so we can guarantee that the transaction will be fast for fair market value. Simply go to our website to arrange your offer!