You have done your best in the preparation and presentation of your house. All you need now is an interested buyer to talk to you about it.
Your success in finishing a sale is dependent on how you deal with your negotiations with your prospective buyer.
Work with interested buyers
This sounds like an obvious statement if not for the fact that many sellers have invested time and effort in their prospective buyers only to realize they are property ‘tourists’. These viewers will appear and sound to be interested in your property by asking you questions, negotiating and making empty promises but in the end you will find they simply wasted your time. These people do this because they are just looking around for something to do.
*IMPORTANT– Employing Virtual Tours to market your property will lessen the inconveniences, not to mention the stress of screening and entertaining interested buyers. Most real agents are learned and experienced in knowing who is really determined to buy a property if it fits their requirements or just looking around for something to do.
A serious buyer will usually make a formal offer on your property. You need to make surre that it is not just a verbal offer to one that is not legally binding. The following are factors to consider in a Sale and Purchase Agreement, Option Money/ Deposit, Price, Terms & Conditions and Contingencies, i.e. stipulated conditions that must be satisfied before the sale subject to approval for financing from the bank. Addressing these factors beforehand will help you speed up the process instead of causing you pressure and expenditures.
Assess your alternatives
It is not necessary for you to accept all the offers you receive. You can accept it for a short period of time or reject it right on spot if you do not like the terms and offer. Always analyze the offer first and view its consequences before giving a final decision.
*BEWARE- It may be a little risky to assess the offer and options at first but the again permitting some flexibility in your decision is also recommended because you never know when or how the market will change. Each and every one of us would like to get the best deal but if you find a great offer then you should catch hold of it before it slips from your fingers. The reason is that a change in the market can lead to a change in its market value. If you don’t accept it then you will be at loss. Ultimately, it is the market that determines the selling price of your house and NOT what you think you should deserve.
Communicate with the buyer
Interaction with the buyer is important as it will determine how the deal will turn out to. Try to object to the arguments of the buyer regarding the price and conditions. Your decision should be flexible but firm. Hear the buyer out properly in order to find out what they want and how you can get the best deal.
Make a counter offer properly
When you make a counter offer, you will get the price you are expecting or a lower price than before. If the buyer does not like your counter offer then they would close the deal without any reason. It is recommended that you talk to the buyers openly to find out their interest and motives. Both the parties have to compromise a little to settle on a deal. If that does not happen then there won’t be any sale.
Make a comprehensive inventory list
When a house is sold, it is usually sold with its permanent fixtures. These include anything that is fixed, built-in, extended from or deemed to e an integral part of the house. To avoid any misunderstanding, disputes and potential litigation, It is very important to be very detailed in your inventory list.
Act fast when the opportunity presents itself
As it is in most situations, it is always better to be prepared. So if you have finished all important research on the property then you are prepared for the negotiations. You can do these easily and complete the deal without any confusion or argument.
Beware of ‘Buyer’s Remorse’
Many buyers go through an emotional dip where they suddenly become worried that they have made a wrong decision. It will intensify their desire to look elsewhere for a better buy. Some of their friends may even discourage them from proceeding with the sale. To prevent this, seal it with a legal binding contract as soon as possible. If you don’t, your competitors might. With the increased availability of computers nowadays, it is easy to print out a contract for you to legally bind you buyer.