If you are selling your home, you will certainly want to be in charge during the negotiation process, so that you can coordinate the best deal possible!
However, with moving dates, closing costs, and your home’s final sale price, there is certainly a lot on the line, and many details that will need to be addressed.
We understand how just important negotiations are when it comes to selling your home. That’s why, here at Kim Holland Homes, as Massapequa real estate agents, we have gathered some tips to assist you with negotiating offers if you are selling your own home. If you are all set to take in some great insight, be sure to continue reading:
- A Lower Asking Price. If you have received an offer lower than your asking price, you will most likely want to negotiate! If so, know that you have a couple of options:
- A Firm Counter. First off, it’s best to try countering with your original asking price, or just a tad bit lower. This shows potential buyers that you are a serious seller, and firmly feel that your home is worth the price listed.
- A Counter That Meets in the Middle. Or, you could counter in the middle of your original asking price, and the buyer’s offer, which can be seen as a fair deal for both parties.
- Covering Closing Costs. Has your potential homebuyer asked you to cover all, or a portion, of the closing costs? After you and the buyer have agreed on a price for your home, they will now ask you to cover closing costs which is called a Seller’s Concession, which presents you with some options:
- Reject or Accept: You could reject the request to cover any closing costs, and see how the buyer responds. Once you receive their response, you can then decide how to best move forward. Remember the home needs to appraise covering those additional costs.
- Completing Repairs. If your home has many repairs that need addressed, know that this could become quite costly, and something that potential buyers most likely don’t want to deal with, if your listing does not say “ As Seen As Is”. However, home sellers usually don’t want to deal with them either. So, here are some negotiations that you could consider:
- Present A Credit. If you would rather not fix the problems yourself, present a credit to the buyer before or after getting a legitimate estimate. By doing so, you can avoid delaying your home’s closing, and pass on the projects to the buyer to handle.
- Fix the Repair: Sometimes the repair costs are much less than the credit the buyer is asking for so it is financially beneficial for you to just repair.
Being on top of your negotiations as a home seller is certainly of importance! These are just a few tips to get you on the right track when it comes to yours.