Often, sellers make the mistake of only considering the price when the buyer makes an offer. Many people's gut reaction is that the price is "too low" and immediately reject the offer.
That could be a mistake. If you listen carefully, hidden inside the offer may be pearls of information that would make you reconsider accepting less than full price. You don't want to reject any offer out-of-hand. Let us consider the deal carefully. It almost always consists of two parts. The first part is the price. The other part is the terms.
Price and Terms
First ask yourself what you want out of the deal. A less than full price offer would have to list terms that were appealing.
Good Terms a Buyer Might Offer
- Higher-than-market-interest second (or first) mortgage in your favor
- The buyer will pay for all or part of your closing costs.
- Taking a problem house "as is" (not asking you to fix the problem).
- Quick close (short escrow).
- All cash deal (when other are asking you to accept "paper").
- Letting you rent back the house for a time (if you're having trouble finding a place to move to).
And I'm sure you can think of many others.
The key is to get to that win-win-win situation where the buyer, seller and you win!
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