Seller Mistakes – Getting Emotional During Negotiations
Selling your house is a big decision and one that requires careful planning and attention to detail. You’ve hired the right Realtor®, taken their advice for repairs, updates, and staging. The marketing has driven buyers through the door and you get an offer. It’s not full price but, it’s a solid offer and one that warrants a counter. Now is not the time to start thinking about the kids you’ve raised in this house, the family dinners where you’ve laughed til you cried, or any sentimental memory you have from living in your home. Now is the time to remember you’re selling a house, not your home. Getting emotional during negotiations can kill a deal before it even gets started.
I watched a seller shoot themselves in the foot last summer all because of emotion. We received an offer after being on the market just 4 days. It was $5k off list price and asking for $5k in closing assistance. They refused to counter and no matter what I said could ultimately change their minds. Three weeks went by, we received another offer only this time it was $25k off list price. Negotiations began and we ended up ratifying at $15k off list price. Had they kept a level head and countered on the first offer they would have closed at a higher net.
At closing they both commented that they had let their memories get in the way and became too emotional. The first offer is often the best that comes in. Even if it's low ball counter back, you never know if a buyer is just testing the waters and you have nothing to lose by countering. It won’t be easy to view your home as a house but, it comes down to maximizing your profits. You can take your memories with you wherever you go.
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