Presenting a beautiful and immaculate home for sale is not all that is involved in selling your home. Once a potential buyer has seen your home and is interested, it is now time for the most difficult (for some) part of the process: the dreaded for sale by owner negotiation process.
Truthfully, negotiating with a buyer is not all that different from the everyday for sale by owner negotiations you may go through with family members and co-workers. It can seem intimidating in a situation such as this simply because of the high stress level associated with the sale of your own home.
In the process of for sale by owner negotiation, emotions can easily destroy a good deal. It is characteristic of people to walk away if their offer is insulted in any way. It is a deal killer also if a potential buyer has different plans for your garden that you worked so hard to cultivate.
A key rule to remember in for sale by owner negotiation is to establish trust. Avoid responses that may offend the buyer. It is at times hard to do, especially if you feel insulted such as if the buyer calls the wallpaper ugly or your favorite rosebush an eyesore, but if you hope to get a good for sale by owner negotiation in this deal you must let such things slide by. You must remember to be truthful in your for sale by owner negotiations as well. If the buyer notices something wrong such as a water stain on the attic ceiling, making false and ridiculous excuses will do nothing but damage your credibility before the for sale by owner negotiations can ever even begin.
It is important, first of all to make sure the buyer can qualify for a mortgage loan big enough to cover your asking price. After this is taken care of, you must remember that the buyer is not the enemy. You are working with the buyer to achieve a mutually beneficial result. You must remember to refrain from getting defensive. If the buyer offers to pay far less than what you are asking, ask questions to determine how he got to that number.
When you make your counteroffer, be respectful as you let the buyer know you have considered his position. Be willing to explain your counteroffer in a way that you would have liked to have the offer explained to you. You must remember above all else to be courteous and not to get defensive during any portion of the for sale by owner negotiation. Everyone is entitled to an opinion, but you are engaging in a transaction and it must be handled in a professional manner. Be willing to discuss any property defects and to allow an inspection of these defects. If after inspection, a price quote is given to fix the defects, be prepared to lower your asking price by a portion of the cost to repair.
For sale by owner negotiations can be a harrowing and intimidating process, but if handled properly, it will be just another step in the process of selling your home. If the above tips are followed, things will flow a lot smoother than you might expect and will produce a happy buyer and a happy seller.
For inquiries on how to effectively negotiate your selling and bidding price, visit Sarah Miller, the leading real estate provider for all your Bryan/College Station rela estate services.