Your home is probably the most financially valuable investment you have. So, it goes without saying, negotiating the sale of your house can be stressful. At Real Estate Real Easy we understand many people feel overwhelmed by the process which is why we aim to make it as simple as possible.
Most people on the Gold Coast choose to sell their property via private treaty. They engage a real estate agent to act on their behalf, putting the property on the market and finding potential buyers. Your agent is required to bring all offers to you for consideration. They can give you advice but ultimately, the decision to accept an offer on your home lies with you.
We’ve put together some tips to help you sift through the offers you receive so you get the price you want!
Get the offer in writing
Buyers will usually make an offer to purchase a property verbally. However, if they are serious they should not hesitate, when asked to put it in writing, to sign an agreement and pay a deposit. To help start negotiations you should instruct your real estate agent to ask all potential buyers to put their offers in writing— this can separate the talkers from the walkers.
Don’t wait too long for a sale
First in, best dressed. When it’s early in the marketing campaign, it can be easy to reject the first few offers. Keep in mind the best offers usually come at the beginning of the selling process. It is important to consider these initial offers carefully and with an open mind.
Price is not the only thing negotiable in a property transaction. You may be able to get closer to your desired price by negotiating on other terms. Speak to your real estate agent to find out what your buyer wants. Do they desperately need a quicker settlement, prefer a lower initial deposit, or they may even want some of your furniture thrown in as a sweetener!
Find middle ground
If an offer is put forward that is not quite high enough, you may need to compromise somewhat and make a counteroffer. This is common practice in the negotiating process. Being prepared to compromise may actually entice a buyer to pay closer to your desired price, instead of walking away altogether.
Know when to move on
It can be difficult if a sale does fall through, but it’s not the end of the world. Buyers can walk away for a number of reasons. Maybe they couldn’t get finance approval, sell their own property or they saw something that suited them better. Whatever the reason, it was not meant to be, so discuss your options with your agent and try to move on quickly.
For more tips on selling your home download our free property selling booklet or give Alex or Jason a call. If you are ready to take the plunge and sell your home contact us to arrange a free appraisal.