Hiring a Realtor, putting the house on sale, getting a good offer, selling the house and being surrounded by loads of boxes. This is how selling a house goes in a country called “Imagination.” The process of selling a house requires far more steps and effort. We can to some extent, think that the first 2 and last 2 steps from “Imagination” are true but getting a good offer right away is impossible. Oops, I should have said “Spoiler Alert” first. Well, if you are planning to sell your house, you should know that it will take a whole lot of negotiations to get the best deal. Lucky you, we have prepared a set of tips that will help you use the power of negotiations while selling your house.
Tip#1 No Side Talk
There is a reason that English and other languages have different words for negotiating and chatting. The buyer does not want to hear you go on and on about how you bought the house, your memories or about the new job you got and you have to move to France for it. Neither do they want to hear about your problems and why you need to sell the house as soon as possible. In one word, no deadlines and no emotional talks. You can’t negotiate about the price if the buyer knows how badly you need to sell the house and they can easily manipulate you.
Tip#2 Reject the Offer and Create a Bidding War
If you are not afraid of taking risks, you could try this technique. Very often realtors suggest their clients reject the offers, so that the buyers bid more. If you have more than one offer, by rejecting both you can create a bidding war. And because your house is so great and there is someone else who might get the house, both sides will bid more. Best case scenario, you pick the winner based on the highest bid. Worst case scenario, you have to wait for another offer or call the previous bidder and tell them you agree. At the end, you can gain more than you can lose, so it’s worth a try.
Tip#3 No Closing Costs But…
Increase the overall price. Yes, that is right. You can cover the closing costs and instead add up to the price of the house. You can’t even imagine how powerful the word “including” is when you are selling something. You are sparing them additional expenses and it is a big plus for you. I am sure you have seen those $1.99 price tags and thought, it is closer to 1 than to 2. The same phenomenon applies to paying the closing costs.
Tip#4 Negotiate With the Bank
Last but not least, you got to negotiate with the bank. You can’t negotiate with potential buyers and wait for a good offer if the bank rushes you to sell the house. This, of course, is applicable if you can’t pay the mortgage. Keep in mind that the bank wants its money, so they too are very eager for you to sell your house. Therefore, you should not hesitate to ask them for time and patience because it is in their best interest as well.
You could choose to implement all the tips or maybe just one of them. Either way, I can promise you that you won’t regret. Negotiation is something you will do quite a lot and when it comes to selling your house, it needs to be well-thought and effective. Be flexible and do not be afraid of saying no.