Negotiation is part of every home sale. Each side of the transaction (buyer and seller) must be satisfied for the property to sell. Achieving this mutually acceptable result requires good faith discussion to identify and resolve disagreements. Understanding your goals, knowing your property, and keeping a cool head are essential ingredients for your successful negotiation.
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Understanding Your Goals. Every home seller, and home sale, is unique. Target your goals by asking yourself the following questions. What is my timeframe to sell? Some owners need to sell immediately due to foreclosure, relocation, or other property distress. Others are content to wait months, if not years, for their house to be sold. Compromising on price will help you sell as soon as possible. Holding out for a higher price can work in your favor if your satisfied keeping the property.
What repairs am I willing to do? Homes in poor condition cannot be sold for top market values. Homeowners can pay for and manage renovating the property, or sell “as is”. If you have the resources to fund and properly manage renovation, you can reach a higher sale price. If you’d rather sell “as is” expect a “give” on price since the buyer will have to spend time and money fixing the property.
Do I want a cash transaction? “Cash” purchases cut out potential headaches caused by mortgage lenders. Cash is faster and easier, with no financing contingency attached. However, top offers often are from prospective buyers using traditional mortgage financing. This presents a choice: top price vs. easier transaction. Opt for highest and best if you’re okay with procedural stumbling blocks. Cash is your best bet to sell without any hiccups.
Know Your Property. Knowledge is power in negotiations. You can’t properly discuss the sale if you haven’t familiarized yourself with the property, or worse, an unscrupulous buyer could take advantage. In South Florida, use the Miami-Dade, Broward, and Palm Beach County Property Appraisers to learn square footage, taxes, BR/BA, and year built, among other useful information. Also consider zoning, which determines how land may be used. Once you’ve studied your property, check out neighborhood sales. We provide a free home report to South Florida residents listing all the local comps. Evaluate your property’s condition: pristine house value is towards the top of the market, and houses needing repairs are towards the bottom.
Rational Decisionmaking. There is perhaps no more emotional asset than a home. We’ve grown up in a house, raised children there, added personal touches, celebrated family events or all of these. Once you become a seller, detach yourself and treat the home as a business asset: don’t let your emotions cloud your judgment. Keeping cool will help evaluate where you can be flexible in negotiations, for example, closing costs, inspection/financing/appraisal contingencies, and closing dates. Lack of objectivity may result in rejecting the right offer or accepting the wrong one.
We Buy Houses
Call Us (954) 676-1846 Send Text or Fill Out This Form For Your FAIR Offer.
