The moment your realtor calls to tell you someone made an offer on your home, you’ll want to listen up. Dealmaking is where realtors earn their money, and a primary reason why sellers typically hire them. They’ve been through countless negotiations and will be able to recognize a fair price for your property.
Receiving your first offer is exciting, but you may not want to jump on it right away. It’s just the beginning of a long process, and it’s possible that other offers will come in. When you are in a seller’s market, prospective buyers are less likely to make unrealistic, lowball offers. But buyers do hold some power in this stage, especially when it comes to inspections.
Anything that is flagged as a problem during inspection can act in the buyer’s favor. If issues with the roof, flooring, foundation or heating and cooling systems arise, you’ll probably have to accommodate the buyer. However, it’s not usually necessary to lower the price for very minor or aesthetic concerns. Fix what is necessary, but keep your price where it is. Remember, you probably wouldn’t have an offer if they weren’t serious about buying.
Be prepared to compromise on small issues, even if they’re aggravating, if a possible buyer seems serious. Ultimately, what matters is the profit you’ll see from your sale, not getting the best end of every situation.
If a buyer makes an offer below your list price, don’t fret. You might just be dealing with someone who is offering less than what they’re willing to pay in the end. You’ll probably want to come back with a counteroffer at or near your listing price. By doing so, buyers are more likely to feel that they’re getting a fair, reasonable deal.
As discussed in a previous post in this series, sellers are frequently asked to pay closing costs. There are ways to use this to your advantage as a seller. Often sellers are asked to lower the sale price and pay closing costs. Many sellers will counter by offering to pay closing costs but sticking to their list price. It’s a fairly common scenario that usually results in an agreement between both parties.
Check out all of our posts in our home buying and selling series!
The blog and its opinions are expressly those of its author and do not convey the opinions or strategies of the Credit Union and should not be considered financial advice. CommunityAmerica’s mortgage offers are subject to credit approval and terms may vary based on conditions.