It can be a very exciting time as a College Station Home Seller when you get your first offer from someone wanting to buy your property. You have finally found someone who, you hope, likes the home as much as you did. More importantly, if everything works out like it should, roughly 30 or so days later, will be Pay Day for you.
That’s right! The sale of your home will occur and you will be moving on your way (literally) to bigger and better things!
When you get an offer, there are several things to consider. If the offer is an acceptable amount for your property, you don’t want to let a disagreement over a minor issue result in the loss of a good Buyer. It is important to evaluate the value of the Buyer’s request and how it relates to the profit that will be made on the sale of the home. Sometimes a Buyer can be turned off of a property if a Seller pushes too hard on a specific issue.
I once had a buyer that was 100% willing to walk away when the Seller refused to add caulk around the toilets because he thought it looked tacky.
I guarantee the cost of the tube of caulk, for a toilet you will no longer be looking at, is cheaper than the amount you will be paying on your next month’s house payment should the home not sell. You want to make sure the fight is worth fighting.
It is also easy sometimes to get in the habit of countering back, repeatedly. This is especially true if the Buyer and Seller started rather far apart from one another. As a Seller, you want to make sure you don’t catch “negotiation fever.”
When the Buyer arrives at a price that is reasonable, there is no need to force the issue anymore, and doing so may result in the buyer getting fed up and leaving. I have had Buyers walk away from a home they truly liked “on Principle” when the Seller countered, was told no, and then stated he would agree to the Buyers price.
Remember, As a Seller, if a Buyer counters to you and you accept, the deal is done, but if you counter back to the Buyer and they refuse, they are not required to go back to their previous offer.
This means that as a Seller, you can say “I was just kidding, I’ll accept your price” once they say “No” to your counter, but that does not mean that they have to or will be willing to agree to the price they previously stated.
Stay focused and before you counter back, ask yourself:
Is this a price I can be happy selling at?
Is it worth countering back an additional X thousand dollars if the Buyer chooses to walk away?
How Long has the home currently been on the market?
How soon do we need to sell?
How long do we think it will be before we can expect another offer?
If the Buyer wants to purchase the home, but has to sell their property first, consider options other than unacceptable contingency clauses that result in your home being taken off the market. You have a Buyer for your home, don’t just tell them you are not interested.
Consider negotiating on all the points of the contract as if the contingency was not in place and inform the Buyer you would be happy to sign a contract and sell your home under these terms as soon as they get a buyer for thier own property and the status of their home changes to under contract.
When you are receive an offer that is lower that what you are asking, consider the math. For Example, If a buyer offers $148,500 on a $150,000 home, this is only a 1% reduction. Keep the offer in perspective. That is the same as offering $.99 instead of $1.
Good Luck & Happy Selling!