Crafting a Counter-Offer That Won’t Scare Away a Potential Home Buyer
If you've recently put your home up for sale, one of the most exciting parts of the selling process is getting an offer. However, all is not said and done once you've received an offer, as you'll probably want to negotiate a better price. If you're wondering how you can counter without losing a potential buyer, here are some tips when the time comes to negotiate.
Lower Your Price
As a seller, it's important to believe in the price you've put your home on the market for, but lowering your asking price after getting an offer will tell the potential buyer that you're flexible. While you may not want to compromise too much, you'll have to move a bit to keep them interested.
Pay for Closing Costs
There are so many costs involved in home ownership that many people are tired of all the associated fees of buying a home by the time it comes to closing. Instead of budging on your price, offering to pay for the closing costs can serve as a significant financial benefit for many buyers.
Hold Off on Offers
It can be a risky strategy, but choosing a specific day to consider offers can create a healthy competition for your home, and may stimulate interest without losing potential buyers. While you'll want to be careful how you navigate this, it can work out well when it comes to bumping up the offers.
Provide an Expiration Date
Most counter-offers come with a time frame that will allow those interested to accept the deal; however, consider adjusting this period to a time frame that will work better for you. While you shouldn't wait too long, a period of more than one day will tell the potential buyer that you want your home to be the right choice for them.
Be Reliable and Responsive
For an interested homebuyer, there's nothing worse than having a home-seller that is not responsive to their offer. Instead of sitting on an offer too long, ensure you're letting interested parties know that you're considering their offer and will get back to them as soon as you've made a decision.
The art of negotiating can be complicated when it comes to selling your home, but by being responsive and showing flexibility, you may be able to get the offer you're looking for. If you're currently getting prepared to buy a new home in Bucks County, please contact me Martin Millner. I can answer any questions you may have about selling or buying real estate in Bucks County .
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You've scoured the new home listings, been to all the open houses and have finally found the home of your dreams. It is now time to draft an offer and begin the negotiation process. Below we'll share four mistakes that you will want to avoid when making an offer on your dream home.
Not Working With A Professional
The first mistake that home buyers make is trying to buy a home without using the services of a real estate professional. Buying a home is a significant financial transaction and one where the seller and their agent are working hard to ensure they come out ahead. Having experienced representation on your side of the table ensures that you won't be taken advantage of.
Skipping The Home Inspection
The second mistake – and one that is more common than you think – is skipping the home inspection. There are countless instances of home buyers thinking that the house looks great on the outside without realizing that there are issues with the roof, the foundation, the plumbing, inside the walls or some other area that's tough to see. Having the house professionally inspected before tabling an offer ensures that issues are fixed up before the transaction is complete. Alternately, if you're willing to move ahead regardless, you can ask for the price to be reduced as compensation.
Not Being Pre-Approved For Financing
The third mistake in our list is making an offer on a home without being pre-approved for the amount of mortgage financing you will need. Regardless of how good your credit is, the mortgage application process is one that can present challenges. Also, many home sellers will require evidence of financing pre-approval before accepting an offer, so it's best to come prepared.
Taking On Other Debts
Once you've decided on the home you want to purchase, you will want to avoid taking on any other debts which can affect your credit score. Don't buy a car, open any new credit cards or do anything else which will show up on your credit report. Once you are pre-approved for your mortgage, you'll want to keep your credit as spotless as possible to ensure that nothing goes wrong.
If you're prepared and clear-headed, the offer process will go smoothly, and you'll soon be moving into your dream home. When you're ready to explore local real estate options in Bucks County, please contact me Martin Millner. I can answer any questions you may have about selling or buying real estate in Bucks County .
Click here to find out what’s your home’s worth!