Successfully negotiating the deal
With rare exception, negotiating the transaction is the most complex part of selling a home
The buyer's REALTOR will deliver the offer to your REALTOR, who'll present it to you. You should closely review every detail of the offer. You can then accept the offer, reject it, or counter it to initiate the negotiation process. Successive counter-offers, with deadlines for responding and meeting various contingencies and special conditions, (e.g. a home inspection, the buyer securing financing), will be exchanged between you and the buyer until a mutually-satisfactory pending agreement is reached or the negotiations collapse.
Have you really found the right buyer? If so, make the deal happen
- Remember your priorities and respect the buyer's. Don't let small things get in the way of your better judgment.
- Disclose Everything. Smart sellers proactively go above and beyond legal necessity to disclose all known defects to their buyers. Most states have property disclosure forms. Use them. If the buyer knows about a problem, they can't sue you later
- Ask Questions. Offers may contain complicated terminology, sometimes three or more addenda. Your REALTOR can help clarify everything for you.
- Respond Quickly. When buyers make an offer, they are in the mood to buy. But moods change, and buyers are known to get buyers' remorse. Don't delay if you want the sale.
- Stay calm and be patient. At all times keep communication civil and agreeable, even if the buyer gets tense, or you might lose your sale.
- If necessary, defer until later. If small issues get in the way of big ones, focus on and consolidate your agreement on the big issues and come back to the small ones later.
- Meet halfway. At the end of the day, if there are disagreements about relatively small expenses, split the difference and smile.
- Take care with contingencies. When you landed your buyer, your signed acceptance of a written offer becomes your sales contract. Except for removing any contingencies, this document is the binding basis for the sale.
- Rely on your REALTOR. It's your agent's responsibility to represent your best interests every step of the way. Your success is their success
