Navigating Negotiations and Offers
Coming off the real estate recession, the Nashville market – as well as those across the country – is currently flooded with homes for sale. For buyers, this is excellent news. More properties on the market means lower prices. For sellers, however, this can lead to tricky negotiations and low offers.
If you’re trying to sell your Nashville home, keep these things in mind.
Make sure your Realtor puts your home into the Multiple Listing Service as soon as possible. This is the fastest, most thorough way to ensure buyers’ agents can access your property.
After several showings, an offer – or multiple offers – will be given. This is where the finagling begins.
Don’t accept any offer too quickly. It’s common and completely respectable to discuss offers with your real estate agent and respond within two to three days with either acceptance or a counteroffer.
Remember, as a seller, you’re in a position of power. Most offers will be somewhere between five and ten percent lower than your asking price. This leaves room for compromise, and you should take advantage of this. While you don’t always have to accept the highest offer, you should request concessions from the buyer if the price is below what you’re asking – such as the payment of closing costs or purchase of major appliances. Don’t lower your price too much without getting something in return.
Learn about your buyers. Have your real estate agent investigate to make sure that potential buyers are really in a position to purchase your home. Have they sold their previous home? Have they been pre – approved for a mortgage loan? Have they put offers on any other properties?
Keep your plans quiet. Buyers don’t need to know why you’re selling your home. In fact, if you’re move is urgent and your buyers are unscrupulous, their knowing of your need to sell quickly can lead to gazundering. This happens when a buyer offers a lower price toward the end of the negotiation and contract period to force the seller into accepting. This is fairly uncommon, but it does happen. So keep your future plans and reasons for relocating mum.
Leave it to your Realtor. Many people play real estate agent when selling their homes, wanting to do the bargaining themselves. You have a real estate agent for this reason. He or she will have experience negotiating with the right tone and in the right terms. Avoid miscommunication by leaving the back and forth to your Realtor.