Home Sellers Guide To Negotiating An Offer

When you list your home for sale on the Nanaimo real estate MLS it won’t be too long before the offers start coming in. By knowing what to expect ahead of time, you’ll increase the odds of making a deal that a win-win for both you and the buyer.

In this article we’ll cover the most important steps sellers should follow when negotiating an offer.

How to prepare your home for a negotiation

If you want to have the upper hand in a home sale negotiation, it’s important to prepare your home before the offers come in and the negotiating begins. Three important things you can do are:

Order a pre-listing home inspection

This allows you to make any needed repairs ahead of time. By doing this, you’ll reduce the odds of being caught off guard by a buyer’s home inspection. Plus, you’ll increase your return on investment by showing your buyer all of the repairs and updating you’ve already done justify your asking price.

Set the listing price of your home ahead of the market

Pricing trends go up and down, depending on how hot or cold the Nanaimo real estate market is. When you’re ahead of the trend, you home will sell faster and for the price you’re looking for. Asking your real estate agent what direction the market is moving in leads to the best listing price.

Offer a home buyers warranty

Offering a home warranty to a buyer you’re negotiating with can nip any objections for needed home repairs in the bud. Home warranties only cost a few hundred dollars and will give the buyer peace of mind.

5 common buyer tactics to watch out for

Some buyers are never satisfied until they get absolutely everything they think they should get. If you give them an inch, they’ll take a mile.

Here are five common buyer tactics to be watch out for:

1. Buyer lowballs their offer well below your asking price
2. You’re given a laundry list of repair requests after the buyer does their home inspection
3. A buyer wants you to pay for their closing costs and make every single repair found with the home inspection
4. Your buyer asks you to leave things in the house – like window treatments or outdoor furniture – that aren’t included in the sale
5. Buyer asks for all of the above
6. If you’re faced with a situation like this, don’t get emotional. Instead, sit down with your real estate agent and have her help you prioritize the buyer’s requests to negotiate a win-win for both you and your buyer.

Negotiation tactics every seller should avoid

Sometimes sellers get so caught up in a negotiation they end up making a mistake. Here are some of the most common negotiation tactics that can backfire on you if you’re no careful:

1. Don’t extend an offer or counteroffer deadline because it gives the buyer time to shop around for another home
2. Being overly aggressive with your negotiation tactics can scare a good buyer off
3. Not having some flexibility on move-out dates, minor price reductions, or other contingencies can also make qualified buyers look elsewhere
4. Refusing to cover closing costs can end up losing an offer that is otherwise very fair

How sellers can negotiate the very best offer

Negotiating an offer with a buyer can be complicated and emotionally draining. So, why not enlist the help of someone who negotiates for a living?

Your real estate agent in Nanaimo is the best resource you have to help guide you through the negotiation process. She’ll act as your go-between with you, the buyer, and the buyer’s agent and help you get the deal you’re looking for.