How To Negotiate An Offer On Your Home

When making purchases at the grocery store, the shopping mall or even a local coffee shop, we’ve become accustomed to simply paying the price that’s displayed on the price tag. That is rarely the case when it comes to buying a home. Negotiation is a skill that real estate professionals practice daily, and one that can put tens of thousands of dollars in your pocket.

When a seller receives a buyer’s purchase offer, they may find something that they don’t agree with, and the offer may go back and forth between the buyer and seller until they come to an agreement. Although this is something a real estate agent will help with, it’s important for you to understand how to negotiate an offer, and make sure you’re confident throughout the entire transaction.

How to Negotiate an Offer on Your Home

Once the offer is presented to the seller, there are three options: accept the offer, reject the offer, or counter offer. In your decision-making process, it’s important to consider the following:

• How close is the offer to the asking price of your home?
• Has the buyer asked you to make any repairs?
• Has the buyer asked for any credits to make home improvements?
• Does the set closing date fit with your schedule?
• Are there any other offers?
• Can you afford to wait for more offers?

If you’ve decided to stand firm and are feeling brave, you might consider these tips:

• Put yourself in the driver’s seat in the negotiation process by countering with your list price or just slightly below.
• Reject the offer, don’t counter, and invite the buyer to resubmit. This move requires you to be gutsy, but will show serious buyers that you are confident the property is worth what you’re asking for it.
• Hold off on all offers until a certain date, to generate collective interest and competition.

Negotiating the sale of your home can be a tricky and stressful time for all parties involved. Luckily, a RE/MAX agent is someone who has plenty of experience in the art of negotiation and can help you get through the process smoothly, and with an offer you are confident accepting.