You have your property listed for sale. You have carefully followed all of your Kentucky Realtors® recommendations regarding preparing your home for sale and pricing. Now you are ready for an offer so “let the games begin”! Realistically speaking, however, you are better off by not thinking of the negotiating process as a game, but a business decision. Some things to consider during negotiations:
Although the price is very important, you should also look at some other negotiating strengths and weaknesses. For example, you may be presented with more than one offer at a time which places you in a Multiple Offer position. With multiple offers, you will be comparing two or more offers which will contain the terms of their agreement. In a case such as this, you may have an offer containing your asking price or greater that contains a contingency such as a house they need to sell or the approval of another party. This same offer may contain a low earnest money deposit or various financing contingencies. The second offer may be an amount less than the asking price but without any contingencies. You may find it better to take the lower amount for the comfort and security of planning your move with confidence.
Possibly, but are you sure about that? Take to heart the “bird in the hand is worth two in the bush” metaphor. The offer that you have in front of you may be the only one you have for a time. How does that affect your plans for you and your family? Don’t be offended by the offer…at least they made one! Be offended by the number of prospective purchaser’s who looked at your home and didn’t make an offer. Discuss with your Realtor® your options and the strengths and weaknesses of the offer. They will give you the best advise based on their experience.
Try not to allow yourself to become emotional or angry during negotiations. A level head is critical to successful negotiations for a real estate sale. They may be getting advice from any number of “experts” such as family members or other trusted advisors. Those "experts" may not be familiar with your real estate market and/or customs. Just continue to plug away to see if you can reach an agreement.
Remember, you will be interacting with the other party for the duration of the transaction so do your best to keep things friendly and pleasant. The role of your Realtor® as the intermediary will go a long way towards a successful transaction.