When it comes to price, some buyers will always want to negotiate. It’s your job as the seller to know how to handle these situations and get the best possible outcome. Here are three tips to help you out.
What Should You Do if a Buyer Wants to Negotiate?
Check out these four tips to help you if your buyer wants to negotiate:
- Rely on your real estate agent’s expertise.
- Consider meeting them halfway.
- See if the buyer will settle for a swap, such as repairs or upgrades.
- Get everything in writing.
Here’s a closer look at each.
Tip #1 if a Buyer Wants to Negotiate Your Home’s Sales Price: Rely On Your Real Estate Agent’s Expertise
Your real estate agent is there to help you through the selling process, including negotiating with buyers. You should rely on their expertise when it comes to counteroffers and getting the best possible price for your home.
Your agent knows how to negotiate, and even better, they know what it takes to close deals. That’s why it’s in your best interest to listen to your agent’s expertise, whether they say you may want to take an offer, make a counteroffer or reject the offer.
Related: 5 things to watch for if you buy a home “as-is”
Tip #2 if a Buyer Wants to Negotiate Your Home’s Sales Price: Consider Meeting Them Halfway
If you’re open to negotiation, one option is to consider meeting the buyer halfway. This means if they want a $10,000 discount, you could come back with a $5,000 counteroffer.
It’s important to note that you shouldn’t go too low on your counteroffer. You still need to make sure you’re getting a fair price for your home. But if you’re open to negotiation, meeting halfway is often a good compromise.
Tip #3 if a Buyer Wants to Negotiate Your Home’s Sales Price: See If the Buyer Will Settle for a Swap
Sometimes buyers aren’t just looking for a lower sales price. They may also want repairs or upgrades to be made before they’re willing to finalize the deal.
If this is the case, you may be able to negotiate by offering to make some of the repairs or upgrades yourself. This can be a good compromise because it saves the buyer money that they would otherwise have to spend on these things.
Related: What happens if your home appraisal comes back low?
Tip #4 if a Buyer Wants to Negotiate Your Home’s Sales Price: Get Everything in Writing
Whenever you agree to anything during the negotiation process, it’s important to get it in writing. This way, there’s no confusion about what was agreed upon and what needs to be done.
For example, let’s say you agree to make certain repairs or upgrades before the sale is finalized. You’ll want to get this agreement in writing so that both you and the buyer are clear on what needs to be done. The same goes for any other concessions that are made during negotiations.
Don’t stress too much about this, though. Your real estate agent will handle it.
Pro Tip: Make sure you keep receipts for any upgrades, repairs or improvements you make to the home to meet the buyer’s expectations. Give copies to your real estate agent, too. That way, you have hard-copy proof that the work was completed.
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