Secrets of FSBO Negotiation
Thursday, July 26th, 2007 Subscribe To Our Feed
Selling your home involves more than just presenting a beautiful and immaculate home for sale. Once you have somebody interested in buying your home, you need to turn your attention to the most difficult part of the process for some: the dreaded for sale by owner negotiation process.
Quite honestly, negotiating with a buyer is not all that different from the everyday for sale by owner negotiations you may go through with family members and co-workers. It can seem intimidating in a situation such as this simply because of the high stress level associated with the sale of your own home.
Your emotions can easily destroy a good deal when negotiating with a potential buyer. You’ve got to distance yourself from the emotional attachments you’ve made to your home over the years or you may feel insulted somehow by their offer. You don’t want your emotions to become the deal killer during FSBO negotiations.
You want to avoid any responses that may offend your buyer as you’re building trust with them. Tied to the emotional aspect from above, you may feel insulted when the buyer calls the wallpaper ugly or your favorite rosebush an eyesore. Don’t let that distract you and move forward in your for sale by owner negotiation. Another thing you must do is to be truthful. If your buyer notices something like a water stain on the attic ceiling, your credibility will be shot if you try making lame and ridiculous excuses.
Once you have determined the buyer can qualify for a mortgage loan to cover your asking price, you’re ready to move on in your for sale by owner negotiation. Keep in mind that the buyer is not the enemy. You are working with the buyer to achieve a mutually beneficial result. Rather than getting defensive if they offer to pay far less that what you’re asking, ask them questions to find out how they got to that number.
As you make a counteroffer, always be respectful letting the buyer know you have considered his position. Be prepared to explain your counteroffer as you would like to have the offer explained to you. Remember above all else to be courteous and not to get defensive during any portion of the for sale by owner negotiation. You are engaged in a transaction that must be handled in a professional manner. Be open to discussing any property defects and allow an inspection of these defects if requested. If there’s a price quote given after inspection to fix the defects, be prepared to adjust your asking price by a portion of the cost to repair.
You might be pleasantly surprised to discover when you follow the above tips that your for sale by owner negotiations will be much smoother and you don’t feel so intimidated. It’s just another step in the process of selling your home and both the buyer and seller will be much happier.
Your for sale by owner negotiations don’t have to be an intimidating process if handled properly. They will only be another step in the process of selling your home. Things will flow allot smoother than you might expect if you will follow the above tips. In the end, it will produce a happy buyer and a happy seller.
For sale by owner negotiations can be a harrowing and intimidating process, but if handled properly, it will be just another step in the process of selling your home. If the above tips are followed, things will flow a lot smoother than you might expect and will produce a happy buyer and a happy seller.
Discover more for sale by owner strategies in the FSBO Files.
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