Part 4 of our guide that will give you the tools you need to maximize your profits, maintain control, and reduce the stress that comes with the home-selling process. This article contains tips 21-29: Click here for Tips 11-20
- TIP #21 – Find out when the buyer would like to close.
When a buyer would “like” to close is often when they need to close. Knowing this gives you his deadline for completing negotiations—again, an advantage in negotiations.
- TIP #22 – Fix everything no matter how insignificant it may appear.
The step that squeaks, the light switch that doesn’t work, the hairline crack in the bathroom mirror—they might be minor annoyances to you, but they can also be deal-killers. The problem is that you never know what will turn a buyer off. And even something minor that’s gone unattended can suggest that perhaps there are bigger, less visible problems present as well.
- TIP #23 – Don’t move out before you sell.
Studies have shown that it is more difficult to sell a home that is vacant—it looks forelorn, forgotten, simply not appealing. It could even cost you thousands. If you move, you’re also telling buyers that you have a new home and are probably motivated to sell.
- TIP #24 – Don’t give yourself a deadline.
Forcing yourself to sell by a certain date adds unnecessary pressure and puts you at a serious disadvantage in negotiations.
- TIP #25 – Don’t take a low offer personally.
The first offer is invariably well below what you both know the buyer will end up paying for your property. Don’t get angry or feel insulted; evaluate the offer objectively. Make sure it spells out the offering price, adequate earnest money, amount of down payment, mortgage amount, a closing date and any special requests. Now you have a point from which you can negotiate.
- TIP #26 – A really low offer may mean the buyer’s not qualified.
If you feel an offer is inadequate, now would be a good time to make sure the buyer has been qualified to carry a mortgage of the size this deal would require (if you haven’t learned this already). Ask how they arrived at their figure, then suggest their agent use comparables to establish what homes are going for in your neighborhood.
- TIP #27 – Don’t take a low ball offer seriously.
An unacceptably low offer should not be taken personally or seriously. Rather, it should be countered, even with the slightest of reductions in your asking price. This lets a buyer know that their first offer isn’t seen as a very serious one.
- TIP #28 – Make sure the contract is complete.
The best way to avoid problems is to make sure that all terms, costs and responsibilities are spelled out in the contract of sale. A contract should include the date it was made, the names of the parties involved in the transaction, the address of the property being sold, the purchase price, where deposit monies will be held, the date for loan approval, the date and place of closing, type of deed, any contingencies that remain to be settled, and whether there’s any personal property included (or not) in the sale, among other things.
- TIP #29 – Don’t deviate from the contract.
Resist the temptation to diverge from the contract. For example, if the buyer requests a move-in prior to closing, just say no. Now is not the time to take any chances of the deal falling through.
If this all sounds like a lot of work, it is. But it’s to be expected when you’re selling anything of such great value. And you’ll thank yourself for all the expense and hard work when the outcome works to your satisfaction. Please feel free to call Perry & Associates Residential Real Estate if you would like further explanation on any of these topics, or if you have any real estate questions at all. You can reach us at (318) 807-4663. To see what home prices are like in your neighborhood, visit our website www.perryresidential.com
Click here to visit our website for more information on selling your home in Northeast Louisiana.