Are you excited about losing a lot of money?
Do you wake up in the middle of the night thinking about ways to take less for your home than what it’s worth? No? Then why would you ever expect to get the best offer that comes along first? Or rely on what you heard was a good deal based on what some fuzzy memory of a friend of a friend once said?
If you want to get the best offer on your home then you should do a little homework.
Here are a few tips to help you.
1. Price your home over the amount you expect to sell it.
According to MSN Real Estate, you should take recent home sale prices in your neighborhood and include the percentage of homes appreciating yearly and split the difference. This will give you a number over your asking price. You never want to limit yourself from the possibility of getting more money for your home, so price over and work from there.
2. Counteroffer.Listen to the National Association of Realtors® (NAR) because I think they have something here. They recommend confirming the buyer’s pre-qualified letter that comes with the offer. Make sure they have been approved for adequate financing. Then look over their offer against your asking price. How far is the gap between the two? What do you think your home will appraise for? Look at the size of the earnest money deposit that was submitted with the offer, as well as other factors. Take all of this into consideration before deciding to counteroffer.
3. Know your options.You have several options. You can accept the top offer. You can counteroffer in an effort to get the buyer to raise his offer. You can hold on to other offers or reject them at the same time, or your can reject all offers and keep looking. Another thing you can do is let all the buyers know you are getting several offers and ask each of them to come back to you with their best and final offers.
4. Throw in some add-ons.If you are in a situation where you are at an impasse, you can offer some extras like home inspection fees covered or upgrades. Be careful you don’t offer these prematurely and you offer them if it will make the different to get the deal done.
5. Look over every single detail.Price, fixtures, terms- all important factors that you should understand what the buyer wants before saying yes. Fine lines, small print-look over all of it.
Follow these tips and you will have greater success at getting the best offer for your home.