Tips to Have the Upper Hand in Negotiating with a Potential House Buyer

It’s common for potential home buyers to negotiate with the owner. It could be a direct transaction or with the help of an agent

Tips to Have the Upper Hand in Negotiating with a Potential House Buyer

It’s common for potential home buyers to negotiate with the owner. It could be a direct transaction or with the help of an agent. Make sure that if you decide to do the job yourself, you know what to do. You need to have the upper hand during the negotiation; otherwise, you will sell the property at a price which is way lower than the sale value. These are the tips to help you during the process. 

Make your house flawless

Don’t give the potential buyer any reason to ask for a lower price. Usually, there will be a request to decrease the price if the property has repair issues. If it looks terrible during the open house, you will also receive the same request for a price markdown. However, if your house looks fascinating, the buyer won’t have any excuse. Therefore, you need to prepare the place before selling it. Don’t forget to tidy things up especially if you currently reside in the house. 

Be willing to walk away

Some potential buyers are desperate to purchase a house. It’s true especially if they know that it’s a good deal. Even if they try to ask for a lower price, they’re still willing to buy it at the original selling price. Therefore, you need to learn to walk away or the negotiation gets exhausting. If you’re confident that the potential buyer will say yes to your offer anyway, you can’t give in. 

Besides, even if the buyer walks away, you now know that your property is valuable enough. You can sell it at a high price and there are other potential buyers out there who will accept your offer. 

Be friendly but firm

You want to win the heart of your potential buyer, so you need to have a friendly disposition while negotiating. It doesn’t mean that you have to look weak. You can remain firm and learn to say no when the offer is too bad. You may meet the buyer halfway, but you can’t go beyond it. 

Only say yes to an offer once

If you receive an offer to reduce the price and you think it’s reasonable enough, you can say yes. However, you can only agree once. Don’t agree to another deal since it will only make the potential buyer even more convinced that your selling price isn’t the final price. 

Don’t agree to any renovation request 

If asked to repair some parts of the house like a leaking roof or a malfunctioning faucet, it’s reasonable. You can say yes to it because it’s a basic need. However, major renovations aren’t worth it especially if the potential buyer won’t pay more than the original selling price. Worse, if the buyer walks away, you’ll be in even more financial trouble. 

If your main concern is - how can I sell my house fast? - it’s better to sell to a wholesale buyer since the transaction is quick and easy. 

Image: https://unsplash.com/photos/UVHKTo07btc

Updated Date: 09 October 2019, 22:28

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