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How to Negotiate Home Offers

Selling your home can be an exhilarating event, yet an exhausting experience. If you’ve staged your home appropriately and are attracting offers, then you’re probably facing a couple decisions. It’s common to see buyers send a lower offer than your asking price. It’s obvious they want to make a deal — one that benefits them. However, you want the most you can get for your home. Does this mean accept their offer or counter with your own?

These questions can plague a homeowner’s mind, so we’ve compiled a few points to keep in mind during the negotiation phase of your home:

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Tips on Negotiating

1. Stay Out of It

More than likely, your house has been your “home” for a long time and you have certain attachments to it. When it comes to selling, those attachments turn into things you think you “deserve” for your home — like how much it’s worth. Our advice is let your agent battle it out with the buyer’s representative. You don’t want your emotions running wild when you get an offer, especially not in front of the buyer. Stay out of the scene, but still play an active role in the background. Negotiating goes a lot smoother when people are not declaring what their home deserves in front of each other.

2. Keep the Conversation Going

It’s easy to turn down offers that are too low. But our suggestion is keep the conversation going. Don’t dismiss a buyer off the bat. Instead, negotiate with them. Send them a counter-offer. For buyers, they can easily find another home, but you may not be able to find another interested person. See what you can get from the negotiations and if it meets your minimal requirements, then go for it. No matter what, “play ball” with them.

3. It’s Never Personal — Remember That!

It’s common for buyers to make low-ball offers on their first round. They’re just testing the waters and want to see how far you’ll go. Don’t take it personally or as an insult. It’s just business. Keep the negotiations going and send back a counter-offer.

4. Keep It Going

Time is an important factor here. Keep the negotiating table going and keep up communication. The longer it goes on, the more the buyer will feel invested in the house. As a result, they’ll be more inclined to broker a deal. Like I’ve said above, keep the counter-offers going until you’ve met satisfactory requirements. Sometimes, throwing an extra item that the buyer might want could help speed along the negotiations (if you don’t want to compromise on price).

5. Don’t Split the Difference

It’s tempting to make a deal happen and “split the difference” between offers, but don’t do it. If you do, you’ll look too generous and could be easily leaving money on the table. Play ball and keep trying to get what you want. Hold the cards in your hand and be prepared to walk away. If the buyer knows this, they will make a deal on your terms.

Selling Your Home

If you’d like to learn more tips about the final stages of selling your home, download our comprehensive eBook on selling your home:

Sarasota Seller eBook

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