Learn The Art Of Negotiation When Selling Your Home

Now that you have prepared and marketed your home you should have a few things in line before you receive your first offer when you sell a house

. Make sure that the price for your house is realistic and fair. Research and have an available list of comparable houses in the area that shows the address, size, age, condition, and sale price for each. This will give you a general idea of the market value, or buyer's fair price, for your house. In a buyer's market, the fair market value has little to do with the property's assessed value since the buyer has more control over the negotiation of the sale.

Negotiation, or communicating back and forth to come to a mutual agreement, does not have a set strategy or method for trying to sell a home for cash. There are a couple things to consider before negotiating a real estate contract in a buyer's market that can help prevent common issues from arising. First, clear up any title or loan issues that can delay the closing of your house. Second, consider any common costs that a buyer would ask to be included in the sales agreement: property inspections, allowance or credit for repairs, extra items included with the property, and closing costs.

Prior to negotiating with a potential buyer, have your property inspected and make whatever repairs you are able to. This can be used as a concrete list for the buyer showing all of the improvements made, and can lower any allowance cost that might be requested. Then, make a list of any appliances or extras that you are planning on or willing to include with the house, especially if there are warranties on the included items. This can be a major selling point that attracts the buyer to your home. Finally, think about pricing your home with a cushion for closing costs. These costs usually add up to one to two percent of the sales price, and in a buyer's market, the seller paying closing costs is usually part of the final negotiation.

So, what should a seller look for in a potential buyer? One major thing to look for is a buyer with a preapproval letter from a lender. This shows the buyer is serious and prevents any financial issues that could prevent closing. You can also ask for an earnest money deposit, which can be any percentage of the asking price that also filters out the serious buyers from the rest.

The paperwork is the final, but least fun part of selling your home. Paying a small fee to have a real estate attorney or professional guide you through and handle the paperwork is definitely worth the money. With all of your prior preparation and research, the attorney or professional should be able to ensure that there's nothing missed, and that you have a smooth and profitable closing on the sale of your house.

by: Leo Kingston

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