7 Steps to House-Selling Success (5 of 7)
Step 5: Sell it
There is no question that
selling a home is an important event. A home sale represents
transition, movement and change. Big money is involved. Households move
from the known and comfortable to the unknown and a period of
adjustment. There may be job changes, new schools, distance from old
friends and the possibility of new ones.
No less important, a home
sale by itself can be complex. There will be people looking at your
house, documents to sign and issues to be negotiated.
Because a home sale involves
an array of both personal and business concerns, it's important to get
it done right. You need to carefully prepare your home, understand the
market and see what alternatives are realistically available. The old
motto "be prepared" is a good guide in such circumstances.
What's an acceptable offer?
The goal of every seller is to have a line of buyers outside the front
door, each clutching higher and higher offers. And while this has been
known to happen, in most markets there is some balance between the
number of buyers and sellers. A number of factors determine whether a
buyer's offer is acceptable. They include:
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Is the offer at or near the asking price? Is the offer above the asking price?
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Has the buyer accepted the
asking price or something close? Has the buyer then buried thousands of
dollars in discounts and seller costs within tiny clauses and contract
additions?
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What is the alternative to
the buyer's offer? If a home has not attracted an offer in months, then
sellers need to determine if a better deal is possible -- recognizing
that each month costs are being incurred for mortgage payments, taxes
and insurance.
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Does the owner have enough time to wait for other offers?
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What if no other offers are received?
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What if several offers are
received? Do you choose the high offer from the purchaser with
questionable finances who may not be able to close, or a somewhat
lesser offer from a buyer with preapproved financing?
In each case, owners -- with
assistance from REALTORS® -- will need to carefully review offers,
consider marketplace options and then determine whether an offer is
acceptable.
What is a counter-offer?
When a home is made available for sale the owner is
essentially making an offer to buyers: For a given number of dollars
and other terms you can acquire this home. Buyers, in turn, can respond
with several options:
A counter-offer is nothing
more than a new offer. And just as the buyer had three options in
response to the owner's original price and terms, the seller can now
choose one of three reactions: accept the offer, decline the offer or
make a fresh counter-offer.
Offers and counter-offers
reflect the back-and-forth activity of the marketplace. It's an
efficient and practical process -- but also one that may contain tricky
clauses and hidden costs. The REALTOR® who lists your home can explain
the local bargaining process in detail and assist in the actual
negotiations.
How do you negotiate?
It's sometimes argued that negotiation must produce one "winner" and
one "loser." Others suggest that a "win/win" situation is possible
where each side gets something of value. Real estate bargaining
typically involves compromises by both sides. It's not war; it's not
winner-take-all; and it's not the time to take personally any comments
made by purchasers.
Instead, negotiating should
be seen as a natural business process; buyers should be treated with
respect; and owners should never lose sight of either their best
interests or their baseline transaction requirements. These are the
standards unique to each owner, which must be met before the home can
be sold.
Filed under: Real Estate, Puerto Rico, House, extra realty, vendo, warren, condo, apartamento, casa, selling. sell, vendiendo.