How to negotiate the sale of your home
When the buyer makes an offer, stay calm. It’s not sold, the money isn’t in the bank. It is just the start of the process. Time to ask more questions:
- How does it sit with your target price?
- What is their situation, e.g. chain free, need to move immediately.
- What are their financial circumstances, e.g. cash buyers or approved mortgage.
- How has the response been to date?
- How is the market fairing?
- How does this all sit with your desires and circumstances?
The market, and certain TV shows, have made it common for a ‘game’ to be played so the first offer is quite often not the buyer’s absolute highest price they are willing to pay. So if you feel you’re in a strong position and the offer is below what is required, you could politely reject it or even offer a counter offer.
Negotiating is part of the home selling process and the offer and counter-offer process can be repeated until either both parties agree to the terms of the sale, or both parties stall or end negotiations. We are not suggesting this is a game of bluff and counter bluff; negotiations can be frank, open and honest – they want your house and you want a certain amount of money for it – somewhere in the middle is a point where both parties are happy.
Listen, speak frankly and ask the same of them. This is good negotiating. This leads to a committed sale.
When you get to the point you reach agreement, be professional and get your solicitor to review the seller’s offer and position.