Receiving an offer as a home seller can be equal parts exciting and daunting. On the one hand, you are excited that there is interest in your property. But on the other hand, handling offers and negotiations can be a confusing and frustrating process.
It is important to remember that both you, as the seller, and your potential buyer have the same goal: to complete the sale of your home. How that goal is achieved is often where you differ. However, approaching offers and negotiations can be smooth sailing for you if you are equipped with the right tools. You can be prepared to receive an offer and enter into negotiations in the most informed and efficient way possible.
Get Informed
Buying a house in Northern Virginia often requires a great deal of research, and selling one is no different. The best way to prepare to receive an offer is to know what you are working with. Getting a quote on what your house is worth is a great place to start.
The next step in your preparation should be looking at selling prices of similar homes and properties in your area. This helps you prepare for negotiations because your buyer has likely done the same research.
Northern Virginia home buyers are often very informed about property values and the real estate market in the area, so staying informed as a seller is critical. When you and your potential buyer are on the same page, offers and negotiations often go more smoothly and take less time.
Keep Calm
As much as this may seem like a given, tensions can run high in situations where the results lead to significant gains or losses of money. Keeping your cool can become a challenge. Try to maintain an open mind and flexible outlook when you receive an offer, even if you aren’t happy with it. Reacting emotionally can quickly turn away a buyer and ruin a sale–a less-than-ideal scenario.
Know Your Options
When you receive an offer, remember that there are three ways to move forward. 1) You can either reject the offer, 2) accept it, or 3) make a counteroffer that better suits your needs. Keeping this in mind may help you feel less overwhelmed when the offer reaches you.
Stay open to all offers that come your way, even if they are below your asking price. Every offer may have a potential upside, whether the conditions are more favorable to you or if you simply trust the family or company that could potentially become the new owners of your home.
If you accept the offer you have been given, that’s incredible! But you aren’t always given an offer you love right off the bat.
If you don’t like an offer, rejecting it is often not the best choice. However, if the offer you have received is comically low, then the buyer is likely “fishing” or essentially pulling your leg. It’s usually okay to reject these offers.
An offer that is not ideal for you usually warrants a counteroffer. When you provide a counteroffer, you begin the negotiation process. It is common for two or three counteroffers to be given back and forth between buyer and seller, so keep patient and be kind. Treating your potential buyers respectfully will make them more likely to make another offer closer to what you are looking for. Remember, buyers want to work with people they respect and treat them well, just like you do.
If you are given a cash offer from one of the reputable companies that buy houses for cash in Northern Virginia, you should be aware that these offers are often non-negotiable. The goal is a fast and easy home sale for you, cutting out the need to clean, paint, or update your house in any way or even list your house with a real estate agent. These cash offers may look a little on the lower side, but they’re typically well-thought-out and fair. Plus, they save you precious time and money you would otherwise spend during the sale process.
Respond Fast
Buyer’s remorse applies to more than just the sweater you find on sale. People can quickly regret the offers they submit, even in the real estate market. If you want your sale to go through, it is a good idea to get the ball rolling quickly. Home buyers are often putting in multiple offers at once, so getting back to your potential buyer quickly is critical. Keep an open line of communication between you and your buyer, and always be willing to answer questions or respond to their needs.
Throw In Some Extras
As negotiations continue, especially as the price increases on the buyer’s end, it’s good to throw in a few extras to sweeten the deal for your buyer. This could be the lawn furniture you have, your grill, or some of the linens like carpets or drapes. These offers can show your buyer that you are willing to consider their needs, even if the price trends towards what you need.
But if the offer and negotiations stage is still causing you stress, consider a more straightforward solution for selling your home. When you sell to Northern Virginia home buyers, you can avoid the hassle, leave your home in its as-is condition, and move on your own time.