The Top 5 Tips and Tricks to Get the Best Offer
As a seller, few feelings compare to the relief of receiving an offer on your home. While this closing step can make any seller hopeful, it is important to understand the ways to get the BEST offer possible.
With over twenty years of success and innovation, Mark Spain Real Estate recommends using the following tips and tricks to land the best offer on your home.
- Be conscious how the offer review process works – then you can determine a process most suitable for you.
It is crucial to understand that offers are often negotiable. As a seller, you have the option to accept, reject, or modify offers by proposing a counter-offer.
The National Association of Realtors recommend first confirming the buyer’s pre-qualified letter that comes with an offer. Make sure they have been approved for adequate financing and then look over their offer. If it is lower than your asking price, how far is the difference between the two? What do you think your home will appraise for? Look at the size of the earnest money deposit that was submitted with the offer as well as other factors. Take all of this into consideration before deciding to counter-offer.
If you think your home will receive multiple offers, it helps to create a time-frame in which offers must be submitted. This allows real estate agents to market your home to as many potential buyers as possible and gives you enough time to review all the offers received. You can also inform all interested buyers that you’re receiving multiple offers, and ask them to come back with their best!
- Strategically price your home.
Consider pricing your home a bit higher than you think it will sell for, as buyers will most likely barter with the price. Real estate professionals suggest taking the most recent home sale prices in your neighborhood, factoring in the percentage of homes that are appreciating annually and splitting the difference. This will give you a number slightly over your asking price. You never want to limit yourself from the possibility of getting more money for your home, so price over what you are looking to get and work from there.
- Update your property as necessary.
Putting in the time and money required for updates and renovations right before listing a home may seem confusing to a seller. But, doing so can dramatically improve the look and feel of your home and thus create an increase in property value and those willing to bid on the home. Be sure to consult with your realtor on where the most strategic places are in your home for renovations. These places will provide you with the highest return on investment by allowing you to raise your asking price.
- Don’t take things too personally and remain flexible.
Sometimes an unacceptable offer can be compromised. In order to reach an agreement, your realtor should help you determine what is most important to the potential buyer. For example, you may discover the buyer is in a hurry to relocate. While you might not be willing to accept their under-asking-price offer, you can suggest closing more quickly as a negotiation.
Sellers often feel offended when potential buyers have complaints, such as outdated kitchens, floor plans or finishes. Even though selling your home can be emotional, it is important to treat the process as a business transaction. Consider these “complaints” as a sign of interest, and understand that these comments are often a negotiating tactic.
- Pay close attention to the details.
Most sellers are surprised to learn that the highest offer isn’t always the best option. Sometimes, full asking price bids – or over bids – include pricey and inconvenient requests, such as closing costs or extensive repairs. If you really want to sell your property but can’t get the potential buyer to budge on price, try including extras like performing property upgrades or paying inspection fees. But be careful you don’t offer these prematurely and only as a last resort if they will make the difference to close the deal.
Getting an offer on your home is exciting! But getting the best offer possible is even more exciting! Go into the selling process prepared for what awaits you. Stress in real estate transactions often comes from not being prepared, so remain organized and on-track. With these tips in hand you should be well armed to get the best possible offer on your property!