It’s well know that today’s inventory-lite market has created ideal conditions for sellers to get the best possible deal on their properties, but they should not become overconfident in their negotiations, as being too stubborn could still kill any deal, experts warn.
An article in Realtor.com mentions that several common home seller negotiation tactics could well backfire if not handled properly.
Some sellers might be tempted to kick off a bidding war if there are several parties interested in their property. But care needs to be taken, said Sep Niakan, broker-owner at HB Roswell Realty in Miami.
“If mishandled, people may assume the worst and the best offer may walk away,” Niakan warned. He said that problems might crop up if the seller fails to explain to bidders how he or she intends to handle multiple offers. He also warned against setting deadlines that are too far away, as this may just cause some buyers to move on if they’d rather get the deal done faster.
Arguing about repairs:
Some buyers may walk if the seller refuses to repair any issues that crop up after a home inspection. Lucas Machado, president of House Heroes in Miami, said sellers should always take time to consider how good the offer is before dismissing any request to make repairs.
“When the buyer’s offer is high, and the seller tries to negotiate away from legitimate repairs, the buyer may feel the seller is taking advantage of them,” he said.
Refusing to budge over the closing date:
Sometimes sellers try to ensure the closing data aligns perfectly so it matches the date they move into their own new home. But they should consider that the buyer also has his or her own scheduling problems to consider.
“Sellers need to understand that they may have to move twice, since buyer and seller schedules seldom work out perfectly,” said John Powell, chief development officer at Help-U-Sell Real Estate in Tucson, Ariz.
Feuding over fixtures:
Such feuds are common, and so the seller and buyer should come to an agreement first over what exactly will be staying and what will be removed.
Some buyers may “get upset that a fixture they fell in love with is now missing,” said Michael Hottman, associate broker at Keller Williams Richmond West in Richmond, Virginia. He warned that this could even kill the deal in some cases, and so sellers need to be willing to negotiate over these issues.