Home Seller Strategies: Always Be Prepared with a Plan-B
Selling a home in this economy can be quite challenging. So much more goes into selling a home these days than ever before. From performing small renovations to staging, tasks that sellers undertake these days are a far cry from the old method of just popping a sign in the yard and having it sold within hours!
After all of the effort that goes into the preparation, when sellers do receive an offer, they tend to jump on it just a little too hastily--or some choose not to even respond at all.
If you’re ready to place your home on the market, you should be prepared to counter lowball offers and outrageous contingencies. As well, you need to be ready to accept an offer that meets your demands.
Sellers, be mindful of the following tips so that you’re adequately prepared when a buyer does come your way.
Closing costs assistance – Many first-time home buyers have saved just enough money to cover the down payment on their new home. So if you want to close the deal quickly, you might want to have funds set aside in the event your buyers ask you to help with their closing costs.
Lowball Offers - Time and time again, sellers allow their emotions to get the best of them--especially when it comes to lowball offers. Sellers will opt not to even respond to these lowball offers and may never know just how serious the lowball buyer really is. Don’t ignore the offer; thank the buyer for their offer, present your comparables and counter their Offer. If they are ‘shopping’ sellers to see who will bite and who won’t, they’ll realize that you were detailed and courteous enough to respond. So, they may just come back to you and be willing to negotiate reasonably.
Offer contingent on sale of the buyers’ home – Most of the time the contingency placed in an offer is with regards to buyers would like you to ‘wait’ as they sell their current home. There are many strategies that have proven to be successful where contingencies are concerned but, proceed with caution. In this economy that could take two months or two years. Be certain that you receive information on their property that is for sale and ascertain that your buyers’ home is priced to sell. You will also want to feel confident that your buyers are motivated to sell and able to close on your home without being paid full list price on the sale of their home. Thoroughly investigate your options here; be certain that you set a deadline for the sale of their property unless your timeframe can, indeed, be anywhere from two months to two years!
Closing date extension – This may cost you more money if the extension period is extensive. You’ll have to continue with the upkeep of the house and fix any unexpected disasters in between. Sometimes it’s better to just decline their request and hope that the buyer agrees to your initial date. However, if the extension isn’t for an extended timeframe or if this is the only offer you’ve had since your home has been listed, you are most likely going to be better off accepting it.
Multiple Offers – If you’re fortunate enough to have this situation on your hands, bear in mind that the highest offer isn’t necessarily the best offer. Read the fine print and consult with your real estate agent before making a decision. Remember that you can always request all bidders ‘highest and best offer’ and even counter the lower offer to see how much they’ll increase their bid.
In this unpredictable real estate market, there is most definitely a need to weigh your options. Talk through offer scenarios with your real estate agent in order to be as prepared as possible to make the best decision. Always be ready with a ‘Plan-B’ when you’re listing your home. This makes your life easier when you find yourself in the throws of the negotiations on your home.
Thinking of selling your Charlotte NC home? If you’re looking for a professional real estate agent who can help you achieve your real estate goals, please call (704) 491-3310 or email me at [email protected] for more information.
Debe Maxwell is a contributing writer and real estate agent/broker in Charlotte I LOVE Charlotte NC! and says: There is no place like home in the Queen City...Having lived here for decades now, I am certainly qualified to say that I am familiar with nearly every nook and cranny in the city! For buyers, my focus is on targeting the buyers' lifestyle needs and neighborhood preferences, Then finding the perfect home. For sellers, marketing is my 'bag' and exposing their homes to the masses is my specialty and my support team is simply amazing! Contact Debe at (704) 491-3310 or visit her websites www.WeBlogCharlotte.com and www.iCharlotteRealEstate.com