Don’t reject the offer right away: It is important that you recognize that this is a negotiation game and the buyer is serious or he wouldn’t have made an offer. Also keep in mind the buyer has some emotional ties to the property by taking the time to write an offer. Try not to take the low offer personally.
Analyze your own goals and needs: How much do you need to come out of this deal in order to move to your next home? What amount are you going to counter with?
Conduct a comparative analysis: Check the temperature of the marketplace. What has happened in the housing market recently to get this buyer to make this type of offer? Also, take stock of the present inventory in your neighborhood and how houses are priced comparatively. It is important to recognize that your home may be priced too high compared to similar houses since your broker first did the analysis. The market is evolving.
Negotiate!: Keep the conversation alive with the buyer for as long as you can. Give up a little bit at a time. Countering close to your list price puts the ball in the buyer’s court to move their offer higher. Remember, if the offer is too low, always counter; don’t walk away. Sometimes buyers want to test the water.
Work together: Ensure the buyer agent and his clients are aware that you want to work with them. If you have been waiting this long to sell your house, what are another few days or weeks? Keep everyone engaged in the process to get your goals met — and on your way to your new home.
Offer your final counter: Make your final offer and stick with it. Keep in mind that you don’t want to be too stubborn that you lose the buyer because of $2,000 or so. It’s also good after several days of negotiating to remind the buyer of the property improvements and benefits of your home.
Be patient with the process: Understand this process takes time and both the buyer and seller want to meet their goals. By taking the time to work together, you can arrive at a deal that is a good compromise for both the buyer and seller. If the buyer walks away to fish for new listings, they just might return to your property when they don’t pan out. Good luck!
Anne-Marie McKenzie & Associates are affiliated with Allen & Selig Realty in North Yarmouth and can be reached at 829-3339 ext. 111 or ammckenzie@maine.rr.com.