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The time has come for you to sell your property… and thankfully, you have just received an offer.
You have probably already had multiple agents valuing your property, and hopefully you have done background research into similar properties that have sold recently.
But what if the offer you receive is lower than you’d hoped? The process of negotiating the selling price of your property can sometimes be challenging and awkward – particularly if it’s your first time selling.
Below, we’ve outlined some top tips for negotiating your house price when selling.
9 times out of 10, the first offer you receive will be lower than you were hoping. Most buyers don’t expect their first offer to be accepted anyway – and will lower their initial offer to gauge how you respond.
If you have only just put your house up for sale, and you get a good offer, then this may be a sign that your property is “hot property” and is going to sell well. Therefore, you should wait to see if more offers appear over the following week.
Having said that, the best buyers are often first through the door, and the early days of putting your property on the market are when you tend to see the most activity. The longer your house is on the market, the harder it is to justify its price, so you’ll want to keep this in mind too.
If there are other buyers interested in your property, make sure your selling agent tells them that you have an offer that you are considering. This often galvanises other serious interest to reveal itself – and if two or more buyers are making offers on your home, then you may be able to work the price upwards.
You can often secure a higher offer on your house if the buyer has failed to meet all necessary reassurances for a sale.
For example, if you receive an offer from someone who has no proof of funding, you may get away with asking for a higher price, to make up for this lack of security.
Likewise, you have more power to negotiate on house price if the interested party is part of a property chain. This is because you (as a seller) have less security in selling to them, due to the potential for the chain to break down… and therefore can negotiate for a higher price to make up for this.
Your negotiations with potential buyers will be significantly more productive if you provide a counter offer to too-low offers. This is because you will give the interested party a measure of how close they are to your ‘desired figure’.
Simply saying no is much less helpful, and can often result in immediate negotiation breakdown.
The process of offering and counter-offering is a headache for some sellers – which is why they may choose to sell through a cash house buyer like WeBuyAnyHome.
Many sellers are adamant that they will stick to the asking price for their property. In many cases, this is a reasonable approach if the property has been priced correctly by the estate agent.
However, if you have not received an offer on your property which satisfies you, there is another negotiation tactic you can try… which is making concessions.
Examples of concessions which cost almost no money, but which can sweeten up your buyer to raise their offer, include:
These concessions give you the leverage to stick to your original asking price, while increasing the likelihood that the buyer will increase their offer.
Once you are receiving offers on your house, you may find that all the offers are way below your asking price… and your property has been overvalued. In this case, you should not reduce the asking price without discussing this with your estate agent (and perhaps getting an independent second opinion, if you feel uncertain).
Furthermore, if you receive an offer which matches your asking price, but which also requires you to cover significant costs, then you should discuss this scenario with your estate agent. After all, the additional costs may negate the fact that you are being offered a reasonable sum… and therefore, for this buyer, you may wish to increase your asking price.
At WeBuyAnyHome, we know how difficult it is to sell a house quickly, which is why we have found a way for homeowners to speed up the process, so whatever the reason – you can get the fast house sale you require.
We are cash house buyers who can get the sale of your property completed in less than 7 days.