When selling your "for sale by owner" home, you will receive offers lower than the price you are asking for. It may be easier to cave in and in an effort to sell quickly take the lower price. There is a method of negotiating to keep the asking price on the table and still make the sale.
It is a good idea to have proof, which will show the asking price to be a fair price. An appraisal from a real estate appraise is just one, showing them comparable prices on homes sold in your area similar to your own house is another and have a knowledge of the current market conditions. Armed with this ammunition when you go to the negotiating table will help you win the battle over price.
Even though it may be what is considered to be a buyer’s market, as the seller you still have the upper hand. If you are getting nowhere with the buyer at hand, go on to the next one, unless you are in a corner and must sell your home fast.
To get the asking price for your home be willing to make some compromises. You might offer to move out of the home early and to close the deal quicker to allow them the home much sooner.
A method, which often times works, is offering to pay a portion if not all of the closing cost. This works extremely well, if the buyer is strapped for cash. If the buyer is having a difficult time in coming up with the down payment and all of the other financial obligations it takes to purchase a home, the buyer will be open to this idea.
If you are not open to the idea of the cash outlay on your part, you could offer the buyer more money for the down payment by seller financing, a low-interest "carry back" loan. This method will allow you to foreclose on the property and take it back should the buyer default on making the payment on the loan.
You could negotiate with items already in the home. You could offer to leave all the major appliances in the home and possibly include the window treatments. There may be other items you were planning on taking with you to help you negotiate to keep your asking price. You could even consider paying additional cost of repairs found in the inspections. Buyers would like to have a little extra money to pay for repairs, the lender will not allow you to give them a credit for costs.
If all else fails, hire an expert to help you close the deal. A real estate attorney or another person experienced in real estate negotiations. You have emotional ties to the home you are seller, and the professional will not. It may make the deal go much smoother. One more tip, when making any changes to the terms of the contract whether they are concessions or leaving additional appliances behind. Always put it into writing.
