Negotiating And Closing Your Home Sale
Getting potential clients to make bids for your listed home is important. Getting them to fork out the amount you want for your home requires some skill. In many cases, buyers may pull out or take too long to commit themselves. All this makes the sale process long and tedious. While you may not be an expert estate agent, the tips below can help you navigate through this important process.
The buyers will want to see the house. Make sure you have already cleaned up the place and removed any clutter. Many people that make enquiries will not bother to come for a viewing. This is because they will either factor themselves out either due to the pricing, size or location of the house. This means that you should capitalize on anyone who takes their time to come around. Another thing to note is that most serious buyers will not make a bid after just one viewing. Others will make a bid but ask for another viewing before they discuss the price further.
During the viewings, furnish the prospective buyers with as much information about the house and the area as possible. Give them the same reasons that made you buy the house in the first place. If the house has an interesting history, paint them a picture of it. To effectively make a killer pitch, first ask them some questions to know about them. If you’re selling to a couple, let them know what would make the house a nice place to start a family. If they have kids, let them know about how safe the area is and how close the schools and parks are.
When you start receiving bids from interested people, that should be a sign that so far you have conducted the process as you should. All the pieces need to fall into place for the sale to proceed smoothly.
Expect negotiation from the interested parties. Just because a potential buyer has quoted a lower price does not mean they cannot pay the initial amount. Most people want to feel that they acquired something at a bargain hence the negotiation. You should be willing to meet each other somewhere in between. If a buyer seems serious enough, sticking to your initial price may lead them to decide you’re not serious to close. To sweeten the deal, you may consider offering to pay for things like conveyancing or give a warranty for the equipment inside the house.
When you reach a deal with a buyer, act swiftly lest they start looking at other properties. Get a solicitor to prepare the sale agreements. The buyer will also get a conveyancer to verify the property details. Once done, the buyer’s solicitor/conveyancer will look over the contracts and if everything checks out, an exchange should take place. This is where both parties exchange the signed documents and the sale becomes legally binding. The buyer cannot back out after this without losing their deposit.
Both sides will then set a date, usually two weeks to the final closing. Within that period, the buyer should complete payment and you will hand over the keys to the new owner.