But, what if the buyer would have been willing to pay the market value for the home? That seller just lost all his equity! When a buyer asks why you are selling, answer without giving away any extra information. You could say, “Oh, we would like to move to the midwest.” (Or whatever place you are moving to.) You don’t need to say much more than that. And don’t tell them you have a job transfer! Instead, make the timeline sound more casual.
COMMON NEGOTIATING MISTAKE #4: MAKING THE FIRST MOVE
Many buyers will ask what your bottom line is. They know they can usually negotiate a home seller down to an even lower price. Don’t fall for it. You’ve already made the first move by setting a price for your home. Tell the buyers you need to think it over and get back to them. Then, ask them what they like about your home. If they tell you, you can determine their motivation to buy your home. After that, ask them what they are thinking of offering. This rule is important because, in some negotiations, you might offer more at the beginning than the other party is willing to accept. Here is an example. A person I know was trying to buy some video equipment. He thought the best price he could get was $1,500, but he was willing to pay up to $2,000. He asked the seller what he wanted for the items. The seller responded that he didn’t know what he wanted. He offered to pay $1,500, and the seller accepted it.
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