While that might seem bad at first, in retrospect, it leaves you completely open to better offers in the future. And, let’s be honest, you want someone who wants your home, and proves it by being willing to pay your asking price (or more)!
It’s most desirable to use this approach when your home has just come on the market or if you have an open house scheduled soon. Keep in mind the legalities of counter-offers too. The instant you accept and sign off on a low contract offer—which could be a real estate vulture on the prowl—you’re tied to that contract. While you and your bidder are working on the accepted contract, you can’t entertain any other offers. That wastes your valuable time and could cost you better bids.
NEGOTIATION TECHNIQUE #3: Bring on the Bidding War
Did you know there is such a thing as a bidding war? This is usually a carefully crafted situation that can bring the bid on a home above the price the homeowner asked for in the first place. Allow me to explain.
• The first thing you do is to put your desirable home on the market. • You ideally schedule an open house for just a few days later. • As you put your home on the market, you also put in a disclaimer that you’re not going to entertain any bids made on said home until after the completion of the open house. 84
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