$175. By keeping the splitting point in the seller’s favor by counteroffering $220, the mid-point is now $200. The buyer may take the offer or agree to $205, which is slightly more than what the seller planned to ask for. Maximize your negotiating by counteroffering in small increments. Avoid following human nature by “meeting in the middle.”
DON’T ACCEPT LOW-BALL OFFERS
Homebuyers look for deals. Think how quickly you would jump at a home selling below market value and in perfect condition that meets your every need. That situation rarely happens, but that doesn’t mean buyers won’t make low-ball offers. If they see your house as the perfect home, they may switch their priority to getting a lower-than-market-value price in negotiations. If buyers truly like your home better than any others, then why would they pay less for it? Keep focused and negotiate accordingly.
DO BE QUIET AND LISTEN
Whether you are approached by the buyer or the buyer’s agent, remaining quiet is one of the best ways to negotiate the sale. Developing a feel-good, overly friendly relationship with either can interfere with your focused efforts to sell your home quickly and for a fair price. Buyers uncomfortable with your quietness may want to break the silence by giving information that would be crucial to know. Again, the more knowledgeable you are about the buyer — rather than the other way around — the better poised you will be in negotiations.
DON'T BE MOVED BY AWKWARD SILENCE
When you are negotiating and the buyer makes an offer, don’t feel compelled to respond immediately. Whether it be 10 seconds or 10 minutes, make the buyer or his agent speak first. They may see your silence as disappointment, and choose to revise the offer or
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