In many situations, though, paying closing costs can be a great way to close a deal. It can make the difference in the buyer choosing to go into debt for your home rather than a home down the street.
A FINAL TIP
Here’s how to immediately gain the upper hand in any negotiation. If you ever feel you are getting “taken advantage of ” in any negotiation, tell the buyer you are changing your mind. Yes, that’s right. You are taking your home off the market. The dynamics of the negotiations will change right away. The buyer will now have to sell you on why you should sell the home to them. In addition, they will have to make a sweet offer to have any chance of you accepting the deal. I’m not saying you should use this tactic in every negotiation. But this is a very effective strategy when you feel you are losing the negotiation. If the buyer doesn’t buy the house, there is nothing wrong with changing your mind and continuing to try and sell it. Lying, cheating, and stealing are wrong. But changing your mind isn’t!
POINTS TO REMEMBER:
• Consider paying the buyer’s closing costs, but increase your selling price by the same amount. • This facilitates the sale for both parties, while ensuring you recoup the added costs. • If you’re being taken advantage of during a negotiation, you can change your mind and take your home off the market. If necessary, you can relist the property later. Use this tactic only in extreme circumstances.
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