the bottom line. Sometimes, what you tell the buyer is advantageous to his offer. For example, let’s say that you have two interested buyers. One buyer offers full asking price, but tells you he needs a few months to close in order to get financing or to get inspections done, etc. The other buyer casually asks why you are selling, and you offer crucial information that leads the buyer to offer $10,000 less than your asking price — but to agree to close quickly, without any financial or inspection-related contingencies. While the first buyer offered more money, the second buyer was more appealing, time-wise. If you were under a time constraint, the buyer solved your problem. How did the buyer know about the time constraint? You may have unwittingly disclosed it in an earlier casual conversation when he asked why you were selling. If you have information you wish to convey to the buyers, let your own Realtor discuss this with the buyers agent. He or she will know how much to disclose, or advise you not to do so.
DON'T LET THE BUYER FLOOD YOU WITH CONCESSIONS
When a buyer submits an offer to you, unless it is a great one, you will want to bring counteroffers to the table. A different price and/or concessions such as shorter closing dates, terms, modifications of contingencies, incentives, etc., will enter into the picture. When reviewing the offer, carefully note any items that are unacceptable to you. A counteroffer is used, in effect, to accept some (or most) of the terms of the buyer’s latest offer, while modifying other items. Since there is no limit to the number of counteroffers that can be made, make the buyer wait for your response. Your eagerness to respond may be interpreted as desperation on your part, which may in turn give the buyer more leverage.
95
Powered by FlippingBook