FSBO V1 (Canada)

COMMON NEGOTIATING MISTAKE #6: FAILING TO TAKE TIME ON THE COUNTEROFFER

You will often will be pressured to reply right away to an offer. Buyers are impatient, and, if they really like your house, they will want an immediate answer. But do you know what else that means? They are probably willing to pay more for your property. Take the time to think, and consider consulting a real estate expert. Have you been able to find out any information on the buyers? Use that to put yourself in the buyer’s shoes. A little space and an objective third party will lead to more effective decision- making. However, you don’t want to wait too long to respond, either. When a buyer makes an offer, that means that they are in the mood to buy, right then and there. You should take advantage of that “mood,” since moods change, and you don’t want to miss out on a sale simply because you’re stalling. Just make sure the offer is a good one!

POINTS TO REMEMBER:

• Try to discover the buyer’s motivation, while not talking too much about your motivation to sell. • Never automatically meet in the middle. • Don’t let your ego interfere with negotiating. • Avoid making the first move on price. • Lowball and take-it-or-leave-it offers are rarely firm and can often be negotiated upward. • Don’t be pressured into hasty decisions or counters.