NEGOTIATING TECHNIQUE #4 AN EXPIRATION DATE FOR EXTRA MOTIVATION
Remember, once you and the buyer agree to an offer and sign the contract, you are legally bound to see the process through until you and the buyer close the deal or agree to cancel the contract. However, there is a way you can counteract this problem. You can set yourself up for a higher selling price and a shorter waiting time. To sell your home quickly for the most money possible, put an expiration date on your counteroffer. It means you give your bidder a certain amount of time to either agree or disagree with your terms. This benefits your outcome in a couple of ways. I encourage you to be reasonable. The last thing you want to do is turn your buyer off by making the timeframe too short, particularly if their current offer isn’t far off from your ideal price. However, feel free to go below the standard time used in your state. If the typical deadline is three days, make yours two. The potential buyers will know you mean business, but you also recognize this is a life-changing decision for them, as well as for yourself. There’s another reason to expedite these contracts besides quickly closing a deal or being free to negotiate with other buyers. The longer your home is on the market, the less desirable it appears to potential buyers.
BENEFITS OF A SHORT EXPIRATION DATE
• A short expiration date motivates potential buyers to make a speedy decision. Either you’ll go into a contract with them, or they’ll move on to greener pastures. • If the bidder moves on, you are free to negotiate with other bidders quickly. • If they accept your terms quickly, you sell your property faster.
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