you’ll be able to settle relatively quickly. On the down side, this approach may get you a less-than-ideal price. Once you accept the offer, you legally can’t accept any others, even if you get a call ten minutes later with another buyer willing to pay list price. Sellers who use this option often feel they should take a lower offer because they’re worried they won’t get a higher one. Unless they’re psychics, this isn’t necessarily true! This is why it’s important to consider other negotiation options as well. OPTION 2: REJECT THEM, BUT GIVE THEM ANOTHER CHANCE When an interested buyer makes an offer, you have every right to refuse if it’s not what you want. You don’t have to write the buyer off, though—let them know they’re welcome to make another offer. If they’re truly interested, chances are they’ll submit a higher offer. If they were just hoping for a steal, they’ll walk away. If that happens, that’s fine; you don’t want to give away your house, especially not to someone who doesn’t really want it! This option works best in two situations: when your house is new to the market, and when you’ve got an open house coming up.
OPTION 3: BIDDING WAR
Instigating a bidding war can be a great strategy to get the price you want (or more!). Here’s how it’s done:
1. Put your house on the market and schedule an open house for a few days after that.
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