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Tip 91

Can we talk about your price?

You can be 99% sure that buyers will negotiate to bring the price down; this is why houses are sold and bought as a result of negotiations, which could take days, if you’re lucky, or longer, if you meet buyers who really want your house but don’t want to pay the price you’re asking for. 

It’s curious what kind of arguments buyers will come up with to convince you to lower your price.  “But your backyard needs a lot of tending”; “The kitchen tiles are not in good shape and we’d have to replace them ourselves”; or “But your house is near a cemetery (or a prison or a quarry), who’d want to buy your house?” 

Don’t let buyers run you and your house down.  If you want to unburden yourself quickly of your property because you’ve got an important trip scheduled or you need to make a counteroffer on another property, then by all means lower your price. 

However, if you’re convinced that your property is worth more (based on the offers you’ve received so far), then be firm with your price. 

Buyers will always take advantage of those situations where you show a little hesitation about the price.  Tell them your price is final and that you’re not prepared to negotiate.

Tip 92

It doesn’t hurt to be honest

When negotiations begin, remember that honesty is still the best policy.  There is this great temptation to get greedy and you bid against your buyers.  Don’t.  You may end up still owning your house months later because the bidders couldn’t keep up with the price. 

The more important consideration for you is not how much extra thousands of dollars you can get above your original price, but if you’re a decent person, your # 1 concern should be who, among these buyers, will pay me for what I asked for and take good care of my house the way I did?

Tip 93

My home is your home now

Once you’ve found a buyer for your home and all the terms have been negotiated to both parties’ satisfaction, the next step is to transfer ownership of the house.  Since you’re on your own, you’ll need to initiate the paper work yourself. 

This is where the government can help you.  The US Department of Housing and Urban Development has published a book entitled “Settlement Costs”.  It is free and contains valuable guidelines on settlement matters (the booklet title may have changed, check with your city government). 

From this publication, you’ll be able to decide who to consult with in terms of the different steps of the closing process.  You will need a lawyer (or notary), or an escrow company or your bank.  Settlement procedures vary from state to state and from country to country.