Negotiations on offers from buyers in a buyer’s market look very different from what buyers ask for in a seller’s market.
We Buy Houses – Charleston SC: The offers you receive on your house from buyers will look different in buyers markets and sellers markets. Since this is definitely a market geared toward the buyers’ advantage, look for the offers to be written accordingly. In a buyer’s market, you may receive offers that look like negotiation requests. They are, as you are now a seller that wants to sell but have a hard time finding a buyer.
Don’t Be Surprised, Be Prepared
They will likely ask for things that you will be a bit surprised at. They may make you an offer to buy your house at a ridiculous price. Do not be alarmed, insulted, or otherwise moved. You can’t blame them for trying. After all, some sellers are just that desperate these days and will actually bite at those seemingly ridiculous offers. Low-ball offers, those that are well below the asking price, are typically offered by buyers who are aware that your house has been on the market for a long time. If you have just listed your house, you are very unlikely to get an offer like that.
You may receive a request for a credit or allowance that the buyers will use to do repairs or remodeling they feel they must do in order to make the house livable for them. That will come in the form of an allowance request for such things as a paint job if they don’t like the color or an allowance for new carpet since yours won’t match their décor.
Contingencies in Offers
Another offer you should look for will contain contingencies. These are clauses in the contract that state ‘if’ situations. For example, they will buy your house in 60 days ‘if’ their house has sold by then. They might ask you to pay their closing costs. Extras may be thrown in for good measure. A home warranty to guarantee replacement if the washer breaks down in the first year or the plumbing springs a leak is one request that has become popular.
You can take all of these with a grain of salt and consider them simply negotiations. You can say yes or no to any or all of their requests if you find them unreasonable or just can’t accommodate them for some reason. Keep in mind, though, that giving them a $300 home warranty policy could make you a sale. If you’re having a hard time selling, it might be well worth the extra money and trouble.
Like this post? Subscribe to my RSS feed and get loads more!