If you’re working on a sale of your Milwaukee property, you probably know how important the negotiation process is. To sell your house fast, you have to not only have a great house, but also excellent communication skills.
The negotiation process sounds like one of the most exciting parts of home selling, but the truth is, it’s one of the most suspense and unsure ones. You’ll spend days, weeks, or even months worrying that you won’t make a good sale of your Milwaukee property, and sometimes the fears can come true. Not to mention the scenario where you only get one or two offers on your house, and none is appealing. How can you possibly negotiate your way out of that?
Luckily, there are a few strategies you can implement when trying to take the most out of the sale of your Milwaukee property. Here are a few things you can do to try to ensure a bigger profit when a buyer offers you a price that is less than satisfactory.
Stick to Your Listed Price
If the buyer offers you a price below the one you listed, the worst thing you can do for the sale of your Milwaukee property is to drop it and agree on the lower one. Buyers love to have a back-and-forth negotiation, so they will likely have a lower offer. After this, most sellers will counter with a somewhat higher price, but lower than the listed one. This is wrong. You have to counter at the listed price and don’t lower it. If a buyer is serious, they’ll rise their offer. Sure, some buyers will walk away, but if you’ve valued your home price reasonably, you’ll find someone will know how to appreciate it. If you have to lower it, don’t go lower than a $1000 or $2000. While this makes you seem inflexible, you’re more likely to walk away with a higher profit.
When Counteroffering, Put an Expiration Date
To create a sense of urgency, put an expiration date on a counteroffer you’ve made. When trying to make a best deal on the sale of your Milwaukee property, the best thing you can do is to let your buyer know your offer isn’t forever. This is especially useful if you want to stay ethical, as you shouldn’t consider offers from a new buyer while still negotiating with the first one – sure, it isn’t illegal, but you won’t end up with a nice look. If your counteroffer has an expiration date, the buyer will know they don’t have many options and they’ll need to make a decision quickly. This can result with a higher sale price.
Keep in mind that a default expiration date already exists, and it’s usually around three days. Of course, you are allowed to shorten it if you think this can improve your chances of selling at a high price.
Reject the Offer Completely
If you’re preparing to risk it, you can go a bit more extreme and just reject the offer altogether, without even trying to counter. Then, just to ensure the buyer stays in the game, ask him to make a new one. If they’re serious about purchasing your property, they’ll submit another offer. This tactic sends a strong message that you know how much your house is worth, and that you’re not going to lower it no matter what. This is especially useful if your property is sought after, as the fear of someone else making a higher offer will make the buyer increase his offer quickly.
Be Involved in Several Negotiations
As we’ve mentioned beforehand, you can be involved in multiple negotiations, although it isn’t a too ethical practice. If you want to use this as a negotiating tactic, disclose to a potential buyer that you’re already involved with another one. This can result in higher offers, but it can also frighten the buyer who’ll give up on the purchase completely. Keep in mind that you are legally required to use appropriate language if you’re countering more than one offer.
Pay Closing Costs
The last option you have to ensure a good offer on a sale of your Milwaukee property is to agree on paying the closing costs. Buyers often feel like they’ve already paid too much in cash after paying for the downpayment, so this can be a good way to make them pay the listing price. Sometimes, you may even be able to raise your offer, as buyers will feel like they’d rather pay monthly a few bucks more than having to pay in cash way more at once. Just keep in mind that, if you raise the price, the new price still has to be within the appraised value of your property. Otherwise, buyer’s lender might refuse to approve their loans and the sale will fall through.
Don’t Feel Like Negotiating? Sell Your House for Cash!
If you feel like negotiating is too time-consuming, there is an option to sell your house fast and to profit, and that is to contact a local direct buyer in Milwaukee. While it’s true that direct buyers will pay you less than a market value, when you cooperate with us you’ll have no expenses. You don’t have to repair your house, upgrade it or even clean it, as we’ll buy your property as-is. Also, we’ll take care of the closing costs, so you don’t have to waste a penny more. If this isn’t enough – we can close the sale much faster than traditional buyers, and sometimes you’ll be able to get the cash in just seven days! Unless you’re prepared to risk high holding costs, there’s no need to worry about negotiating, just sell your house to us.