Always negotiate when you sell a house by owner
By Millie Panjwani
Selling your home is not an easy process. Arriving at the decision to sell your home is the easiest part. Easier than searching for a real estate agency for that matter. It is always advisable to get the assistance of a professional who is experienced and trained in this field. Without this, closing the sale would be risky and sometimes becomes difficult for various reasons. You have to be very practical about the whole process if you plan to sell your home for sale by owner. The amount of money you save on commissions doesn’t always counterbalance the amount of money you lose on if you do not succeed in negotiating a profitable price.
Arriving at the negotiation stage is a big achievement itself. If you decide to sell your home for sale by owner, you have to know what to do when you're involved in a Purchase and Sales Contract. Several FSBO sellers actually feel the stress of the whole process on reaching this point. They often agree to terms of the buyer and give in to their demands. At this stage sellers get in this situation as they are eager to take the sale to the next level. This is because they think they won’t come across another similar buyer. They might not want to lose their chances of closing the deal or might be under the impression that they won’t get a better offer; or simply haven’t yet mastered the art of negotiating.
On reaching the contract stage, you must be aware of any contingency the buyer has added to their offer. You must fully understand the terms and conditions of the agreement and necessary information must be disclosed to the buyer, as sometimes the terms are not mentioned clearly in the agreement, and buyers often overlook this when closing the deal in a hurry. However, you must watch out for rent-back clauses.
Many number of home sale deals do not get finalized due to the buyer’s incapability of financing. This is often experienced by sellers who sell a house by owner and those who use realtors. On receiving an offer from a potential buyer, it is always better find out all you can about the buyer's mortgage approval. Realtors manage to collect this information without inquiring directly.
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