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Closing The Sale

You have done your best in the preparation and presentation of your house. All you need now is an interested buyer to talk to you about it.

Your success in finishing a sale is dependent on how you deal with your negotiations with your prospective buyer.

Work with genuine buyers


This sounds easier said than done because most sellers will always have a part of their time and effort put to waste because of entertaining lookers instead of buyers. They may look like and sound like a real buyer, being curious about the property, asking for discounts, negotiating and making false promises about buying your property only to find out that they were just a waste of your valuable time. They often do this for lack of a better thing to do.

*NOTE: Employing Virtual Tours to market your property will lessen the inconveniences, not to mention the stress of screening and entertaining interested buyers. Most real agents are learned and experienced in knowing who is really determined to buy a property if it fits their requirements or just looking around for something to do.

Analyze the offer


A serious buyer will usually make a formal offer on your property. If you are amenable to this offer, you may either give a counter offer or make a compromise about the price. After this entails a lot of paperwork such as the Sale and Purchase Agreement, Deposit, Terms and Conditions, Contingencies, etc. There are a lot of things to consider before a sale can be closed. Another important aspect is approval from a financing company or bank to shoulder your home loan. These factors should be helpful to speed up your transaction and not cause you a lot of expenses and stress.

Evaluate your options


You do not have to accept all offers that they give to you. You actually have the choice to accept it temporarily or reject it outright if the offer and terms are not agreeable with you. Always analyze the offer first and view its consequences before giving a final decision.

A word of caution: Although it might sound less risky to weigh all options and offers first, it is always wise to allow some leeway in your decision since you can never predict what may happen to the market. Everyone would like to get the best deal for a property, but when an offer comes that is reasonable enough for you, sometimes it is best that you grab it early because a sudden change in the market may effect a drastic change in its value and leave you with a bigger loss than you might have had if you took those offers.

Build bridges with your buyers


Communication is a vital part of the negotiating process since it will predict what how the deal will go. Be objective as to the arguments presented by the buyer in terms of conditions and pricing. Be firm and yet conscientious about your decisions. Listen carefully to what your buyer is saying so as to fully understand them and thus get the best deal from them.

Counter the offer effectively


Giving a counter offer can either end in having the price you want or a lower offer than before. If they find your counter offer very unreasonable, they might just call off the deal without any given reason. It is always advisable to negotiate upfront with the buyer to be able to assess their motives and interest. You have to give a little and ask a little as well to reach a compromise. If not, then a standstill will ensue and no sale closed.

Prepare a comprehensive inventory list


Always be specific with the details and conditions included in buying the house. Mention if the permanent fixtures are included in the sale or if not, then who will shoulder the expense of having it removed? It is very important to be very detailed in your list to avoid any hassle and disputes over the property.

Strike while the iron is hot


As it is in most situations, it is always better to be prepared. If you think that you have done all research necessary about the house, and you are ready to negotiate, then you can do so with ease and end the deal without any fuss and confusion.

Beware of post-handshake dissonance


If you have a potential buyer, and you have already discussed and finalized details, do not delay the making of a contract. With the increased availability of computers nowadays, it is easy to print out a contract for you to legally bind your finished discussion with your buyer. This is to ensure that in case your buyer gets cold feet about the purchase, you already have something to bind you with this buyer instead of losing them to someone that the relatives recommend or someone whose sales pitch is better.

 

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