6 Tips for Negotiating the Sale of Your Property

Selling your home is one of the most important financial transactions you will ever make in your lifetime.  Your goal is to get the most money possible from the sale without having to sacrifice high-end expenses such as kitchen and bathroom upgrades you’ve put in to boost the sale price. In your eagerness to sell, however, it can be easy to make mistakes.

While the market fluctuates, right now most experts still see 2019 as a seller’s market, making it easier for you to sell your home at a profit.  Again, don’t let that bit of news make you forget that you can easily make mistakes that can cost you at the time of the sale. Those same experts say that a buyer’s market is right around the corner!

I’ve set my asking price. Now what?

Most homes don’t sell for the original asking price. Perhaps your home is in a great location and in a good neighborhood that’s close to schools, parks, and shopping all the while providing some sense of seclusion?  Good for you; this is a home that will quickly spark a bidding war and send your asking price skyward. But for homes that aren’t completely perfect, here are six ways to successfully negotiate the sale of your home while getting the most from the transaction:

  • Don’t let the buyer get the upper hand. Keep your secrets close to the vest. If you need to sell because you’re behind on your mortgage payments, are getting a divorce, or are planning a move and can’t afford to buy or rent a new place without selling this one, keep it to yourself. Giving leverage to a potential buyer could mean that you take a loss.
  • Work with your bank during the sale. If you are selling because you are behind on your payments and at risk of foreclosure, negotiate with your bank for an extension if possible because it will give you more time to make a sale and you won’t feel pressured into taking the first offer.
  • Use your list price as your counter-offer. If your potential buyer makes a low-ball offer, be careful not to counter-offer for less than your list price for fear of losing the sale. Counter at your list price, or just slightly below it, to let potential buyers know that you intend to stand your ground. If your buyer is truly interested, they will likely come back with a more reasonable offer.
  • Let your home do the talking. No matter how amazing your house may be, there is something completely emotional about purchasing a home, and your buyer needs to fall in love with your place without prodding from you.
  • Stay silent and reject a low offer. If your potential buyer’s lowball offer is well below your asking price, don’t counteroffer, but ask them to make another offer instead. If they want the house, they will raise their offer. Not counter-offering opens the door to accept a better offer from another buyer because you won’t be locked into negotiations with the first buyer.
  • Set an expiration date. If you find an interested buyer who makes an offer and you counter-offer back, give them a deadline for their next “counter-offer.” That will amp up the pressure slightly and could lead to a sale with you getting the price you wanted.

A Chicago real estate lawyer can help you navigate pitfalls

If you’re looking to sell your home, call Auricchio Law Offices today. Our experienced team of lawyers can help you manage the complex laws governing home sales. For more information, please call 312-263-0010 today.

The following two tabs change content below.

Auricchio Law Offices

Auricchio Law Offices in Chicago provides a complete range of real estate services. We facilitate residential and commercial real estate transactions, advise and represent condominium associations, and represent property owners in real estate litigation. Whatever your real estate issue, we will work diligently to achieve your goals in a timely and efficient manner.