Distressed sellers assume they are at a disadvantage.
Even before they put their properties on the block, they believe they’ll have to compromise for one reason or another. Here are the top four reasons as to why they carry this misconception:
They are in a hurry and they panic when they realize nobody wants their properties. So from the very beginning they feel themselves reeling under a lot of pressure and unfortunately, many of them succumb to it, losing a lot of money in the end.
Here at White Sands Property Solutions, we hear these stories every day because we work with a lot of distressed sellers on a regular basis. If you are one of those, you need to understand one thing very clearly – you can sell your home quickly and net top dollars by going into negotiations with buyers fully prepared.
Negotiation is a skill that can have a huge impact on the outcome of the sale. We would like to share some negotiation tips, so that you can get the most for your house, even if you have to sell fast.
Talk less, listen more
You are going to have to answer one question sooner or later – “Why are you selling?” If you give an impression that you are in a hurry then it’s going to cost you big. Come up with a reason that doesn’t make you sound like you are a distressed sellers and stick to it throughout the property transaction process.
Another important thing is not to share the details of your personal life with buyers and real estate agents. If you are going through a divorce then try to keep it to yourself. When you are at a disadvantage , the best strategy in negotiations is to talk less and listen more.
Understand the legalities
If you are selling because the bank is foreclosing your property, then try to understand how the foreclosure process works in Colorado. Most sellers panic as soon as they get the first notice from their banks. Try to find out how many days you have got and even negotiate with the bank to give you some additional time.
You will sound desperate if you try to put too much stress on the nice features of your house. Many people make the mistake of being desperate when tying to “prove” the place is worth the asking price. It comes off as needy. Most home owners get a professional home inspection conducted in order to understand the property’s condition. Show the buyers around the house and let them decide.
Instead of lowering your asking price too much, try to offer incentives, like sharing closing costs with buyers. You can also offer your agent an incentive to sell it above a certain amount by a certain date.
We don’t guarantee that these strategies work every time, but they do more often than not.