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Tip No. 21 – Don’t sign a deal on your next home until you close the deal on this one.
If at all possible you should avoid closing a deal on your new home before your present home is sold. The reason for this is that you (in the eyes of the buyer) then turn yourself into a seller who is eager (or desperate) for the first deal that comes along.
Tip No. 22 – Sell before you move out.
Studies have shown that it is more difficult to sell a home that is vacant —it looks forlorn, forgotten, simply not appealing. It could even cost you thousands. If you move, you’re also telling buyers that you have a new home and are probably motivated to sell.
Tip No. 23 – Don’t give yourself a deadline.
Forcing yourself to sell by a certain date adds unnecessary pressure and puts you at a serious disadvantage in negotiations.
Tip No. 24 – Don’t take a low offer personally.
The first offer is almost always well below what both parties know the buyer will end up paying for your property. Don’t get angry or feel insulted; evaluate the offer objectively. Make sure it spells out the offering price, amount of down payment, mortgage amount, a closing date and any special conditions or special requests. This now gives you a point from which you can negotiate.
Tip No. 25 – A really low offer may mean the buyer’s not qualified.
If you feel an offer is far too low, this would be a good time to make sure the buyer has been qualified to carry a mortgage of this size (if you haven’t learned this already). Ask how they arrived at their figure, then suggest to their agent that they use comparables to establish what homes are selling for in your neighbourhood.
Tip No. 26 – Don’t take a lowball offer seriously.
Any unacceptably low offer should not be taken personally or seriously. Rather, it should be countered, even with the slightest of reductions in your asking price. This lets a buyer know that his or her first offer isn’t seen as a very serious one.
Tip No. 27 – Make sure the contract is complete.
The best way to avoid problems is to make sure that all terms, costs and responsibilities and conditions are spelled out in the Agreement of Purchase/Sale. A contract should include the date it was made, the names of the parties involved in the transaction, the address of the property being sold, the purchase price, where deposit monies will be held, the date for loan approval, the date and place of closing, type of deed, any contingencies that remain to be settled, and whether there’s any personal property included (or not) in the sale, among other things.
Tip No. 28 Don’t deviate from the contract.
Resist the temptation to deviate from the contract. For example, if the buyer asks to move in prior to closing, just say no. Now is not the time to take any chances of the deal falling through. If this all sounds like a lot of work, it is. But it’s to be expected when you’re selling anything of such great value. And you’ll thank yourself for all the expense and hard work when the outcome works to your satisfaction.
