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Negotiations When Selling
A buyer is interested in
your property and has made an offer through the estate agent who
showed him your property. First of all, make sure you find out from
the estate agent what precisely the buyer expects to be included in
the price he is offering in order to avoid any misunderstandings (e.g.
furniture, tenancy, etc). You now have the choice of accepting the
offer, or rejecting it and possibly making a counter-offer or just
sticking to your asking price.
The Seller’s Position
What you decide will depend on your circumstances at the time you
receive the offer:
- Are several buyers interested in the property and can you
realistically expect a higher offer?
- Has the property been on the market for a long time without
generating much interest? Is your asking price realistic?
- Are you in a rush to sell your property?
The Buyer’s Position
Be aware that many buyers make offers which are lower than the price
they are prepared to pay for the property, to start off negotiations.
Talk to the agent to get an idea of the buyer’s circumstances (are
they interested in other properties? what is their budget? Are they a
cash buyer? Are they foreign as they will need to get state authority
consent?)
The Estate Agent’s Position
The estate agent works for the seller. He is paid by commission as a
percentage of the selling price so he has an interest in obtaining as
high a price as possible for the property. The estate agent should
know the market inside out so it is worth listening to his advice.
However do be aware that he also has an interest in making the sale
happen, even at a lower price, rather than not happen at all. |
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