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Martin MacFarlane: Markham Real Estate Agent | Homes For Sale

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How to Begin Negotiations After an Offer

March 11, 2022 By Martin MacFarlane Leave a Comment

Receiving a disappointing offer from a potential buyer for one’s Markham home can be frustrating. With the help of a realty professional, though, negotiating a beneficial agreement for both parties is a possibility. While remaining collected and civil, there are ways to steer such a situation closer to a seller’s desired outcome. In order to do this, there are a few principal methods of countering offers on a home that are useful to consider.

Countering with a Higher Price or Rejection

Offering a price less than the original listing price is a common reaction after receiving a relatively low offer on a home, as homeowners may be afraid of losing the sale altogether. However, sticking to one’s actual listing price can be the shrewdest method of countering. This shows one knows the value of their former home and will hold out for a price in a fairer range. The fact is that most buyers expect sellers to initiate negotiations, anyways. This means a low initial offer may very well be quite a bit lower than what they are willing to agree on a final price. Besides, someone serious and truly interested in the property in the first place will almost always be up for raising their initial offer to, at least close to, the list price to have a fighting chance at actually buying the home. 

Sellers must feel out each buyer, but many sellers can benefit from staying unswayed in their original price. While some offerers may be discouraged and turn away from the property, waiting out for those more willing to accept a better deal is usually best unless the homeowner must sell right away for personal reasons. Sellers can also opt to counter with an amount only slightly below their original price, should they wish to remain essentially unwavering but also open enough to persuade a buyer.

In a more gutsy move, homeowners can also insist a potential buyer resubmit a better offer, responding by only rejecting the initial proposal and keeping the next move in the hands of the offerer.

Furthermore, it can be beneficial to include an expiration date with a counteroffer price or terms, sending a clear message that, as a seller, one is only willing to entertain offers more beneficial to them. This also clarifies that negotiations need not drag on excessively, wasting the time of both parties.

Offering to Take Care of Closing Costs

Offering to cover closing fees, usually, about 3% of the total closing price, can make a deal seem better for buyers. Though this typically means the asking price is increased to compensate, buyers still often view this seller’s move as more convenient and considerate. Taking a highly persuasive offer a step further, a homeowner can also opt to offer a short-term warranty after selling their former home, usually good for a year after closing. This is attractive to buyers across the board, as it guarantees former owners are willing to take care of the costs of replacing or fixing any appliances and amenities, like the water heater or plumbing. As long as the previous homeowner knows their former property is in good condition, this can be a fantastic offer to secure an agreement with the buyer, while typically only incurring a maximum cost of $500 or less in the following year. 

Contact Martin MacFarlane today for outstanding support through your home selling process, including advice on how best to handle an undesirable offer from a potential buyer.

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