Hello, Vishen here, writing from Tajikistan!
One of the biggest challenges of selling a house without a real estate agent is knowing when and how to turn down an offer. The former, of course, is like going shopping for shoes and finding a pair that seems suitable but you still end up reluctant about buying it because you’re thinking you might find something better in the next boutique. The latter, is of course, knowing that you should move on to the next boutique because there is definitely something else better in there.
So without the professional chops for it, and as you’ve read here at ProFraternity from guest bloggers, plus a lot of the agents’ experience at doing it, how do you know which offers are actually worth your time and how do you turn down those that prove to be otherwise?
Here are some great tips:
A bad offer is always something that goes way too low than your acceptable range.
This is a no brainer, but somehow, many of the homeowners trying to sell their homes seem to forget about this one basic and important detail. That is why it is very important to have a price range rather than a fixed price. When it comes to selling a house, you can hardly sell a house at the exact amount you’re selling it. Agents will bargain. Buyers will bargain. So set a bargaining range and never accept anything that would go lower than your minimum.
When turning down an offer, always be honest about your reason.
Don’t make up stuff, especially if you’re not a good liar. If you think that the unit you see is below par, then be honest about it. Behave like a professional and your prospective buyers will respect you for it. If their offer is too low, say so. Be honest – albeit tactfully – about it.
Sometimes, it’s not the offer but the buyer that’s worth turning down.
A prospective buyer who tries to bargain low and says a lot of bad things about your house to the point of making the house look like it’s not worth anything at all is a bad one and deserves to be turned down. Go for an offer that comes from someone who displays real interest and respect for your home and not just someone who would not stop at anything just to get a huge slash off the price tag.
It is only challenging, never impossible. Learn how to say when and how to say no in order to make up enough space for better offers, and relatively better buyers.
Article contributed by Vishen “Lucky” Mani, real estate agent, and ex-president of ProFraternity Global. Plays the “Om Harmonica” expertly.