Have you suddenly found your home to be a hot ticket among buyers? Remember not to manipulate buyers into purchasing your house.
In a seller’s market, the homeowner has the upper hand, in that a lot of buyers are clamoring to own his property. While this may seem like a dream to any seller, it can also get confusing, as you have to go through a lot of legal and ethical issues to find the right buyer to sell your home to. Here are some tips on being a smart seller.
1. Get a home inspection for your home, and disclose any essential findings that come up. In doing so, you are able to gain the buyer’s trust, while also avoiding lawsuits that can follow if they buy your property in good faith and find problems with it later on. With an inspection, you also have the option to repair anything that needs fixing, and adjust your price accordingly.
2. If you’re not interested in a certain buyer’s offer, don’t lead them on just to encourage others to bid. You will come off as a dishonest seller, and news about this can travel fast, courtesy of well-meaning agents who are only trying to help their clients buy a house for sale.
3. Work with your agent, not against him. There are buyers who may try to surpass your agent by coming directly to you with an offer. You are free to talk to them, but do not make a deal with them without your agent’s knowledge. Even if you manage to strike a deal with a buyer, you’ll still have to pay your agent’s commission, and then there’s the possibility of facing a lawsuit.
4. Don’t dismiss a reasonable offer right away, hoping to score an even bigger offer from another prospective buyer. If the buyer was produced by your agent, you’ll owe your agent the commission he is due for holding up his end of the bargain. If you decide to go for another house buyer, that’s another full commission that you have to hand over.
Any seller hopes to find a buyer that will purchase their home for the price that they have set. However, as important as it is to get the price that you want, it’s just as necessary to not take advantage of a buyer’s eagerness to purchase your house.
Jillian Cariola, Writer
(cover image by Steve Woods)