Once you have hooked a buyer, you may have to steel yourself for some tough and tense negotiations before you arrive at a price you are happy to accept. Unless there is a lot of competition for properties, your buyer is likely to open the negotiations by offering a low price.
For example, you may think your property is worth £325,000. You put it on the market at £350,000, hoping to attract offers of between £320,000 and £330,000.What you get is an offer of £310,000.
The buyer seems keen, but how do you nudge him towards the figure you want?
The answer is to keep your nerve.
Your buyer knows that the asking price of £350,000 is more than the house is worth. You, the seller, know that it is worth more than the £310,000 he has offered. Now is the time to make sure your buyer knows just how desirable your property is. You must get over the message that if they don't move quickly, the property is likely to be snapped up by other buyers. One technique is to remain incommunicado for a couple of days. Nervous buyers will suspect that you have gone cold on them and may be discussing an offer from another buyer. Try sweetening the pill with an offer to throw in the curtains for free or leave a particular piece of furniture which your buyer has said they like, if they can only increase the offer to, say, £330,000. The buyer will then come back with an offer of, say, £315,000, and you finally settle on £325,000 and everyone is satisfied. |
