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Often, post inspection negotiations can be hard on sellers. They may feel like the buyers are dissecting their home or trying to score an even lower price. However, it doesn’t have to be that way. If you go into these negotiations with a level head and the right attitude, you can help strike a deal that makes sense for both you and the buyers. Follow these tips to learn how to come out of post-inspection negotiations feeling good about the end result.
Take Alternative Offers into Account:
Sellers need to take another hard look at any other offers they’ve received in the past. If the other offers were lower or a similar price to the amount you’d pocket after granting a post-inspection price reduction, then accepting a post-inspection price reduction is a no-brainer. If the other offers would have ended up in you receiving a lot more money, it may be worth it to walk away and put your home back on the market.
– Earl White, Vice President, House Heroes, LLC
Prioritize items:
If a buyer has a laundry list of items they want to be corrected, let the agent know you cannot correct all items. Divide the items into two lists, those items that are actually critical to the buyer being able to move-in, and the ones that are cosmetic. For example, fixing the heating or AC versus stopping the sprinklers from leaking. Then, focus solely on the critical items.
– Manjit Singh, agent, Reali.com
Be Open-minded and Factor in Emotions:
First and foremost, when it comes to negotiating, sellers must be open-minded and able to consider the buyer’s point of view. Often times, egos can get involved and that’s where you face challenges. When it makes sense, I’ll propose my clients agree to small, inexpensive requests to show the buyer that they’d like to come to an agreement. The home selling experience is an emotional process, but it’s also a negotiation. Both sides need to work together in order to move forward.
– Dan Rivers, Realtor, Maven Realty
Consider offering a home warranty:
A seller may find it beneficial to offer to pay for a home warranty for the buyers in lieu of certain repairs or a drastic price reduction, especially where older-but-functioning systems are concerned. The cost of a home warranty can vary, but for $500-$1,000, the seller can help alleviate some of the buyers’ concerns and show that they stand by the property without digging further into their pocket.
– Rick Baker Jr., Vice President, Cusack & Associates
Don’t be Afraid to Walk Away:
It’s easier said than done, but this is definitely the key in negotiations. A deal can go sour quickly if you’re desperate. It can lead you to agree to terms or pricing that you don’t actually want and, in the end, you might end up feeling taken advantage of. Don’t be afraid to walk away from a buyer that is pushing you close to the edge of where you feel comfortable.