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Seller Etiquette: How Long Should You Mull Over an Offer?
Mansfield homes for sale have gotten plenty of attention in recent weeks. Sellers are moving forward with their plans. And, drawn by historic low interest rates, buyers are bidding on homes that excite them. Our REALTORS® know now is a great time to be a seller! To get the best value for your home, it's important not to forget the buyer-seller relationship is a two-way street. Buyers should bring serious offers to the table – and sellers should give them due consideration.
It's all about etiquette. And that's especially true in the negotiation phase! Seller etiquette might not seem that important at first, but it really makes a difference. Sellers often feel better when they find a buyer they trust, especially if they're selling property that's been in the family for a long time. Buyers, in turn, are more likely to help you out if you have a strong rapport.
Let's look at common points of negotiation etiquette every seller should know.
- Respond Quickly to Offers
Just like sellers, buyers are often on tight timelines. They may have financing agreements that require them to move fast, and no one wants to start that process over! With that in mind, always try to respond to an offer within 48 hours. If you can't respond by then, touch base to give an estimated timeframe. - Don't Take Low Offers Personally
Remember: You might be working with a first-time homebuyer who doesn't know all the ins and outs – that's where a great deal of "low-ball" offers come from. Take the offer to your REALTOR® so you can put your heads together on a negotiating position. Many buyers will be willing to work with you. - Be Open to Reasonable Requests
Lots of buyers are spooked by "as-is" homes, and most insist on a home inspection before they're ready to move forward – in fact, the bank may require it. To keep negotiations from breaking down, it's wise to be open to reasonable repair requests. That's especially true if they affect a home's livability. - Put Counter-Offers in Writing
For buyers and sellers alike, it's the unknown that drives the most stress in real estate. In negotiations, the effect of ambiguity is amplified. With that in mind, a text or call is no way to deliver a counter offer – even if you're trying to save the buyer's time. Put it all in writing so there are no misunderstandings. - Set a Deadline on Your Offer
You're doing your part to respond to offers within 48 hours – shouldn't the buyer do the same? It may be smart to give buyers a little extra time (say, 72 hours), but the basic principle stands. By putting a deadline on your offer, you keep the process moving. That's fairer to everyone. - Take a Breather if You Feel Emotional
Emotions can run high in real estate. Buyers may "fall in love" with a property, while sellers often fret that the value of their home isn't fully appreciated. If tensions erupt, step back. The proven way to maintain a professional mindset is to get an expert perspective from your REALTOR®.
When you practice good seller etiquette, you are helping buyers keep their stress levels down. Showing them their time is just as valuable as yours can smooth the path to a closing day everyone is happy with.
Of course, etiquette is only the beginning. Selling can have twists and turns, and it might even call for a tough negotiating approach. When uncertainty rears its head, an expert REALTOR® is your ally and guide. Contact us at Haring Realty to find out more.