How to negotiate a house sale

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Once some offers have been made on your house, you’ll have to negotiate a house sale so you can settle on a final price. An initial offer may be below the asking price, so you might want to negotiate with the buyer to meet somewhere in the middle and agree on a final price that you’re both happy with. Regardless, as the seller, you’re in the stronger position – you don’t have to accept an offer that you feel is too low. At SellMyHome, we list your property on all the major portals for 12 months – so there’s no immediate rush to accept the first offer that you’re given.

Accepting Offers

While it might be tempting to immediately accept the highest offer you are given, this isn't always the best option – it’s important to keep in mind which buyer is in the best position to buy, so be sure to find out whether or not they’re a cash buyer, if they’re part of a chain and how quickly the buyer is looking to move house.

The higher the level of interest in your property, the higher the price you’re likely to get – and if the potential buyers are aware that there’s competition for the property they’re likely to bid higher - so if lots of people are keen to purchase your house, it can be in your best interests to make the level of interest clear to prospective buyers during the negotiating process to give them a bit of a push towards putting down their best offer.

Legalities

Until the exchange has taken place nothing is legally binding, so the offer can still legally be withdrawn by the prospective buyer after it’s been made. Likewise, someone may make a higher offer after you’ve already accepted one. While you are in your rights to accept the higher offer as you’re not in any way legally bound to the original buyer, it’s best to give them as much warning as possible before they spend money on legal fees, as this can be costly and time consuming.

Negotiating a house sale can be a stressful part of selling your home, but we’re happy to carry out negotiations on your behalf if you’d prefer – just ask your dedicated account manager.

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