You’re ready to list, but are you ready to sell? Let’s say that on the first day your home is for sale, your real estate agent shows it to some prospective buyers. They love it, and sign a purchase offer on the spot. You were asking $145,000, and they offer $142,900. Because they are relocating, they need an answer right away, by 6 p.m. today. What do you say?
You don’t say, “We just can’t give you an answer that soon.” These buyers are motivated and prepared to buy your home, with a written offer and earnest money deposit.
So how do you make up your mind so quickly? You must simply decide what your rock-bottom price is before your home is even shown. Be prepared to negotiate on-the-spot by first asking your agent for a “net sheet” based on your asking price.
The sheet will show what expenses must be paid out of the gross sales price, for example: closing costs, brokerage fees, the payoff of your existing mortgage, tax pro-ration, deed preparation, home warranty, etc. This will show the resulting “net” proceeds that you will receive at closing.
Next, ask your agent to figure other net sheets based on receiving 95 percent and 90 percent of the asking price. This helps you determine the absolute lowest offer you can accept. Once you know that figure, you will be prepared for all possibilities.
Contact the Kathy Henne Team RE/MAX FINEST by calling (937) 778-3961.