Hi I’m Marcie Billen with Rüya Team Realty and Keller Williams Mulinix here in Norman, Oklahoma. This is Part 3 of my Seller Series and if you missed Part 1 and Part 2, be sure to check those out!
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Let’s Talk Negotiations
What’s the best way to negotiate the sale of your house? It’s your intention to get as many showings as possible in the first week your house is on the market, right? We know that you’re going to need a certain number of showings of qualified buyers on your house to get your house under contract. This is statistically speaking, so if buyers are lined up outside your door to get in your house, don’t you think you’re going to have more offers, and probably a higher price in that first week? Because let’s face it, you put in a lot of work to make your house look really amazing.
Generating Interest
If buyers are lined up outside your house to get in for a showing, don’t you think the perception is going to be that your house is priced well and it’s in amazing condition? The other perception is of course, that it’s going to sell quickly and it’s really popular. The perception could be that it’s going to sell fast and maybe for asking price, or possibly even more than asking price. Negotiations are not just your realtor or you, as a for sale by owner, talking to the other agent, putting terms in place for the contract. Negotiations are a system that you can implement that’s used to present your house to the public and create the reality that you want to create for your house.
Research shows that you’re going to get more money for your house in the first two weeks on the market than at any other time.
Appraisal
The last portion that you’ll have to negotiate on your house is of course, the appraisal. I get a lot of questions about appraisals and when they should be done. Here’s the thing, if you live in a “normal” neighborhood and you can find a house that’s very similar to yours, maybe several – hopefully several, and you can compare your house to those, and they’ve sold in the last year, then you can pretty accurately come up with a price for your house that a buyer is going to be willing to pay. In that respect, there’s no reason to get an appraisal before you actually put your house on the market. If a buyer is getting a loan to purchase a house, then they typically have to get an appraisal before they close on the house. If the buyer pays cash, they don’t actually have to have an appraisal.
Appraisers are chosen from a pool of appraisers at the bank, so no one gets a choice in that. The bank doesn’t really get a choice, the buyer doesn’t get a choice, no one gets to choose their appraiser – it’s a lottery system, but you know what? Buyers are really savvy so they typically know if a house is overpriced, right? They have access to the internet just like you do. Ensuring your house is not over priced and it’s fully ready to enter the market means that a buyer shouldn’t have any problem paying asking price for your house.
