Negotiating with Buyers

Seller Negotiation Strategies

Don't talk too much. Keep a poker face, but remain pleasant.

Timing is important. Don't rush back with a counteroffer; that indicates desperation. If you wait too long, the buyer may think you're not serious and pursue other options.

Let buyers know other buyers are interested in your home. 

Negotiation

Agents can be very helpful buffers between you and the seller to keep emotions from getting too high. You may have put a lot of emotional investment and sweat into your home, and it's easy to feel insulted by what you see as a low offer. Agents have a lot of experience in getting two parties to agree on one price.

It's a broker's maxim that "Your first offer is your best offer." That's true in many cases. But a first offer is, after all, a first offer, and you'll probably get a second and third offer from the same buyer, if you remain flexible. 

Buyer Motivations

Buyers' motivations may play a strong part in the back-and-forth. Some are in a hurry because they are relocating. Others have time because they're planning ahead for a bigger family. Some may be tired of renting, but not so tired that they'll pay any price for a house. But don't equate motivation with desperation
 

Lowball bids

A lowball bid is one that insults the seller. It's hard to quantify as a figure; it could be 10% to 25% below list price. It depends a lot on you, too. An occasional buyer may be insulting your intelligence, but he's not insulting your house, your mother, or your country. A buyer may think you are desperate, or a buyer may love your house but not be able to afford your asking price. If you assume the best of most sellers and remain willing to negotiate, you may work the price up to one that's acceptable to you. You have more options than either rejecting the offer outright or making a counteroffer exactly halfway between the offer and the list price.