Real Estate of Mind - Turning an Offer into a Sale - Hawaii News Now - KGMB and KHNL

Real Estate of Mind - Turning an Offer into a Sale

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HONOLULU (HawaiiNewsNow) - In this economy, everyone is looking for a deal. That's important to remember if your have your house on the market, because it's likely you will receive some low-ball offers.

Kehaulani Breault of Coldwell Banker Pacific Properties offers some great tips on how to turn an offer, no matter how low, into a sale. 

  1. Offers are just the beginning of a negotiation.
    • A buyer has looked at your home and is interested in buying it.  A buyer will sometimes offer less than asking price based upon information they have gathered.  Especially in today's market, buyers do not want to risk overpaying.
    • Don't let your emotions cloud your thinking.  If you receive what you think is a low-ball offer, it can make sense to counter it.  Some sellers are immediately insulted and negotiations do not go forward.  Many times, through negotiation, an initial low ball offer can become more in line with your price objectives.  
  2. There is more to an offer than price.
    • Financing is critical.  You want to do what you can to ensure that the buyer will be able to get to closing on the sale.  We are seeing higher fall out rates due to financing than we have in years.
    • Contingencies can make an offer less attractive.  Be sure to talk with your listing agent to make sure you understand the risks.
    • Timing may be important. Your flexibility on timing could benefit you in other aspects of the deal.  
  3. If you have prepared your home well, and priced it right, you could receive multiple offers.
    • We are seeing these frequently in today's market.
    • Preparing your home and pricing it well can cause buyers to "bid up" the price in order to try to "win" your home over others.
    • Working with your agent, you should have a plan in place for reviewing multiple offers and how you will decide which to accept.
    • Taking a back up offer is typically a good idea because of potential fall out