In recent years, more and more investors in the real estate market are getting excited and blowing the deal when they hear they have a possible buyer for one of their renovated properties. In fact, this is becoming somewhat of a trend. Investors need to slow down and take a step back for a moment to ensure the deal goes through with positive results for everyone involved.
A Right Time for Everything
Selling a home these days is not an extremely easy thing to do. Therefore, it comes as no surprise that investors get a little anxious when a potential buyer expresses an interest in his or her property. However, this is not the ideal time for negotiations.
For instance, say you have a property that has been sitting on the market for quite some time. A real estate agent calls you up to tell you that they have a potential buyer who is interested in your property. At first, you may want to ask questions such as, “How much are they thinking about offering?” or “How fast can we settle?”
You do not need to be having these conversations at this time. If you take this approach, the deal is going to blow up right in your face before you ever get the contract signed. When you learn someone has an interest in your property, the only thing you need to say is “Good, I look forward to reviewing the offer.”
The primary objective at this time is to get the real estate agent to get an offer for you. It does not matter right at this moment how much the offer is or what type of contributions the buyers may want. Nor does it matter how soon the deal will be settled. Nothing up to this point should even be considered a reality until you have it in writing.
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Tags: Property, Property Investment, Real Estate, real estate agent, Selling a home
{ 2 comments… read them below or add one }
Hi Sean,
If it’s not in writing, it didn’t happen. I don’t know how many times I’ve heard this but it’s true. This is one of those times you need to hold your tongue and not give anything away.
Thanks for the tip on selling a home. It’s a basic mistake that I’m sure a lot of people make out of wanting to sell their home.
Great points here. I can see how when selling a home you just want to get it done and the sugar in the bank. Taking the time to think how the buyer is feeling may help you slow down alittle.