If you’ve decided to sell your home, chances are you’re caught up in a horde of emotions. You may be looking forward to trading up to your new dream home or facing the uncertainty of a major relocation to another city. You may be hesitant to leave your memories behind or keen to start a new adventure.
Whatever turbulent emotions you’re experiencing right now, you need to be clear on exactly what’s motivating you to sell your home.
Why? Because, the reasons and motivations for selling a home can be many and varied. Most potential home buyers know this and will be quick to ask, “Why are you selling.” How would you reply to that question?
Sometimes the potential home buyer is just being nosy. However, in most cases, the home buyer has good basis for wanting to know the motivating reasons for the sale. The home buyer will want to know what’s wrong with the house for sale – if it is so good why are you selling?
Both the real estate agent and the home buyer know that your level of motivation will be the driving force in the house sale. They will want you to reveal how urgent the deal is and how negotiable and flexible you are with the sale of your home.
Are you desperate and willing to sell your house at any price? Have you already made a conditional offer on another house? Are you relocating to start a new job in a new town? Have your family circumstances changed? Those are the types of questions that can reveal how motivated (or desperate) you are to sell your home. They can have a big influence on the final outcome in terms of the conditions of sale and the negotiated price for your house.
That’s why it is really important to decide exactly what you are going to tell a real estate agent or a potential home buyer. Decide exactly how motivated you are to sell, before you put your house on the market. Think of how you are going to answer each question before it gets asked.
Although you should always be honest… by saying the wrong thing, or a simple “slip of the tongue”, could cost you dearly. You will need to choose your words carefully. Decide how much information you are willing to give without revealing too much, or misleading, or deceiving the agent or the home buyer.
So the critical first step is to decide how motivated you are to sell your house. Which of these 3 groups do you fall into?
1. VERY MOTIVATED
You have no choice but to sell your house and you will experience a great deal of pain if you don’t. Your negotiating position is weak and there is normally a deadline. Your reasons are likely to be:
· The Bank: you cannot afford to keep your home
· Divorce: your income’s now split, you or your spouse want out
· Job Transfer: you are moving to another town or city
· Death/Illness: emotional reasons
2. MODERATELY MOTIVATED
You are reasonably keen to sell your house. You are in a better negotiating position and your reasons are likely to be:
· Upgrade: you want a better or bigger home
· Downgrade: you want a smaller or cheaper home
· Change: you want a new challenge
3. NOT MOTIVATED . . . BUT COULD BE!
You will sell if your circumstances are exactly right. For example, someone offering you an over inflated price for your home. You are in the position of either taking it or leaving it. (You are a real estate agent’s nightmare!)
As the old saying goes, “It takes two to Tango!” The best deal in real estate is usually a WIN-WIN arrangement, with benefits for both the home buyer and the home seller. This type of deal usually involves a “willing buyer” and a “willing seller.” Both home buyer and home seller need to have the motivation to complete a successful sale