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Speaking With An Self-Seeking Buyer And Knowing When To Close The Deal

Feb 2, 2008
Since you are the "for sale by owner" seller, you will frequently receive phone calls from potential buyers with inquiries about the home for sale. When you Get a call from a potential buyer who has seen the house within the past few days and wants to learn more about the house, you know you are on the right track. More often than not, they will want to see the house one more time before they make their final choice. There are still many things you must accomplish in order to acquire a written sales contract.

The first step is inviting the potential buyer back as soon as you can possibly manage. Make sure the house looks perfect and ready to be shown even though the buyer has already seen it once before. This may be the visit where they will choose to either make an offer to purchase your home or go down the road to another house where they were interested in taking a second look.

It is vital to greet the potential buyer warmly by offering a refreshment, such as tea, coffee or a soft drink. You want them to feel very much at home. Give them another chance to look around the house again, but you shouldn't hang over their shoulder. Give them the chance walk freely through the house and feel as though they will be the owners of this house. If they are interested they will probably want to ask more questions after looking at the house. If they don't ask any questions, they most likely are not going to buy your house. When they do ask questions, it is vital to answer the questions honestly. This is your chance to set the pace for negotiations. The best approach is to stay calm and be friendly.

If you are lucky, the buyer will just come right out with the fact that they are interested in the house and may ask for the next step. You should always be prepared for this. It is vital that the buyer put his offer in writing. Another option is to make arrangements for a contract attorney to negotiate the contract, in which case, the attorney will provide you with contract forms. Be sure to give one of these contract forms to the buyer. If the buyer seems to only want to talk about the sale, you want to stay on the same page. Keep the discussion friendly about the purchase of the house, but keep in mind, you are not obligated to anything you talk about unless it is in writing.

You should probably avoid negotiating price verbally. Usually, a buyer will ask for your bottom dollar price. You can respond by saying that before you can consider negotiating price, you will need to see his entire offer in writing and proof they are able to qualify for the loan.

Ultimately, you must remain calm and friendly. Don't take any negative remarks personally about the price or your house. Generally, a "for sale by owner" deal will be a beneficial situation for both parties, so don't allow negotiations to become overly heated or personal.
About the Author
Tom Beaty offers Delaware Real Estate information for buyers and sellers. Don't buy or sell without visiting this Blog or it could cost you: Delaware real estate
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