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Whether you’ve never bought and sold a house or you’ve done both a dozen times, taking part in the real estate negotiation process can be tricky. Your Texas Realtor is there to guide you,but here are some do’s and don’ts to help you get started.

Don’t trust the Internet

There are plenty of online sites that tell you what a property is worth. Unfortunately, they are
not always accurate. The only way to get the best information to have the strongest position in
real estate negotiations is to use a Texas Realtor. Texas Realtors have access to accurate data
about the current market and recent sales to help you come up with the best offer price.

Don’t automatically reject lowball offers

When you’re selling your house, you may think it’s a waste of time to consider an offer that is
way below the sale price you expect. Rejecting these offers outright means you won’t ever
find out how close to your asking price the buyer was willing to go. You also can take that
opportunity to negotiate a deal that includes other favorable provisions in addition to the
purchase price.

For example, maybe the buyers are flexible about closing dates or the offer isn’t contingent
upon the buyers selling their own home. You can also have your Texas Realtor invite the
buyers to submit another offer. Only Texas Realtors are authorized to use the Texas
Association of Realtors Seller’s Invitation to Buyer to Submit New Offer form, which allows you
to indicate what would make the buyers’ offer more attractive. This form isn’t a counteroffer;
your property can remain on the market and you can consider other offers and accept another
offer even if your Texas Realtor uses this form.

Do get it in writing

Although it can be more efficient for buyers and sellers to verbally negotiate the terms of a
contract, don’t forget that real estate contracts must be in writing to be binding.

By Kim Patterson