Working and Closing the Deal with Self Seeking Buyers

By: Tom Beaty

Since you are the "for sale by owner" seller, you will often 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.

You can begin with inviting the potential buyer for a second look at your home as soon as possible. You must be sure that the house looks flawless and ready for the buyer even though they may have already seen it. This is crucial because this visit may determine whether the buyer will decide to make an offer towards your home or take his business down the street to another seller.

Be aware of how crucial it is to greet the potential buyer with hospitality and offer them some food and beverages. They must feel very much at home in whatever house they choose to purchase. Give them the opportunity to review each room of the house again. You definitely should not crowd them or hang over their shoulder. It's your duty to make them feel as though they will soon be owners of this house. If they still have interest in your house they will continue asking questions after looking at it. In most cases, if they don't ask questions, they are not going to buy the house. Answer each one of their questions honestly. Let this be your opportunity to set the mood for the negotiations that will occur shortly. Be sure to stay calm and friendly at all times.

If you are fortunate, the buyer will make it clear that they are interested in the house and are more than willing to move on to the next step. Don't be surprised if this happens. In fact, be prepared for it. It is of the utmost importance that the buyer puts his offer in writing. Another way of going about this would be to make arrangements for a contract attorney to negotiate the contract. If you take this route, the attorney will provide you with the appropriate contract forms. Don't forget to give one of these contract forms to the buyer. If you get the impression that the buyer is only interested in talking about the sale, try to stay on the same page as them. You must try to stay calm and collected throughout any discussion about the purchase of the house. Remember, you won't be obligated to anything you talk about until it is in writing.

Your best bet is to avoid negotiating price verbally. More often than not, a buyer will want your bottom dollar price. If they try to negotiate verbally you can always say that before you can think about negotiating price, you must have the offer in writing with documents proving they can qualify for the loan.

Don't forget to stay calm and friendly throughout the negotiation. Even if the buyer makes negative remarks about the price of your home, it's in your best interest not to take them personally. The majority of the time, a "for sale by owner" deal will benefit both parties involved. Because of this, you must not let negotiations get overly heated or personal.

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