The Insider's Guide To Selling Your Home By Owner- Rocio Fausto I | Page 51
are likely to come back to you with a much higher bid.
As always, there are two sides to every coin. In the event
that the bidders really do want your property, out of all of the
other properties available, this procedure can work well.
However, you are liable to lose the deal if this is just a
person gobbling up cheap real estate the way some people gobble
cookies. While that may seem bad at first, in retrospect it leaves
you completely open to better offers in the future.
Useful Tips
It’s most desirable to use this approach when your home is
fresh on the market or if you have an open house scheduled
soon.
Keep in mind that whole legal counter offer thing-a-ma-jig,
too. The instant you make a counter offer to a low bid, which
could just be a real estate gobbler on the prowl, you’ve tied
yourself to dealing only with that bidder until you come to a
consensus.
During the time that you and your bidder are coming to a
common decision, you can’t entertain any other offers. That
wastes your valuable time, and could cost you better bids.
Negotiation Technique #3:
Bring on the bidding war.
Did you know that there is such a thing as a bidding war?
This is usually a carefully crafted situation that can literally bring
the bid on a home above the price the homeowners are asking for
in the first place.
Here, allow me to explain how this can happen.
The Process
The first thing that you do is to put your desirable home on the
market.
Ideally, you also schedule an open house for just a few days
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