Enticements to purchase in a buyer's market (negotiations, agent, second mortgage)

[Zarathu]

OK... I'm not a babe in the woods with sales. Over the past two years, I've sold two of my country properties and purchased another in two different states. I know about the process as both the buyer and the seller in recent transactions.

I'm going to be selling my main residence in the next year and though I have a good deal with it, and don't want a huge amount for it, I do need to have the transaction move along. I'd rather not get my lowest possible bid acceptance. If I got what the guy across the street got with his slightly bigger house, but smaller property, I would be happy.

I have some percs with it already:
arguably the best elementary school in the county(the only National Blue Ribbon Elementary School in the county), a full acre with shade trees and a small pine forest at the back, the lowest school taxes in the county, a desirable well kept neighborhood, a well insulated house with a wood stove that heats it to 75 degrees for only about $600 for the whole winter, with electric baseboard as back up, completely newly renovated kitchen with new dishwasher and floors, new hardwood floors and carpet, renovated bedrooms, 4 bdrs, 1.5 baths both newly renovated, garage, two decks, new roof, etc.

I interested in easily offered enticements that can be made during the negotiation if necessary, such as: paying all closing costs or adding appliances, or throwing in the diesel back up generator.

Thoughts along this line?

Z

[kevin5098]

We're more or less in the same situation. We'd like to sell this summer. One of the agents we interviewed recommended offering a buyer's agent bonus. Agents will often include "bonus" as a part of the search. One way to get your listing to the top of the heap.

[ShannonMilligan]

My thinking is just offer me the best possible price. I don't care about my realtor getting a bonus. I don't care about a fridge. I just want bottom line.

THat being said, we DID offer a $1K bonus to the buyer agent who brought in a buyer with decent offer. This did keep some interest in our property but looking back I wouldn't do it again. That's a real estate agents job-to sell houses. They want paid and that extra $1K didn't do much other than us paying more!

Good luck!

[ShannonMilligan]

Closing costs would probably be attractive to a buyer...But again my thinking is let them ask for it instead of giving it. YOu may end up with someone who doesn't need it, but if you are giving it then I sure as heck would be taking free money!

[LeoVidal]

My research indicates there are two big things that work to entice buyers: price and financing. Many people are selling their homes by offering seller financing. This isn't for everybody, but it works. Other than that it's a matter of hitting the hot buttons of your buyers: what is most important to them.

[Zarathu]

Originally Posted by LeoVidal

My research indicates there are two big things that work to entice buyers: price and financing. Many people are selling their homes by offering seller financing. This isn't for everybody, but it works. Other than that it's a matter of hitting the hot buttons of your buyers: what is most important to them.

Seller financing doesn't help me, since I really need all the money, and I need it right away. I'm moving far away, and I need a certain amount to pay off the mortgage in the other place, and a certain amount for some renovations there, and a little bit as a cushion in retirement.

Even if I did work it out, I will be too far away to easily deal with it if they default, and in worse shape if they trash the place before they default. However, IF they would only need a second mortgage and that amount didn't take the amount we actually get from their bank below the minimums that we need, then it would be the same as getting what we need with the potential of getting more. And if they default on it, well, no big deal.

Z

[Silverfall]

It's all about the price. Forget the enticements and go with an exceptionally well priced home.

[rjrcm]

Originally Posted by kevin5098

...Agents will often include "bonus" as a part of the search. One way to get your listing to the top of the heap.

And how do you know this? Perhaps a small minority focused on the money and not their clients. As mentioned, offer the best price.

[mainebrokerman]

advertising/marketing makes all the difference in the world-all it takes is just that one person (or couple) to say, i think thats the home for me (us)

for advertising/marketing, you not only need the mls/realtor.com but some creative marketing helps

i see homes for sale on youtube, craiglist, and don't be afraid to print out a picture of your house (with info) and post it in local stores, many folks may be in the area looking at houses, you may have renters in the area thinking of housing, you may have people from away interviewing for a nearby job- all that may stop and look at a posting of a home for sale in the area, you may have relatives coming to visit in the area that want to move nearby

many brokers dont like push for open houses, but i like them, for folks that are in the area, that may be looking,

if you are in an area, of big businesses nearby, that employees relocate to-fax over an info sheet to the human resource person (with a restaurant gift certificate)

[kevcrawford]

Price is the ONLY way to really stand out. Bonuses, closing costs, etc., all fall a distant second to price.

Now, once you get into negotiations, if you get stuck on a price, THEN you can start offering things to make the deal happen. You and your agent just need to pay attention to the buyer though. Each buyer is different. While a generator may work for one buyer, the other may want a fridge or flooring allowance. There's no "one size fits all" in this.