On this page, I will share with you a great for sale by owner negotiating tip that I used many times, with phenomenal success. I call it the "No Blink Rule".
The game: He or she that blinks first loses
The objective: Be the last one to blink
The prize: More money and better terms for the winner
Note: If you have landed on this page first, don't forget to check out all the other great free information on this sell my house for sale by owner website.
Let's go back to when you showed the buyers your house. They are now sitting in front of you with an offer in hand.
Did you pay close attention to their body language? Did you observe them touching and feeling various objects in the house?
Did you hear them talk about the use of rooms or placing furniture?
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Don't know what I'm talking about? If you need a reminder go to Reading Body Language
Showings and Body Language
The reason I mention about body language here is you want to have an idea how interested the buyers are in your house.
If they showed several buying signals, you can be much more stubborn on your price and terms.
They want your house and they are going to buy your house and your objective is to use this for sale by owner negotiating tip to get the best price and terms for YOU.
The buyers would still like to negotiate for a better price and terms, of course, so you play the "no blink game" with them.
Your house is appraised at $275,000.00
You are asking $277,900.00
The buyers showed several buying signals
The buyers gave a verbal offer of $265,000.00
You asked them to write it up on paper because you read, The Verbal Offer.
Now I assume that when you reach this point of the negotiation stage that you already have some for sale by owner contracts on hand so the buyer can write up the offer with you. If not, take a look at where to get the best up to date state specific Real Estate Forms.
The buyers returned and you are all sitting at the kitchen table because you studied Kitchen Magic on this page.
In order not to complicate things, we will say everything else in the offer is OK and it is just the price you need to agree on.
Buyer: Doug and Sue here is our offer for $265,000.00 all written up. We had our lawyer look it over and she said everything was in order.
You: I really appreciate your offer, Joe and Mary. I can see you folks would be really happy living here. I know Sue and I sure enjoyed it.
Everything looks great to us but... we need to talk a bit about the price. (Place the appraisal in front of the buyers)
As you can see Joe and Mary, this appraisal was done by a certified professional appraiser, which states this house is worth $275,000.00 in today's market.
We feel that is a fair price and what we expect we will receive for the property.
We would really like to see you be the lucky owners because, we know you would take great care of our house.
DON'T SAY ONE MORE WORD! QUIET! SILENCE! SHHHHH!
This takes nerves of steel. Silence. The air is heavy. You feel like screaming. You want to say something. Wait for it....wait for it.....wait for it.
There is only the sound of breathing. Tick, tick, tick......You get up and get a glass of water and sit down again....tick, tick, tick....
You glance out the kitchen window at a robin pulling a worm out of the front lawn. tick, tick, tick...
Buyer: Could we just have a moment outside to talk for a few minutes?
You: Sure, take all the time you want.
Five minutes passes. The buyers come back inside.
Buyer: We talked it over and we really want this home. I guess we got a deal at $275,000,00.
You: Great. You have made a great decision that you will not regret. You are going to love living here.
Now let's just make the changes here and initial and then we can answer any questions you have. If you would like to take another tour of the house after, that would be great.
Another don't blink negotiation strategy success story. Congratulations!
Will this Work Every Time?
Of course not.
Everything depends on the buyer's motivation. If the buyer's motivation is very high, probably at least 9 times out of 10.
The point to understand here is, if you use the no blink rule, you will end out better off, than if you don't.
You would be surprised how many times that this method will be successful, almost exactly as it unfolds above.
Remember: When it comes to this for sale by owner negotiating tip (don't blink rule), the success rate is directly related to the amount of motivation and desire, that the buyers have towards your property.
That is one reason that the observation of the buyers when they are viewing your house, is so important.
Try a Little Practice
To give you an idea how this for sale by owner negotiating tip might feel, try a little practice before the real deal happens. Have a partner or friend sit across the table from you and do a mock offer.
You can use the script from above to help sell your house. Just change the dollar amounts to fit your own situation.
See how long you can sit there without saying a word after telling the other partner, you are sticking with your appraised price.
When the person sitting across from you is the actual potential buyer, it will feel more awkward than say your husband or wife. This is still good practice and worth the time.
The Bottom Line
If your house and property had a certified appraisal for $275,000.00, should you expect to receive $275,000.00?
Why not? If you sold through a real estate agent you would expect them to sell your property for $275,000.00 right?
The only difference of selling through a real estate agent and selling the house yourself when it comes to price is how much it costs you to sell.
The house and property are worth exactly the same in either case. Make sense? Of course!
One More Thing
When you are sitting in silence, the buyer may start talking about all the reasons they want to pay less. Let them.
You can nod, say hmm, hmm but don't get involved in a conversation. The worst thing you can do, is to start to argue with the buyer.
Do you see how easy this for sale by owner negotiating tip can be? It's not about selling, it's about having the edge.
For More Information about Real Estate Negotiations
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