Selling Your Home? Understanding Why a Buyer Might Withdraw — and How to Win Them Back
It may seem like the hard part is over once you’ve received a few offers on your home and are preparing for the negotiation process. Unfortunately, anything can happen until the papers and signed and this means that potential homebuyers can back out. If you’re dealing with a wavering bidder and are wondering how you can win them back, here are some reasons they might withdraw and how you may be able to win them over.
The Price Is Too High
It’s possible that when it comes to negotiating, many interested parties will offer to put down a little more than they otherwise would have; however, when it comes to sealing the deal, they may realize the price is a little higher than what they wanted to spend. Instead of letting the negotiations fall through, consider lowering your price slightly to give the potential homebuyer a hook. You don’t have to lower your price by a significant margin, but it will let them know that you’re still interested in selling to them.
An Unresponsive Negotiation
The power may be in your hands when someone is interested in your home, but it’s still very important to stay responsive so that you can ensure a potential homebuyer won’t lose interest. If you may have rubbed someone the wrong way with a slow response time, ensure that you reach out and keep them aware of the process and your timeline. It may seem like a small gesture, but it means a lot to someone who is interested in your home and may be working under a time crunch.
Still Not Convinced?
There are a variety of reasons that a homebuyer may withdraw from negotiations, whether it’s the neighborhood or too much home or they’ve found a better deal. But, if you’re really interested in the offer you’ve received, you may want to consider offering a little extra in order to win them back. Whether you decide to pay their closing costs or provide a closer move-in date, there are plenty of little things you can do that will make them re-consider their options.
There are many reasons that a buyer might withdraw their offer on your home, but by being communicative and offering some extras you may be able to re-negotiate a deal.
The prospect of finding the home you’ve always dreamed of can be such an exciting prospect that it’s easy to forget all about the process of negotiating. However, it’s important to keep a few things to yourself when it comes to the art of making the deal. If you’re currently searching for the right place and are preparing to sign on the dotted line, here are a few phrases it’s best to avoid.
With all of the care and consideration that can go into deciding if a home is the right fit, it can add a wrench to the mix to realize that you may not have a lot of time to put in an offer. It’s certainly important to weigh all of the factors of buying a home before deciding to put yourself in the ring, but here is why you’ll want to come to a conclusion quickly when it comes to a home you love.