If you are thinking of selling your Los Angeles home, or are actually in the process of trying to sell it, you might consider a reverse offer.
What is a reverse offer?
A reverse offer is counter to what normally happens in the home buying process, where the buyer presents an offer to the seller. A house has been languishing on the market and there have been no offers, what do you do. You think of taking control of the reins and make an offer to a buyer. These reverse offers are not new, but at the height of the bubble they were not needed. Now this is a great tool to sell your home.
How should you make a reverse offer?
- Pick your Los Angeles home buyer carefully. You need to make sure that the buyer is really interested because chances are a reverse offer is going to signal desperation on the part of a seller. A rule of thumb would be that the buyer has visited your home more than once. Talk to the agent and gauge their interest.
- Make an offer that is less than the asking price. It doesn’t have to be significantly less but shows that you are motivated and serious about selling. Maybe throw in some items, like the flat screen TV or offer to pay their closing costs or buy down their mortgage interest rate.
- Make sure the buyer’s agent is 100% on board and willing to handle negotiations in this fashion. If not an offer is not going to work.
- Make the offer time sensitive, the shorter the better. This will show that you are serious and that they need to take the offer seriously.
If you are selling a Los Angeles home you have nothing to lose by making a reverse offer. It is going to differentiate you from the competition and you don’t have to accept any counter offers from the buyer that don’t meet your bottom line.
Who knows, the buyer might like being wooed, you may find yourselves coming to a meeting of the mind, selling your home and ending your wallflower status.
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