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Home Sellers: It's Time to Turn the Tables on Offers

If you are a home seller in the current market, you know how frustrating it can be to sit back and wait for a purchase offer to come in. You may have even had buyers come back to look at your home more than once, but you still do not have an offer in your hand. It can be frustrating as well as frightening. You probably wonder how long you will have to wait before you actually receive and offer.

Why not make one of your own?

That is exactly what some home sellers have decided to do when they grew tired of waiting for an offer to come in on their homes.

Does the thought of that sound crazy to you? Well, to be certain, it is revolutionary and unconventional, but as many home sellers point out, desperate times call for desperate measures.

Here's how it works. Instead of waiting for a home buyer to make an offer on your home, you make them an offer to buy your home. This revolutionary real estate tactic is known as a reverse offer and it is definitely gaining in popularity.

Keep in mind that a reverse offer is not the same thing as a counter offer. A counteroffer occurs when a buyer has already made an offer on your home and you counter back with a different offer. With a reverse offer, the home seller rather than the home buyer initiates the first offer.

Reverse offers are usually best used when a home buyer has show a higher degree of interest in your home than other buyers. For example, if they have scheduled a second showing, then you might consider making a reverse offer. Of course, it is best to give them an opportunity to make an offer on their own but if a week or so have gone by and you do not yet have an offer in your hands, then it may be time to think about a reverse offer.

A reverse offer could be just what is needed to get the buyer off the fence. Perhaps it was just some little something that was holding the buyer back. Maybe they are just concerned about the current market and still aren't quite sure yet whether they are ready to make a commitment to purchasing a home. The truth of the matter is that home buyers can be held back by any number of reasons. The best way to counter that problem at the current time certainly seems to be to make a reverse offer.

The key to reverse offers in most cases involves the home seller making some kind of concession. For example, you might agree to reduce the asking price or making some type of improvement to the home. The real idea is to dangle some type of irresistible carrot below the nose of the buyer to encourage him/her to get serious about buying your home.

Of course, you should keep in mind that when you make a reverse offer, you are letting the buyer in on the fact that you are anxious to sell your home for some reason. As any successful negotiator knows, this is not the best way to start any negotiation, but if you truly need to sell your home soon, then this may be a good option for you. It should also be kept in mind that if you are truly desperate to sell your home, that is going to be revealed no matter what you do. There is probably no easier way to tell buyers you are desperate than to drop the price of the home. A reverse offer might tell the buyer you are desperate but it also gives them incentive to buy as well.

When considering a reverse offer, make sure you keep in mind that you cannot make your way around the buyer's agent, if he is working with one. Make sure that you keep everything up for the best results.

Finally, make sure you talk to the buyer's agent to determine if you can find out what might be holding the buyer back. This will allow you to custom design the offer to meet those objections and hopefully overcome them.



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