The purpose of this blog is to help you understand if you are selling your home. One thing you need to take into consideration if you get an offer is how QUICKLY you need to RESPOND.
I am not saying you need to respond within minutes. But, if you have an offer and you want to wait a day or maybe two days to respond, what happens is the buyer’s (the people who are making the offer) emotions start to go up. Whenever buyers don’t hear back in a timely manner, their emotions go down.
You (as the seller) need to use the “Momentum of their Emotions” to make these decisions. The LONGER it takes for you to make a decision, the MORE their emotions take control of them and then they become LESS CERTAIN about the purchase. The potential buyers start to second guess themselves. “Are we making a mistake? Did we paying too much? Should we have done this? Should we have done that?”
I see this when I go into a listing presentation and the sellers say they “want to X amount of money.” A couple of days later, their home is listed on the market. They receive an offer and then the sellers start thinking they want more. That decision delays out. The sellers start thinking longer and longer.
What this does to the buyer is causes them to second guess. Their certainty drops and when certainty drops, people shop. They are now going to shop around.
If you are going to sell a home, be prepared. You should know what you want to receive out of your home. The contracts (offers on your home) should be very easy these days. They are not coming in with complicated contingencies.
If you receive an offer and it is exactly what you want, with a great lender, and no closing costs; these types of offers should be simple decisions.
The longer you wait, the harder it will get on you and the more likely you are going to RUN away your Prospective Buyer.