How Much Do You Want?

When taking a listing, I have found that one of the questions that people are hardly ever prepared to answer is "how much cash do you want to walk away with?".  If you would like to sell your house, this is a critical factor!  No matter what amount you sell for, you can only get so many pesos after everything is done.

People always seem to think in terms of "how much can I get for my house".  This is a wrong-headed way of trying to wring the highest price out of a property.

Why is it wrong-headed?  Consider this:  You have two offers in front of you, one for $200,000, and one for $195,000.  The $200,000 offer asks for 3% concessions from the seller to cover closing costs.  The $195,000 offer asks for no closing costs.  Taken at face value, the $195,000 offer actually nets the seller $1000 more than the $200,000 contract.

Also, when it comes time for the appraisal, you stand a much better chance of having the $195,000 value approved by the appraiser than the $200,000 value.

So, beware when your pal down the street tells you how much his house sold for - you don't know how much he netted from the sale.  After all, isn't the bottom line the most important one?


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