This post that BLiz wrote is great. I couldn't have said this better myself. Nothing confuses me more in real estate than 1)When a real estate agent gets emotionally involved in the negotiating and gets mad over it and 2)When a buyer or seller want to quit before the negotiating has even started. As a seller you have been waiting for an offer on your home and then you get one and you are just going to flat out reject it without even attempting to come to an agreeable price? Buyers, you wrote a low offer and then the seller comes back with a full price counter offer? You were testing the waters, so maybe they are too. Keep the talks going people, you never know how it actually is going to turn out until you try. And your real estate agent should be able to guide you through it and help you keep those emotions in check..
Would You Rather Be Mad or Negotiating?
"Yeah, I'll show that blankety blank blanking low ballin' blankety blanker what I think about that LOW BALL OFFER!! I'll REFUSE to counter!!"
"They didn't come down enough!! Shouldn't they have come down MORE? Ahhh, this probably won't come together anyway.....I quit!"
Emotions, we've all got them. We're not robots. Buyers, sellers, agents, each of us has ego, pride, a sense of fairness tailored to our own personal experiences. Now as agents it's our job to use our experience to protect the interests of our clients, to stay detached and focused on the ultimate goal: the exchange of property on the best possible terms for our client. We're the professionals, right? We do the negotiation tango dozens and dozens of times a year.
However, buyers and sellers are doing the negotiation tango once every few years, if even that often. It's easy to get insulted by that low offer or counteroffer.
"Doesn't the buyer know how much I've spent on upgrades on my home?" (Probably not). "Seriously, 80% of list price with the starting offer??" (They have to start somewhere).
We get it. The buyer doesn't respect YOUR HOME, right? But here's the thing, they DO respect your home. They wrote an offer on YOUR HOME vs. all the others they've seen. What we have here is just a disagreement on price, and frankly the ONLY price that matters is the FINAL price! Now we can get there in a single round of negotiations, or ten rounds....just as long as we keep talking! But when you slam the door shut with a refusal to counter, trying to teach the buyer a lesson, you killed ANY hope of completing a deal. The buyer had to satisfy the "I had to try" impulse and you flipped them the virtual finger with your lack of counter.
And for buyers, the same holds true in reverse. You can feel insulted by the lack of a response, or that they didn't come down enough, but the same rules apply. Write a better offer with a better starting point, or be okay with it and move on to the next house. If they don't come down enough initially, no worries. Keep the talks going. Patience may just get you the deal you're really after. Most likely at some point we'll get to "best and final" and we'll find out if we can swap money for keys!
Stay calm people! If we do, we may just be able to sell that house after all!
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