Real Estate Negotiation. What is it all about?
I’m in the middle of a Real Estate Negotiation, representing the buyer and this is the longest back and forth I have ever experienced in 11 years in the field, so I feel it deserves a blog post. We are on counter offer number 9!! What I can tell you off the bat, is that the momentum is gone. Finished. The buyers are turned off, I’m turned off and I’m sure the sellers and their broker are turned off as well. BUT, we do not walk away. It’s not up to us to refuse.
We just submitted our final counter offer to the sellers and it’s basically ACCEPT or REFUSE.
I have no intention of offending anyone with this little blog post, but here is my take on the situation. No one will come out of this negotiation a winner. No one. Just like any negotiation, you have to give a little and take a little and work it out until you find common ground. If it works out, great! If it doesn’t, we move on. 98% of the time, it works out. In this case, the Sellers are getting an offer that is lower than what they want and the buyers are paying more than what they want to pay. Result? No one is happy. But there is no done deal yet. The sellers are convinced that their house is worth more than it is. And they are convinced that they will eventually get their price. And that’s totally ok. If they want to wait, it’s entirely up to them and I respect that, to a certain degree. When you are stuck on a price for principal, it’s never a good thing. When the comps are clear and show you what your house is worth and you refuse to accept it, that’s another story.
We are at market value and I can’t let my buyers overpay without justification. Sorry. The Sellers think I’m tough… perhaps. But I’m a realist.
They threatened us by telling us another offer came in. Good for them! If it’s great, they should accept it. Chances are, it’s not, which is why they are prolonging these gruesome back and forths. They threatened us with the famous “it’s very busy, we have 3 visits this weekend”. Great! The thing is, you can sell a house after one visit and you can sell the house after 45 visits. So the 3 visits don’t threaten me one bit.
The ball is in the Seller’s court. We gave them an amazing offer with a mortgage pre-approval and occupancy in 30 days. The buyers are not afraid of losing the house since there are so many choices on the market. Oh, and the house is not lived in… #YouSnoozeYouLose
Monique Assouline is a passionate real estate broker turning dreams into reality. She can be reached at 514.219.5897 or email@example.com