When buyers lose out because of poor negotiating.

Negotiation Forum

 #1
Thomas
When buyers lose out because of poor negotiating.

Last weekend I was working with a family who wanted to buy a home. They found the home they wanted and were going to pay full price when another family member got involved and said they should make an offer below the asking price because it had been on the market for a while and it's a buyer's market.

I warned them about everything that could go wrong but they still made an offer [only $1500 low]. Murphy's Law, another couple made a full price offer after our offer was submitted but before the Seller responded and they got the home. The people I was working with lost out because they wanted to get a better deal.

What would you say to someone like this?

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 #2
Frankie

Quote:
Originally Posted by Thomas
What would you say to someone like this?
Mr. Prospect now that you've found the home you want and at a price that is fair are you willing to risk losing all of that just to see if you can get a better price?

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It's always darkest before dawn. So if you're going to steal your neighbor's newspaper, that's the time to do it.
 #3
Sell4alivn
Negotiating....

Part of Negotiating is that you must be willing to walk away. Once they started negotiating then they gave the appearance that they might walk away.

I would have probably negotiated also. Heck I asked for $1 off a dryer this week because Lowes had the same model for $1 less.

Dang am I cheap!

Good Selling!!!

P.S. Don't fret I am sure you will find them another home that is even better for them.

 #4
Paulette Halpern
"Top Sales Expert"

It is customary in the real estate market to make a 'offer' to the seller that is a lower based on 'comparable' houses that have recently sold.

If you created an environment, where your potential buyer knew the pitfalls of making a lower offer, and was willing to take the chance of 'losing the perfect house' for $1500, then you did all you could do.

Problem is they may have felt that the reason you wanted them to give the seller his full price, is that they thought you were more concerned with your commission or worse that you cared more about the seller getting his full price, than having them get the best price they could for the house they wanted. Even though commission on an extra $1500 is very very little.

In actuality the difference they would have seen in their mortgage payment for the additional $1500 paid for the house would have been pennies each month, AND they would have had the house they loved.

It clearly just wasn't meant to be.

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