In this seventh and final column of the series about effective offer negotiation, I address, particularly from a buyer’s perspective, what unfortunately can happen from time to time – the counter-counter offer.
In practice, unless duress or competitiveness due to market conditions is involved, a seller rarely gets exactly what they want, nor does a buyer usually obtain their perfect terms.
Your client has said the offer is unacceptable. Now, while the buyer’s agent relaxes in the other room, it’s time to strategize.
Rarely do clients immediately accept all the terms without question. However, at times, it’s merely their ego in play.
If you’re representing a buyer, I caution you to be selective about the information you share; don’t gab too much.
I’ve witnessed all sorts of presentation styles, most of them appallingly amateurish. I’ll delve a little further into the subject, sometimes somewhat bluntly.
First-time home buyers sometimes suffer from misinformation from unreliable sources. As their trusted representative, it’s your job to educate, to gently coach and coax them into home ownership.
Is the bully offer system undermining consumer confidence? Absolutely, but until the rules change, fair buyers must be prepared to respond to bully offer scenarios by viewing the property at the earliest opportunity.
Bidding wars can be emotionally challenging and exceedingly expensive. If they lack sufficient financial clout or the stamina to continue, and/or prefer to avoid paying top dollar, tell them to walk away.
When should you encourage your buyer to walk away from a war? Does the procedure involve a logical strategy for buyer or seller, or does it all boil down to gut feeling?