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Posts Tagged ‘Contract Negotiations’

Homeowners can be Fantastic Negotiators

J. Andrew English J. Andrew English
Monday, November 17th, 2008

When it comes to negotiating price, For Sale By Owners can and more often than not do negotiate the best possible price on their own behalf. The reason? They don’t have a 3rd party in the deal influencing their own decision. Especially a 3rd party who is seeking a payment that is contingent upon a deal being closed. Seller’s who aren’t in a position “of having” to sell can be very strong negotiators. This past week alone we had 2 written complaints from buyer agents concerning one of our sellers negotiating a price above current market value. In both instances, the agent had represented the buyer in the transaction and had allowed their client to agree to our seller’s price. The wonderful thing about both of these situations is that our seller out negotiated both of the agents on price.

How did they do it? Simple, they were willing to walk away from the deal. If the buyer agent has invested many hours driving their client around, writing offers, etc… they are likely to want to close the deal. The minute they realize the seller is willing to walk away from an offer, they become more inclined to invite their client to pony up the additional cash.