But, boy, is it critical in the moment!
The ego interjects itself on both sides too. Buyers don’t want to overpay, and sellers think they are giving it away!
It is the agents’ job to manage the situation, and it’s a topic that doesn’t get discussed in license school. What can participants do to make a delicate situation any better?
Act Indifferent – If you or your agent gets too excited, the other side will sense it and take advantage. There is a reason why the seller or listing agent is present during home tours. It’s primarily so they can learn as much about the buyers as possible – and use later.
Expect Them to Counter-Offer – Either side will want to improve on the last volley, so expect a counter – and if they don’t, then oh happy day!
Be Long-Headed – Plan ahead, and strategize what they will do with your counter-offer. Be creative with the other terms to counteract your price.
Limit to Two Counters Each – If you can find agreement using fewer than four counters, then great. But after each party issues two counter-offers, impatience starts setting in, and the frustrated will give up.
Agents Do Stupid Things – Agents want to be heroes and counter-offer over every little detail. Stop your agent from submarining your deal.
Two-Negotiation Process – If you can find agreement on price and terms, you are halfway home. Next is the 17-day contingency period, and the second negotiation over repairs. Leave some gas in the tank. Sellers – getting a pre-sale home inspection and doing repairs in advance can allevate problems here.
Do you best to create a win-win, while keeping your eye on the prize!