Real estate negotiations can sometimes get comical.
Beware the “cry wolf syndrome” (CWS).
I’m remembering a deal a few years ago in which I was told “FINAL OFFER” 6 (SIX) times before we came to terms . . . and in the final FINAL OFFER, the Seller added “AS-IS with Seller to make NO repairs”
The inspection happened, and the HVAC system had a cracked heat exchanger . . . Seller agreed to replace the system to the tune of $5,000 rather than losing the deal.
The first “FINAL OFFER” was @ $25,000 more than the final agreed price.
so . . . given stories like that, what do we tell our clients when we hear “FINAL OFFER?”
Usually, the buyer still wants the house and can do the same things that could be done in a non “FINAL OFFER” scenario:
- Accept
- Counter
- Reject
I always recommend that my client focus on the terms of the “FINAL OFFER” and NOT on the word “FINAL” (much less the fact that it’s in all caps) . . . and respond accordingly.
Don’t let’m see us sweat.
Sometimes, it makes sense to acknowledge this might really BE “FINAL OFFER” for that seller at THAT moment . . . but what about 2 weeks from now?
If we go away . . . then come back in a couple weeks, will the “FINAL OFFER” still be the same number?
What about a month from now?
If we have the time . . . and are watching the market for other listings and nothing else spectacular pops into view . . . We can re-submit offers and find new “FINAL OFFERS” over time.
So saying “FINAL OFFER” simply doesn’t mean “FINAL OFFER” to most professional negotiators . . . EVER . . . It simply means that’s today’s boundary.
Great negotiators just cruise right on through.
BTW – I believe where REALTORS really earn their money is in their negotiating skills . . . It’s where the rubber hits the road in a real estate transaction.
If you want to learn more about we roll (negotiate) at Pareto Realty, connect with me and let’s get this process moving.