It is very easy to sabotage your Metro Detroit home negotiation and make the seller not want to do business with you. It is real easy.
BE WISHY WASHY! And reverse what you are negotiating towards.
Before negotiation you need to know what you want out of the negotiations.
- You need to know the date you want to close
- How much you want to give as earnest money
- When you want to take possession of the home
- How much you want to pay for the home
- What else do you want besides the house (like the washer and dryer and couch)
Here is one example of how to screw up your Metro Detroit home negotiations.
List Price & terms $140,000 possession immediate
Buyer Offers $120,000 30 days possession $8000 in sellers concessions
Seller counters $135,000 30 days possession $4500 in sellers concessions
Buyer counter offers $130,000 60 days possession $8000 in sellers concessions
Seller Counters $130,000 30 days possession $8000 in sellers concessions
Buyer now wants $125,000 90 days possession $8000 in sellers concessions
Sellers and Buyers can’t agree on 90 days possession Dead deal
The buyer realized halfway through negotiations that they needed more time to get their money together. It made their real estate agent look foolish. The seller thinks the buyers are crazy. And it wasted everybody’s time.
If you want to close the deal you have to compromise. You can’t start adding more things on in the middle of negotiations.
- The buyer offered $120,000 so it would be stupid to go up to $130,00 and then go back down to $125,000 in the middle of negotiations
- The buyer asked for $8000 in sellers concessions it would be dumb to ask for $15,000 in concessions when you are getting close in negotiations
- The buyer asked for 30 days possession, then upped it to 90 days. That’s crazy. It threw a wrench into the negotiating gears.
You are going the wrong way. Think of it this way how would you feel if the seller came back and now asked for more than list price after you had 2 out of the 3 items agreed upon. You will get mad. I guarantee it.
By asking for more than what you originally asked for in the middle of negotiations usually has a bad outcome. So decide what you want before starting and compromise or stand firm. BUT DON’T RAISE THE STAKES IN THE MIDDLE OF NEGOTIATIONS.
Being wishy washy in your Metro Detroit home negotiations will most likely cost you getting the house you want. So know what you want before hand.
Russ Ravary your Metro Detroit real estate agent
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