Negotiations aren't always easy, but most people would prefer to negotiate than to over pay or under sell.
Every counter offer carries with it some risk - the other party will reject it and walk away, leaving you with nothing; and some promise of reward - if they accept it, you'll be better off.
Sometimes in life, you're called upon to make a quick decision, a decision that may affect the rest of your life (as in, do you live in this house, or in some other house).
When time is short, sometimes even otherwise decisive people will avoid making a quick decision - calling friends and family and even strangers, posting on websites, cursing at the "unfairness" of it all.
But really, none of that matters. At some point in time, whether sooner or later, the other party's offer to you expires. Yes, they may still be willing to negotiate with you, or maybe not, but that offer is no longer within your right to accept.
The key is to not make the process more important than the objective.
All the best,
This is a negotiating ploy designed to pressure you into a decision. If the offer is within a range worth accepting, consider it. If you have been on the market a long time, with little activity consider it strongly. If you are new on the market and the offer seems low, it might be worth passing on. There is no way for anyone here to know the details or quality of the offer, so talk to your agent and ask their advice. If you don't have an agent, this is just one area where we earn our commissions. Dealing with tactics like this are what we do regularly.
If you elect to accept the offer, just be prepared for tough future negotiations on the inspection or other issues that may come up.
Is it fair? Yes, but it's not nice. I tend to react badly to such tactics, but again I don't know any details.
We're military and moving 6000 miles to a new duty station soon. We will arrive at the new location a couple of weeks after school starts, we have 5 kids, 3 of whom are in school, one being a junior in high school. Until we buy a home, we don't know which of 10 or so school districts we will live in.
I've been looking at houses for a couple of months,ever since we got notification of where we were going. Our first agent was terrible, and I finally fired her. (Her loss, as it turns out, we would have been one of the easiest commissions she ever earned).
The day after we got a new agent, I happened to see she was actually the listing agent on a house I've been watching on realtor.com since January. Sent her an email asking questions about the property, got answers that sounded like it was almost perfect for us. That was on Monday. On Tuesday I told my mom about the house and asked if she would be willing to go look at it for us (she lives about an hour away from it). On Wednesday morning, she called our agent, and at 1pm, my mom and best friend went to see the house. I'd asked the agent to take a lot of extra pictures for us, since we couldn't see the house in person ourselves. Thursday morning I received the pictures. Spent most of the day on the phone with my mom, my agent, and my best friend asking questions and finding out everything we could about the house.
Thursday night, my husband and I decided to make an offer, called our agent and told her we were going to make an offer and I would have it in her email within the hour. Friday morning I received the contract and paperwork from our agent, we signed and immediately emailed it back. It was presented to the sellers late Friday evening, with a respond-by time of mid-day Saturday (yes, it had a specific time on it). I asked the agent to please let the sellers know we were in a time crunch and if we couldn't make a deal by Wednesday, we would have to put it on hold until August. (We will be traveling for over a month getting there, and out of touch for much of the trip)
Late Friday, the agent called and said the sellers had accepted our offer :-) Granted, we made our offer very attractive, but had the seller balked at the short time frame for a decision/counter-offer, it would have been a deal-breaker, because we simply do not have the time for a long back and forth trying to get to contract, because I have to be able to get the stuff done with my bank and that requires me to have an address for them to send paperwork to. I won't have an address after this coming week.
I know dual agents are frowned upon, but I believe for our particular situation, it was beneficial. The sellers were agreeable with us knowing why they have to sell, and we were agreeable with them knowing why we are in a time crunch to get a deal made. Each side knowing the others situation prevented a lot of dilly-dallying for us.
So, long story to say, if you don't know the buyer's situation, you have no clue why they may have a short response time required. I would not necessarily recommend buying a home the way we have (dual agent, haven't seen it in person, etc), but I am a LOT more comfortable with that than living in a travel trailer with my 5 kids, 5 cats, large parrot, etc for 2 months while we look for a home, go through the offer process, and then wait for closing, which currently is 45-60 days with my bank.
That was over a month ago - the 6 hours were up long ago, thus, I am sure he made his decision and has resolved it one way or the other.
So, Seller in Seattle- if you're still there - how did you handle it?
Maybe the buyer signed it last night and sent it to the agent and they asked you to sign by today's date? Maybe by the time the buyer agent received it and forwarded it to you, some of the full day expired?
Very rare that a contract would require a number of hours vs today's date meaning by 9 p.m. It's 10:30 right now... :)
Dear Seller, The right decisions are made sometimes instinctively. The wrong ones with procrastination.
If you listen to reason you either love it or leave it.
Best of Luck with the decision
Rodeo Realty - Beverly Hills
As long as you can come to agreement on the closing date, you should know what you want to take as a sale price. If the price is not acceptable then the timing doesn't matter. if it is take it.
It comes down to, do you want to go or do you want to stay?
It is important to establish up-front, when you put your home on the market for sale, just exactly what your end goals are. Discuss those goals with your Broker. Best to iron out the wrinkles before they become mountains. Given the current market conditions, Buyers are in the driver's seat. Unless you're looking for a driver, establishing attainable parameters from day one in concert with your Broker should keep you securely in control.
That would not allow you to accept the price at the end of those two days, and would be no different than simply not responding to the counter-offer in a timely manner.
That's a very basic negotiating technique. See, for example, http://www.rdawson.com/articles/time-pressure.html In fact, see all the negotiating articles at http://www.rdawson.com/articles.html
If you've ever bought a car, or shopped at home for replacement windows, the pitch is: "That's the price right now. But if you say no, the price goes up."
What you've got to do is figure out whether the price meets your parameters. Or, in this case, whether the offer is sufficient. And, as noted already, you also have to weight other issues. In this case, how long has your property been on the market? Have you received other offers? And so on.
Even then, though, you should constantly be reviewing your parameters. For example, maybe you put your home on the market at $300,000. But with no offers in 6 weeks, you're willing to take $275,000. That's OK. Be realistic. If an offer comes in right around $275,000, it'd make sense to take it. If an offer comes in at $225,000, that's below your current price. Don't take it.
Let us know what you decided to do.
Relax and take the time you need. If this buyer goes away, they will be doing you a favor. It means they weren't serious about the house anyway and would be just as difficult throughout the process.
Without knowing details to the transaction i.e. If you have a listing agent, what is the listed priced, how long the property has been on the market, what offers you have received in the past (if any), what is the normal marketing time, if your home is a distressed sale, among other questions- I offer this response to your question.
Answer: First, you should be represented by a licensed professional who sells properties in your market. This can save you grief and perhaps a lot of time and money. Second, the buyers agent response time is unreasonable and appears to trying to intimidate you. It's best to understand that if the negotiations which are difficult in the beginning are going to be worse as the escrow proceeds. Lastly, If they really want the property they will be reasonable with their time frames.
I hope this advice helps you out. Best of luck.
I would add though that the time limit is only relevant if the party is going to accept the offer/counter-offer. If they're going to counter the offer, they can do so at any time.
If the seller is talking to the Agent for the Buyer...as it says in the question...we have to assume that he is a For Sale by Owner with no agent. Otherwise he would not be talking directly to the agent for the buyer.
Uncheck (if they are checked) the 2 options regarding receiving email alerts, further responses, etc, - click on "save" .....hopefully it should end further updates.
Good luck, as I have been trying the same thing, but on some threads, they still keep coming.
consider your carrying cost and how long you have been on the market. I wish good luck. Have a great day
Jim Malloy RE/MAX Rrealty Group Lewes, DE
Time is always of the essence, but 6 hours sounds unreasonable. We do not know what the buyer's circumstances are. I suggest not to take this personal.So, either you reject the counter offer or accept within their time frame if price and other terms are acceptable to you.
Questions that your question raises are: Does your area have a large inventory of available homes? Has your home been on the market for a long time or a short time? Is the counter about price or about condition items that may have to be researched? Why do you need more time?
If there are many homes on the market and you have been waiting a long time for an offer, you may want to just say yes and get your home sold. If there are few homes on the market and you have one or more offers come in the first few days, you may not need to be too concerned about time frames because a reasonable buyer will understand that not everyone can make a quick decision and that couples schedules may need to be considered so they can discuss the offer. If you need to research a price to do repairs, or need to get a contractor's bid to make your decision, communicate that to your agent. If the buyer is unreasonable you may not want to deal with that buyer or his unsympathetic realtor anyway. Once an offer is accepted, an unreasonable buyer or agent will probably be a pain in a body part for the rest of escrow.
Are the potential buyers offer that you are considering, are they preapproved and has your agent spoke with their lender to verify these facts. Is this your only offer?
I'm sorry to just give you more questions, but sometimes you need to stand back and try to be truthful with yourself. Or are you just holding out for the most you can get someone to pay?
These days, if you have the majority of the answers to the above questions and you are comfortable with them, don't miss your opportunity to do what you have put your property on the market for.
I hope i have helped just alittle.
If you are not in a hurry or you are having seller's remorse, you may want to ask your realtor to request an extension to respond. In all honesty? In this market, work with the one you have, if the buyer is preapproved and has provided Proof of Funds to close...reply to his counter! Accept or Counter!
Supposedly trulia is "working" on making the font for the date darker or larger, or both - they should have done that long ago!
Congratulations on finding a buyer in this difficult market.
One thing to keep in mind is that negotiation tactics are not about being fair. The goal of negotiation is winning the best deal for yourself.
You have no need to explain anything to the buyer's agent. Your listing agent should represent you in any communication with the buyer and his agent. Your agent should determine the buyer's reason for imposing such a short deadline.
During your decision making, consider your situation, the market, and how important this contract is to you. The buyer may be trying to reach a conclusion so he can move forward on a different property.
Good luck on selling your property!
Century 21 Heritage
Best of luck!
Nelene Gibbs, Realtor, e-Pro
Best of luck!
Nelene Gibbs, Realtor, e-Pro
Fairness is not a word used in negotiations. Each side has needs and each side wants to get the best "deal" they can manage without the other side walking away. Creating a win/win is the ultimate goal however that may be looked at as a lose/lose if the parties choose to see it that way. In "fair" negotiations neither sides gets everything their way.
I wish you well.
Remember your broker in this case is probably just the messenger and then she would probably rather give you different news. whether you're shopping in the Boca real estate housing market or anywhere else this is a standard problem many people face and that's just part of negotiations.
I hope this helps a little.