Last week I finally settled on a horse property for my sellers.  The property showed well and had a lot of interest in it.  At first, we did not receive any offers because an acre was being subdivided from it.  Therefore, no one wanted to place an offer thinking the subdivision would take a long time. 

Well, the subdivision was completed mid-June.  By the end of July, there were 2 offers on the property.  Both offers came in lower than the seller wanted, but at the same price range with a few differences in contingencies.  After extensive discussion with the sellers about the offers (they at first did not want to accept either of them) they realized the market is what it is: it is out of our control, and counter-offered the one and it was accepted.

Things were moving along with inspections, mortgage commitments, etc.  Little did I know what I was going to face. 

After the inspection report, the buyers wanted many things done to the home.  Now, I do want to add that the home was maintained and was in good condition.  Of course, the septic needed to be pumped and a smoke alarm installed in the basement, which the sellers understood.  What the sellers were getting frustrated with was the buyers were asking them to do little things, which included: sending photos of the chandelier that was to be replaced before they initialed the changes on the Agreement of Sale, repair the squeak on the ceiling fan, install 3 GFI's, etc.  Petty stuff. 

My sellers co-operated fully, even though the buyers kept coming back with more. 

Next, upon receiving the appraisal report, I noticed there were errors on it.  It was brought to the attention of the lender.  They did not wish to have another appraisal done, that they were typographical errors.  A foreclosure is a typographical error?  I know large properties are not easy to find comps for in this area, but a foreclosure??  I came up with comps and did not use the foreclosure. 

I was informed that if I was able to find another one to replace the foreclosure, they would accept it.  Well, I did and it was not accepted.  I was informed it was too old.  This one went back as far as the one the appraiser used.  Then he informed me I need to find 3 more comps.  Wait a minute!  Some of these comps will be the same.  It makes no sense.

Anyway with all this aggravation, the seller asked the buyer to come up slightly in their offer.  The buyers did, but it was very little.  At this point the seller decided to opt out.  The buyer's agent couldn't understand why.  For $7500 difference, and just days away from settlement, they would opt out?  Yep!  It was way too frustrating.  There was another offer waiting in the wings.

Long story short, the second offer went smoothly and settled on the home within a couple of weeks. 

When negotiating, make sure both parties give.  It is not fair to have only one side keep taking and the other giving.  When negotiating, it should be a win - win situation, where both parties walk away from the settlement table happy.  If either party is unhappy, the negotiations did not go well.