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When I was in high school, some of the guys my parents wouldn't let me date would get together at night with their souped up cars on rural Kansas roads.  And they would hurtle down the two lane road toward a one-lane bridge.  The first one to blink and slow down lost the game - though not his life.

Ah, playing chicken!

Today I sort of have that going on with a buyer and seller.  The deal is in counter. 

My buyers wrote a last best offer, clean but slightly below the asking price, hoping that the sellers would just sign it without lengthy negotiations.  They want the house.

The sellers couldn't help themselves.  Even though it's been on the market for months with no price reduction and no offers, they upped the price just a bit.  They want these buyers.

So each side is waiting for the other to  blink, and at the same time taking risks.  Another offer could come in at any time, and the buyers could lose the house.  Or the buyers could decide to move on to one of several other places they are considering, and the sellers might not get another offer until they reduce their price, possibly to less than my buyers are willing to pay.

One or both could wind up disappointed.  But unlike the young hot rodders on that Kansas back road, they are not risking death!

And I wonder where the chicken metaphor came from, anyway?

 

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33 Comments on Playing Chicken

MAR
29
2010
469,990 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I don't know where the metaphor came from, but we're seeing buyers and sellers playing that game here too!
1:43pm • #1
707,448 Points 36 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Patricia...I think the sellers that are engaged in this type of daring feat have more to risk with the current inventory available to buyers. If the listing agent can't convey that message to the seller...this chicken may never cross the road.
1:45pm • #2
957,305 Points 97 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Pat, We all know the meaning of "playing chicken" but not where the saying originated. Good luck with this transaction and let us know the outcome.

Do you ever wonder where those not so young hot rodders are today?
1:51pm • #3

Hope no one ends up with egg on their face and that the sellers see the light, Pat!
2:24pm • #4
298,127 Points 2 Featured Posts Outside Blog Called Shot Master

Amazing, I remember the game and I think the chicken was the weak or cowardly one.  I always use the expression, who blinks first, it was a much less risky childhood game that involved staring very closly at each other waiting to see who would blink first.  Me thinks the seller should blink a little.
2:47pm • #5
562,539 Points 54 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I tried to look up the origin, but couldn't find it.  I guess in this case the parties need to play another round of chicken, this time heading towards each other rather than away.  Hope it comes to a successful conclusion.
3:31pm • #6
128,159 Points 2 Featured Posts Attended Rain Camp

Pecking away at an offer...fun, fun, fun until daddy takes the T-Bird away ; )
3:35pm • #7
235,137 Points 1 Featured Post

I hope the buyers don't cross the road and go to another home. Then the egg would be on the seller.  Am I making any sense?
3:44pm • #8
1,480,897 Points 275 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Hi, guys!  My buyers just blinked to the tune of splitting the difference.  Hope the sellers like it.
3:49pm • #9
405,925 Points 49 Featured Posts Outside Blog Called Shot Master

Doesn't sound like the seller is very motivated.  They only have one house to sell, but the buyer has many to choose from.  On the market for months?  What is the listing agent doing?  I had this happen to my buyers where we countered back to the original purchase amount and the seller got the message loud and clear.
4:12pm • #10
1,156,857 Points 117 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

There are way to many prospective buyers out seriously looking for homes to spend to much time contemplating an offer.  This is the time when electronic signatures can be the difference between a ratified contract and a lost opportunity.
4:38pm • #11
708,952 Points 63 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Pat... Playing chicken is something that makes me insane and usually ensures that nobody walks away from the negotiation happy or with a cooperative attitude when it comes time to deal with the inspection and those issues.  People just need to negotiate in good faith and respond promptly.
5:02pm • #12
104,294 Points 6 Featured Posts

Hi Pat, according to Answers.com: "Game which takes its name from ‘dare' games said to be played by Californian teenagers: two people are driving head-on at one another on a narrow road; the first to swerve is chicken." So I guess it is about a test of courage stupidity.

Why California is the origin beats me, but that is the home of some of the crazy real estate stuff as well. The seller in your case needs to sober up and be glad they have an offer at this point.
5:30pm • #13
367,965 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Pat - One of my philosophies is - if they walk they weren't going to stay anyway.  Sure, the seller probably should have taken the offer, but then again, why not counter?  The buyer can stay firm if they want the house, too.
5:30pm • #14
1,140,638 Points 76 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Pat:  I have some sellers that ended up in a game of chicken at the settlement table.  Uncomfortable, to say the least.
5:40pm • #15
882,920 Points 34 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat - I can relate to that, I am going through the chicken process right now -
5:59pm • #16
658,207 Points 44 Featured Posts Localism Sponsor Called Shot Master

Pat, I hope it turns into a successful transaction for your clients. This type of situation is tedious and sometimes feels like the game...Deal or No Deal!
6:08pm • #17
469,491 Points 3 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat..You must let us know how this turns out ....Okay you have me sitting on the edge of my seat ..

HelpfulHannah
6:19pm • #18
428,341 Points 8 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Can't wait to hear how this turns out.  I hope the sellers just took it without too much more rangling.
6:42pm • #19
146,061 Points 2 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Pat - These p**s*ng contests drive me NUTS.  Seriously?  When it gets to this point the parties have lost total sight of their goal and are too busy trying to out-man or out-woman each other to be the BEST.

 

Please.

 

There are times I wish I could use my time-out skills on my clients.  These people need to go to their rooms!
7:17pm • #20
402,631 Points 40 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Hi Pat...One or the other (maybe both) will not get exactly what they want.  That's life.  Have they both been reminded (firmly) that they could be blowing the deal?

Sometimes the amount is so small you wonder what they are fussing about.  For some it is more the principle of the thing but is it worth it?

Kate
8:12pm • #21
445,192 Points 36 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Patricia, that's when a good negotiating agent comes into the chicken game.  I'm sure that you will be successful.
9:28pm • #22
405,875 Points 34 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Oh...this is painful to watch, especially since the sellers have been waiting for months for an offer...*OUCH*
9:37pm • #23
570,221 Points 120 Featured Posts Outside Blog

Sometimes being hardheaded wins and sometimes it just means  your head is hard and empty. :)  Nice rooster!

kk
9:47pm • #24
1,074,377 Points 2 Featured Posts Hit Router

Pat

I raised chickens on my farm; about 100 every 13 weeks. The hens were smart; right around 9 weeks or so there are a bunch of roosters. They drive the poor hens nuts and are way too dominating. Never failed at that time I would come out to the barn the next morning and see a dead rooster. The hens just sat there looking. That rooster; he played chicken and lost to the Stepford hens.
11:44pm • #25
182,769 Points 3 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I hope you can put this deal together, it is silly to let it go over such a minor amount of money.  I certainly hope the Seller's agent is as smart as you are Pat!
11:49pm • #26
MAR
30
2010
502,137 Points 1 Featured Post Outside Blog Attended Rain Camp Called Shot Master

Some people feel like they MUST try to get a little more/pay a little less.  They often think it's not about the money...it's about the principle of the thing.

It's about the money.
2:52am • #27
1,103,710 Points 45 Featured Posts Outside Blog

A house down the street in my neighborhood lets their chickens run on the road, I think the metaphor came from something like that. The poor creatures are not good around cars.
8:49am • #28
111,792 Points 4 Featured Posts Hit Router

Pat,  Your sellers probably just read your post and now the buyers need to be emailed the link and read this.  I remember finding myself arguing over a quarter in Mexico about 25 years ago.  That was 25 cents US so it was really big back when the US dollar was worth more.

When I realized what I was doing I took the deal and had a lovely puppet that our son enjoyed for hours.  Sometimes you just have to swallow your pride and take the deal because no good deal is worth losing because of pride.
8:56am • #29
293,614 Points 19 Featured Posts Outside Blog

Oh I just hate that game.  It is played over and over again.  If they want the house - BUY IT. If the sellers want to sell it - SELL IT.  Good luck!
8:58pm • #31
300,676 Points 55 Featured Posts Localism Sponsor Outside Blog

Pat - Maybe those chickens need to both start crossing to the other side to meet in the middle. 
10:45pm • #32
MAR
31
2010
781,593 Points 21 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat- I am finding sellers are doing the same here. Not a peep for months and then when an offer comes in they think it's a sellers market. Good luck on this one.
6:48am • #33
APR
12
2010
339,682 Points 65 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Sitting in the middle of a negotiation right now and watching the phone....which does not make it ring! Hope yours goes quickly, one way or the other.
7:40pm • #34

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Patricia Kennedy

Washington, DC

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Evers & Company Realtors

Address: 4400 Jenifer Street NW, Washington, DC , 20015

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Pat Kennedy -- author of The Irreverent Guide to Real Estate -- gives you a look at life on the streets as a real estate broker in our nation's capital. And her blog is peppered with great advice combined with humor!


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