Every buyer is different. And every buyer has different needs, wants, and expectations when it comes to purchasing real estate.
So when it’s time to write an offer, it is very important to craft a strategy that addresses each client’s individual preferences.
The first question I ask the buyer before beginning is this:
“Is it more important to you that you get this house or that you get a great deal?”
The reason that I start with this question is that I am putting the buyer on notice that I will respect their wishes regarding the offer, but there may be consequences resulting from “going for broke.”
Because if they really want the house, the first offer must be strong enough to deter the seller from seeking additional offers from competing buyers. Sellers will generally negotiate in good faith with reasonable offers in an effort to quickly achieve a mutually acceptable agreement.
But if the buyer truly wants to “get a deal,” then I make them immediately aware that they are risking losing the house to another buyer. The important thing is to let the buyer know that they probably won’t be able to “steal” the house and it may be very difficult to repair any burned bridges.
I have seen many buyers lose great houses that are tremendous bargains for less that a $50 per month difference in the mortgage payment. In many cases they wind up settling for less later on or they give up their home search completely.
And it’s sad to see a lost opportunity, and to ponder on what might have been.