"How much lower do you think they'll go?"

Last week I was called a communist and a poor agent because I would break my promise of confidentiality and tell the buyer what the seller was prepared to do. I told him that I also could not tell the seller that the buyer had just sold his RV for twice the price he had thought it was worth. Here being a transaction broker, working with both parties, means I must not disclose negotiating facts that could prejudice one party or the other. He said that was like in Russia where you could not say what you thought. Good grief!  That has nothing to do with it. He had some other nutty ideas and needless to say, I was glad when he did not call me again after we had met. I predict a very poor buying experience for him and any agent that gets involved with him.

I do not mind being asked that question. Lots of buyers do it out of habit. But I do expect the buyers to understand the simple common sense explanation about why I have to be fair. My sellers understand it and buyers can to, if they WANT to.

Lottie,

Great analytical approach mixed with an emotional approach. Your step #6 about trying to anticipate feelings of future regret is the hardest for most buyers.

There is nothing like putting pen to paper to find out what a seller will do.

Yes, people often ask this question.  I tell them to make an realistic offer and we'll find out how much lowere they'll go!"

Patricia/Seacoast NH & ME

Yes, people often ask this question.  I tell them to make an realistic offer and we'll find out how much lowere they'll go!"

Patricia/Seacoast NH & ME

I like your quick answer!  I also appreciate all the input from the people commenting above.  Thanks for touching on a question I get asked all the time.

Lottie--Great post.  Sorry I missed it yesterday.  Your responses back to the buyers are right on.  I confirm each one, especially #5, 6 and the finale "If this is the house for you, let's work on making it happen.'

I like your style of writing, Lottie.  (Prices are so much higher than my area)

I get this question a whole lot, too, and like how you responded. It's a reblog in Southern Maryland for me!

Lottie - This is very well explained.  I think many buyers just don't understand how many factors go into this answer.

The only way to find out is make the offer, great to be able to educate them as you mention so the offer may be a reasonable one.

I always tell the buyer "If you see the published sale price after closing, and think "I would have paid that", then NOW is the time to put that number on the paper!  don't kick yourself later!

JUST WRITE THE OFFER, and then you will see how the seller responds! :)

I hear that questions all the time, too.  You have succinctly answered the question.  The buyer needs to decide, after viewing the comps, if they can make a reasonable offer and then just do it.

Evelyn Kennedy

People need to make reasonable offers based on what the home is worth. Buyers looking to steal a home are very irritating and most lose deals because the sellers become fed up with them.  I have a buyer like that now on one of my listings. His agent went into long-winded detail about why it was only worth "X" when it every comp out there clearly showed she was off by about $30k. Then she said "He's waiting till spring." Then he came back in and upped the ante $5k.  They just keep inching it up  hoping to be able to steal a house. It's ridiculous.

I like your post - "all things are negotiable"

Lottie -- ALL excellent points you have made.  Do the analysis, submit a reasonable offer and then they'll get their question answered. 

Lottie,

   Great Points! We are professionals and the market analysis is part of the job. I always say, 'Well lets go take a look at it. I'll submit any offer that you want to present'. Educating the buyer on the area and market is usually next.

Jason King

www.JKingProperties.com

Well said.  Very common question and exactly how I would respond.