“I want to sleep on it.”  Are the parties who are negotiating not aware of the fact that the longer a transaction takes to reach a meeting point, the less likely it is to reach that point?  We continually tell our clients this proven fact.

So why do buyers and sellers continue to use that statement?  Nothing good ever comes of waiting and allowing time to pass.  The parties involved get irritated and eventually angry.  Attitudes change overnight as the other party is “sleeping on it.”  Eventually offers are withdrawn; numbers come off the table or are reduced; and the potential deal dies and can never be revived.

All of this happened because one party wanted to wait.  If that one party had responded one way or another, a deal would have been created.  Sleeping on it is an acceptable response in a better market.  If it’s a seller’s market, sleep all day and night.  The buyer will pay your price.  If it’s a buyer’s market, Mr. Seller might not get any sleep until it closes!!  Both eyes need to be open and watching every move made to make sure the process proceeds quickly and smoothly. 

We’re not at a level market yet, so sleep later and let's sell that house!!!

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69 Comments on Keep The Negotiating Going...No Stalling....Give Me A Number!!!

20 Most Recent Comments Displayed Show All

JUL
06
1,455,851 Points 46 Featured Posts Outside Blog Called Shot Master

Barbara, Congratulations on another eatured pot. Thank you for the advice. I hope agents and buyers and sellers will read it.
4:44am • #50
654,107 Points 71 Featured Posts Outside Blog Called Shot Master

I was going to respond to this last night Barbara, but I had to sleep on it.  

Just kidding.  Very good post as always.  Sleeping on it just increases the chances of something bad happening.  
4:54am • #51
804,030 Points 20 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

The buyer or the seller will always have the key bargaining position. Know your position in the transaction and you will know when to sleep.
5:11am • #52
106,329 Points Called Shot Master

Information is sometimes lost while one "sleeps on it".  The next day one has to go over all the plus's and minus's again.

 
5:19am • #53
318,823 Points Outside Blog

Barb:   This is some good Info for all,keep up the good job and good luck with your business in 2012,  E
5:22am • #54
1,069,376 Points 70 Featured Posts Outside Blog Called Shot Master

Agents who do not supply the stimulus to get the decision made may find themselves with no need to make one at all !
5:33am • #55
1,100,738 Points 52 Featured Posts Outside Blog Called Shot Master

Lingering means life happens and derailment. Or the longer everyone treads water, the parties start to talk themselves out of moving forward. Seeing delay as a sign it is not suppose to happen. Or its getting bogged down, difficult and they wonder if it is just the wrong thing to do. Real estate, very emotional experience for all involved.
5:43am • #56
731,668 Points 15 Featured Posts Outside Blog Called Shot Master

Barbara, people who have to sleep on it usually miss out. If a home is nice enough to write an offer on, you can bet others are also looking at it.
5:57am • #57
761,637 Points 61 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I love the last line!  And yes, we can all sleep when we are old which won't be for a long time.
6:06am • #58
707,260 Points 56 Featured Posts Outside Blog Called Shot Master

Well said Barbara, I try and educate my sellers to this exact point. Counter every offer and keep the sale alive. When I workl with buyers I try and inform them of market conditions and to let them know if they stall, someone else could come along and place an offer that does get accepted. It does happen and more often than some buyers think with a lower amount of homes for sale and an increase in buyers.
6:06am • #59
352,203 Points 29 Featured Posts Outside Blog Called Shot Master

Good morning Barbara - I've got a few sleepers right now. They've found the house (or in one case, two houses) but want to make sure. I understand deliberate decision making, but time is always of the essence!
6:09am • #60
398,257 Points 5 Featured Posts Outside Blog Attended Rain Camp

Barbara, any pause I suppose is good, but I'd agree that "sleeping on it" is a breakdown of the negotiation. Keep moving or die.

 
6:24am • #61
Outside Blog

I agree with your point that hesitation will break the momentum of a transaction however in my experience where negotiations have stalled I have instituted a 48 hour rule in which case both parties came to terms. Not always the rule...it is a case specific strategy.

Thanks for your insight.
6:35am • #62
379,375 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Barbara, 

LOVE this attitude.  When folks want to work out a deal, you do it expediantly.  "Sleeping on it" causes the other party to conclude you are not as involved and opens the door to another party who can make quicker decisions.

All the best, Michelle
6:43am • #63
841,209 Points 69 Featured Posts Outside Blog Called Shot Master

Behind the statement of ...wanting to "sleep" on it is not a comfortable bed calling, but a transaction stalling
7:05am • #64
300,008 Points 7 Featured Posts Outside Blog Attended Rain Camp

Hi Barbara, some people truly do not like fast and furious negotioations. They get dizzy and can't think. Some even say .."if it is meant to be... it will still be there". I find that it is an excuse to take a breather and analyze, and this is not always a bad thing. But as it is pointed out, they may lose the home.
8:26am • #65
424,160 Points 16 Featured Posts Called Shot Master

This is so true Barbara, seldom do people ever succeed on delayed deals, one side almost always finds something better to do.  Need to write the offer while the enthusiasm is there.
8:49am • #66
360,586 Points 76 Featured Posts Outside Blog Called Shot Master

Hi Barbara - I love this post.  So true!

I tell people time and time again --- not everyone can buy or sell in this market.  It is tough and lightning fast.

If I hear -- we want to sleep on it -- usually those people will not get the deal or end up behind the eight ball.

I'm with you -- keep the momentum going and let's make a deal.

Tni
9:08am • #67
1,352,557 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Barbara - I agree that continuing to negotiate just makes sense.  Unfortunately, sometimes, people just want to think first, and it doesn't always go their way.
11:34pm • #68
JUL
12
627,850 Points 8 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master
Too many deals are lost when too much time passes. We have an agent in our office that gets deals signed on the hood of his truck and closes them better than others. He is a true salesman.
5:06am • #69

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Barbara Todaro "New Franklin MA Homes"

Franklin, MA

More about me…

RE/MAX Executive Realty

Address: 445 Franklin Village Drive, Franklin, Ma, 02038

Office Phone: (508) 520-9881

Cell Phone: (508) 918-9148

Email Me

The Kuney-Todaro Team is the "#1 team in Franklin's #1 office." Our expertise is in marketing new construction and resale properties. New construction is our niche and we have sold 40 subdivisions in the area of Franklin MA.


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