Alternatively, the title could be: Selling a Home - the Seller Got Everything he Wanted. Because both sides of the transactions want the same thing: the best deal!
I have always appreciated the line, "It's a win-win situation." It feels good to tell both sides of a real estate transaction that they've gotten what they wanted. Usually, it means that everyone is satisfied with the deal and ready to move on. The result is that everyone is nice to each other and smiles abound.
But buyers and sellers are diametrically opposed - it's true in any sales situation where there is negotiating. Negotiating a real estate transaction can be like a tug of war where someone ends up in the mud. That's definitely bad for one side. The victor emerges with the spoils but everyone else has a bad taste in their mouth.
As a real estate broker in Winnetka and the North Shore communities of Chicago, I have represented both sides many times. I only want what is best for my client - just as the agent representing the other side wants what is best for their client. And it depends if it's a buyer's market or a seller's market. Not much negotiating at the extremes of those markets.
But other times one side won't give - they have their reasons and I've heard them all. It doesn't matter why one side is dug in, the point is there might be rough water ahead.
Here are some of the ramifications of getting everything you want out of a deal:
Seller holds out for higher price and gets it
You could end up with a testy buyer who's ready to attack on inspection issues or anything else in the contract. If the buyer feels they are paying a premium, every little inspection point becomes a problem (even though I've had the inspection report discussion with them.) They are also nervous about the home appraising at the negotiated price.
Buyer holds out for a lower price and gets it
When buyers have the upper-hand in negotiations, sellers are embittered and will do the opposite of the above scenario. They will tell the buyers to go ahead and inspect the house, but don't expect anything to be taken care of. And we might not accommodate you on anything else either - like closing date, outside sale of furniture or accessories, and extension on any contingencies. You want to come over and measure some rooms? I don't think so, we're awfully busy and it's not convenient.
Needless to say, these are extreme examples - yet they happen often. Disenfranchised buyers or sellers feel they have been taken - even if they haven't. Often, the price paid or received is a fair market value based on comps, current market conditions, time of year, etc. But the perception that the negotiating didn't go their way can sour the deal even while moving forward.
It's my job to make that transaction understandable to you. You will only overpay or undersell for a house if you choose to. I will make sure you recognize value, have a solid sense of the current market, and comprehend the comparable houses. I don't want any of my clients to be dragged into the mud.
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