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8 Comments on Negotiation: Buyers bidding against themselves
Sorry to hear you got stung! I agree, its always a good idea to CYA (and especially if you smell something FOUL)
I never see the point in negotiating against yourself. It just doesn't make good sense.
I never present a counter offer to my clients offer unless it is in writing.
Selling commercial properties is totally different than selling single family homes. Commercial brokers do not negotiate well when another agent is involved in the transaction, the commercial broker always seems to want to sell their properties themselves and do not have to follow the code of ethics as Realtors do! Most commercial brokers are not Realtors, sorry you were stung
Yes res property has BA to help in this situation. I have sold a few Comm myself and its not that different than res. Just the negotiating.
Having shadowed two parents during long real estate careers, one residential and one commercial, I have witnessed double dealings on both sides of the aisle (not by my parents, ever). And neither business seems to have the monopoly on agents seeking double commissions. But I have to say the Realtor code of ethics seems to make the residential antics tamer, plus the fact that the residential business is more uniform, commoditized and communal. However, all agents should be very, very careful with dual agency since this is the #1 cause of lawsuits.
But people are people - buyers are liars, sellers are story tellers and every once in awhile you are blessed with working for a saint. There's a great book that helps one identify signs of double dealing called...can't remember. Gotta get back to my library and get the name - it's got a turtle on the cover.
Eric, MIMiC Group
wow, this sounds as if it is a bummer. we need to have offer's and counters in writing to have them enforceable.
Commercial buyers tend to use Letters of Intent more so that the terms of the agreement are non-binding. I've never been a fan of this logic. But even when the buyer submits an executable Purchase Agreement, often the seller will respond with a non-binding letter. It is in the buyer's best interest to keep things moving and any delay, for whatever reason, is a sign that the deal could easily go sideways. The selling agent in this situation actually does you a favor: he alerts you to further delay and uncertainty.
I stand by my original advice and say that the it is in your clients' best interest to start shopping immediately for a new house. If the former deal comes around again, great. Don't demonize the listing agetnt or the seller for this reason. And let your client know that this is policy, the right negotiating tactic, and something very few of your competitors are capable of doing.
Eric Robbins, MIMiC Group