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Little Longer Than Forever

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

It's been on the market for six months, and you write an offer for a buyer pretty sure there is negotiating room because of the days on the market.

The listing agent responds with we have another offer. And your buyer says, "yeah, right, do you believe them?"

How do you respond?

I've been in that situation with my unusual listings on more than a few occasions. A home on the market "a little longer than forever," and then, all of a sudden, there are multiple buyers.

 

 

little longer than forever

 

Who knows why now all the interest? It happens, and this is when the agent's integrity and reputation come into play. You learn through years of experience by keeping your ears open who plays well in that RE sandbox.

The art of negotiation now comes into play. Does your buyer want the property? Are they willing to lose it over $5 grand?  Or maybe they feel that it's not meant to be.

How are your negotiation skills? Are you doing what the client wants? Are they ready to give their top and final offer? Are they prepared to walk away? Are they willing to say next? Or Is this the "perfect" fit?

How are you with the art of negotiation?

 

Margaret Rome

 

Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


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Comments (12)

James Dray
Fathom Realty - Bentonville, AR

Morning Margaret.

Funny you should write this, just this past week I had a low ball offer come in.  My sellers countered and the buyers walked.  Time will tell

Feb 23, 2020 01:41 AM
Margaret Rome Baltimore 410-530-2400

James Dray Yep. A counter is the same as a no.

Feb 23, 2020 02:27 PM
Eva B. Liland Century 21 Doug Anderson
Century 21 Doug Anderson - Lancaster, CA
Glad to be of Service 661-714-1643

Sometimes we have to walk on a thin line, negotiating can sometimes be tricky but in the end, it's the buyers decision.

Feb 23, 2020 04:30 AM
Margaret Rome Baltimore 410-530-2400

Eva B. Liland Century 21 Doug Anderson It is always the client's decision. Good to see you.

Feb 23, 2020 02:27 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Margaret - it only takes ONE(right offer) to put a deal together in real estate but sometimes along the way(regardless of time on the market) there may be multiple buyers pursuing that property.  It happens...

Feb 23, 2020 04:57 AM
Margaret Rome Baltimore 410-530-2400

Michael Jacobs Those of us who have been in the business for a while have experienced this. 

Feb 23, 2020 02:29 PM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Been there and done that on both sides.  Had a listing during the slower market years and had an offer verbally close, but agent took their time getting in the contract for our seller to sign.  Meanwhile another offer came in, MUCH better.  Seller took offer B and offer A was kicked to the curb.  The first agent was furious, but we didn't have a contract.  Their assumption that they wouldn't have any competition was obviously off the mark. 

Feb 23, 2020 05:21 AM
Margaret Rome Baltimore 410-530-2400

Liz and Bill Spear Lucky that you were working on behalf of the seller. Sad when an agent gets "furious". If that agent had moved quicker, this property may not have been lost by the buyer.


 


 

Feb 23, 2020 02:31 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Margaret. Had a situation like that on a very unique expensive home. No action for a couple of years. Then more than one interested party. My buyer took the hard stance and said he would not get ito a bidding war. I said give me you highest and best. He refused. Property sold for $50,000 less than his strike price. And he was disappointed. Enjoy your day!

Feb 23, 2020 05:39 AM
Margaret Rome Baltimore 410-530-2400

That was a hard lesson for your buyer who lost out on a good deal Wayne Martin 

Feb 23, 2020 02:35 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Margaret Rome, Baltimore Maryland the success of negotiating is in direct proportion to the desire of the client to purchase and/or sell.... highly motivated results in a smoothly flowing event.... if the motivation is not what it should be, the deal will probably not be a successful one and I'd rather nip that in the bud before it's together with a strangle hold.

Feb 23, 2020 06:21 AM
Margaret Rome Baltimore 410-530-2400

Barbara Todaro Good advice! And we need to figure out the client's motivation in order to have successful negotiations.

Feb 23, 2020 02:38 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Margaret. This happens and you are right about knowing your colleagues and the integrity factor. Nice post.

Feb 23, 2020 06:29 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Margaret... I've seen this dynamic more than once... a house that is sitting there with no offers suddenly gets multiple offers in a 24 hour period. I had a listing like that when our market was soft... 5 months with tons of showings and no offers... then three offers, all virtually identical, come in all in the same day.

Feb 23, 2020 07:06 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

When this happens, we are all surprised at the timing. Nina Hollander  You have to know how to handle this and it comes from experience.

Your ears must have been burning. I spoke with Hoyt yesterday. Just left you a message.

Feb 23, 2020 07:37 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hi Margaret,
This is one of the mysteries of the business, isn't it? 

Feb 23, 2020 07:57 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Sheila Anderson As always, good to see you.

Feb 23, 2020 02:39 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Carol Williams It sure is!

Feb 23, 2020 02:39 PM