negotiating: I'll Show You Mine, You Show Me Yours
- 02/12/20 01:01 PM
(it's a wire stripper!)
Did that get your attention? Well what I REALLY want to talk about is comparables.
Comparables: homes similar in features, size, etc. to a home for sale, usually comprised of SOLD homes to obtain pricing information.
And here's the rub, not all agents are equal at this type of analysis, and an inability to pull the ideal comps can be the death of a deal before it ever gets started.
If the listing agent overshoots with their selection, or just gives the seller the price the sellers wants and not what the market will support, buyers are going to continually offer … (6 comments)
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negotiating: It's Over When You Don't Play The Game
- 01/05/20 03:09 PM
I enjoy squeezing in watching some sports as I can, although it usually means I'm doing something else at the same time. The teams I like to follow are geographically scattered, mostly adopted as a kid as we moved from one area to another. Every now and then I'll attend a Reds game or a Blue Jackets game in Columbus.
Today my favorite hockey team, the Washington Capitals (my first games were during my Annapolis years), had an afternoon game. The game was close and the Caps were trailing 3-2 with less than 2 minutes left. I decided to stream the last … (4 comments)
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negotiating: A Penny Seems Small Until It's Not
- 11/23/19 07:29 PM
I'm an engineer, so when I'm making a purchase I'm mentally running a value calculation in my head.
Is the product or service worth the asking price?
Can I get it for a better price elsewhere?
What's the value of my time spent trying to save those dollars?
If the value is there, I'll make the purchase. If it's not, I'll move on.
Buying or selling a home isn't that much different and comes with its own set of calculations.
If you're the seller, what are the costs of selling? How much mortgage remains, taxes, agent fees, etc. You've got an offer, what's the difference between … (4 comments)
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negotiating: Not My Monkeys, Not My Circus!
- 08/28/15 06:06 AM
Not My Monkeys, Not My Circus!
When you work with clients for months and months, it's easy to get invested in taking care of them. You want them to be happy, both from a personal AND business standpoint. When they're either out of (our sellers) or in (our buyers) a home, having them satisfied that we provided great customer service along the way is crucial.
But ultimately, it's critical that we also maintain a professional balance. I'll kid with my clients that "It's easy for me to spend YOUR money", and it's both a joke and serious at the same time. Because it's … (45 comments)
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negotiating: Sellers Flipping Buyers The Bird Doesn't Lead To A Sale
- 05/24/15 04:17 AM
Sellers Flipping Buyers The Bird Doesn't Lead To A Sale
I get it. You didn't like the offer. Your house is something special and worth EVERY penny you're asking and probably a whole lot more, right?
And yet.....you're still on the market for months and months. You haven't achieved your goal, selling your home. You've reduced the price and that didn't get it done. You switched agents and that didn't get it done either.
You need the dominoes to fall down. Showings lead to (hopefully) an offer which (hopefully) leads to an accepted contract which (hopefully) leads to you sitting at the closing table and … (38 comments)
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negotiating: Would You Rather Be Mad or Negotiating?
- 04/15/13 12:54 AM
Would You Rather Be Mad or Negotiating?
"Yeah, I'll show that blankety blank blanking low ballin' blankety blanker what I think about that LOW BALL OFFER!! I'll REFUSE to counter!!"
Or
"They didn't come down enough!! Shouldn't they have come down MORE? Ahhh, this probably won't come together anyway.....I quit!"
Emotions, we've all got them. We're not robots. Buyers, sellers, agents, each of us has ego, pride, a sense of fairness tailored to our own personal experiences. Now as agents it's our job to use our experience to protect the interests of our clients, to stay detached and focused on … (88 comments)
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negotiating: Why We Recommend Our Sellers Ask For Occupancy Post Closing
- 08/23/12 11:22 AM
Why We Recommend Our Sellers Ask For Occupancy Post Closing Today something that seems so typical happened again. The buyer for one of our listings had trouble getting their financing completed in time for tomorrow's closing. The lending market is not what it used to be, and with many lenders buried deep in refi processing, perhaps new clients don't always get the attention they should be getting. Maybe the loan docs for this one went to the underwriter, but that pile of files on the desk was equivalent to Mount Everest because keeping this deal on track wasn't critical. And unfortunately … (26 comments)
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negotiating: When A Ditch Becomes A Canyon, Or Just Another Day of Real Estate Negotiations
- 08/08/12 04:47 AM
When A Ditch Becomes A Canyon, Or Just Another Day of Real Estate Negotiations Whether you're a listing agent or buyer's agent, you've encountered the scenario. Buyers and sellers start negotiations a decent distance apart, but steps are made from each side.
Closer....closer....closer...and then each side hits the brakes. One side pulls the "best and final" card and the other side pulls out their "best and final" card. And it's NOT the same card. There's a little ditch between the two sides. Most often less than 1%, maybe just an extra $10 a month on the mortgage, but that little … (56 comments)
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negotiating: We Don't Care What The Buyers Offered, We're Countering!
- 07/16/12 09:05 PM
We Don't Care What The Buyers Offered, We're Countering! Okay, we can't exactly say those words in that order, because the decision during negotiations ISN'T ours to make, it's up to the homeowners. We advise (sometimes strongly), but Mr. and Mrs. Homeowner, how we respond is your call. However, we've learned a lot over the years about successfully negotiating home sales, and we've also learned from negotiations that go down in flames. That experience of knowing what and how to say things is a large part of why you hired us, even though it might not have been top of list … (126 comments)
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negotiating: Don't Poison The Deal!
- 04/11/12 05:06 AM
Don't Poison The Deal! Most typical real estate contracts have four parties to the deal: the sellers & their agent, and the buyers and their agent. Now for the purposes of this post, we're not talking about the loan officer involved in the preapproval, the parents of the buyers or anyone else that may be involved before or after, but strictly the PRIMARY people involved in the negotiation of the contract. Now any single party in this group can poison the entire process. The buyer who insists on a 60% of asking price offer may offend the seller to the point … (83 comments)
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negotiating: Five Warning Signs Your Purchase Offer May Be Headed For Trouble
- 10/11/11 11:00 PM
Five Warning Signs Your Purchase Offer May Be Headed For Trouble Yeah!!! We finally got that purchase offer on your home! We've been working for this for months, BUT......
There may be some trouble getting these buyers all the way to an accepted agreement! Why do we say that? There are some warning signs right off the bat or early on during negotiations that are typical of trouble brewing. Now we're not saying Last Rites on this offer, and we'll give it everything we've got to get this deal to the closing table for you, but here's some early warning signs … (151 comments)
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negotiating: Mutual Assured Destruction (MAD) Negotiating
- 09/23/11 11:44 AM
Mutual Assured Destruction (MAD) Negotiating We'll show our age a bit, but during the Cold War when we had enough nukes to blow the world up 3000 times over and the Soviets had the same, the thought was only an idiot would start a nuclear war because both sides would be wiped out.....thus M.A.D., Mutual Assured Destruction. Truly Madness, right?
Well unfortunately sometimes when negotiating the transfer of a home, you'd swear the M.A.D. concept was back in all its glory! A game of brinksmanship is played to the point of ludicrousness. Buyers start asking for items just to show they're … (28 comments)
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negotiating: It's Not The Offer Starting Price That Matters, It's The ENDING Price!
- 07/25/11 01:35 AM
It's Not The Offer Starting Price That Matters, It's The ENDING Price!
Some home negotiations are a sprint, others a marathon.Some offers start close to list price, others are what is commonly called low ball.As participants in this home buying and selling dance, there's probably as many different strategies as there are homes on the market. If we do this, what will they do? How about this tactic instead? What's Plan B, C, & D??Can you keep it rational, or do you get spun up and let an emotional reaction get in the way of selling your home? Now part of … (66 comments)
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(it's a wire stripper!)
;)
;)
;)
