Buyers today are in the drivers seat more than ever, we all know this and buyers are educated about it. However, when do you stop and say - ok. Every time a buyer or seller puts out a new offer or a counter offer they take the chance of the other walking away. We all have our bottom line and some of us do not want to move off that number.
But... Buyers and sellers are you risking the home of your dreams or the sale when you counter offer and are only a thousand or two apart? Is getting that additional $1000 going to make any real difference on your payment or what goes in the bank? Even if the answer is yes, every day that the negotiations go on is another day that closing can be delayed.
Today, the sad truth happened for one of my buyers. We were battling back and forth over the weekend over $2000 and the seller finally caved in... we got the house for the price the buyer wanted.... GREAT UH????
Not so fast... you see, Friday lending guidelines changed and the buyer no longer qualifies for this second home. So since the loan was not locked - the lender can not honor the program we planned to use. So everyone lost out over a $2000 difference, the buyer no longer qualifies for the loan and the seller is without a buyer...
Back to the Drawing Board all the way around, be certain you want to take that risk when you are so close, the outcome could cost you more than the difference.