My last deal was the first of its kind...at least for me. I had been working with a couple for about 2 months and was almost losing them because out of dealing with lousy banks, were almost giving up on buying...until I found them the right house in the right area.
My negotiation skills which have gotten me very very very far in lots of business dealings would become my archillies heel in this RE transaction. They made an offer that was $30k less than the seller's offering price. To my shock horrors, the seller came back with 3 counters:
380k; agents get 3% total commission and seller makes no repairs
385k - agents get 2% each and nothing for the buyer
390k - agents get 6% and seller will make all repairs from inspection.
I knew he limit my buyers would go. They would walk if he refused 380 and I was not about to lose them so I swallowed every ounce of pride I had and as the buyers agent here, I aim for the lowest afterall half is better than none. Conclusion was we settled with the lowest price
Here is the icing on the cake. On the day of closing during the final walk-through, I noticed there was a big gap in the pool. There had been a mop cleaner in the pool while we were at the house previously. When I inquired about it, the response was " You took the lowest amount so we are leaving nothing". I was shocked, especially as they were moving to a place that didn't have a pool. They hadn't even built the home they are moving to so I thot, why even bother.
What did my commission have to do with all of this I ask myself? Sellers are getting really testy and greedy in this market and as realtors who really will do anything for a sale, we get involved in this hopeless situations.
Any nightmares worth sharing? Pray tell:)
Afie Makinde
Exit Realty Properties
www.makinhomes.com
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