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Firm...Final Offer...But Are You Sure?

By Margaret Rome Baltimore 410-530-2400

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

July 21, 2011 02:51 PM

Careful while negotiating!

Had an agent leave me a message late last night with a counter offer saying this number was firm along with a list of reasons why the buyers would not go any higher.

This offer is firm

In the meantime, another offer has arrived... and it is better than the first offer. I call the first agent and thank her for leaving me a message with her final offer. I also wanted her to know that IF this was her buyer's final offer ...we had no place to go. She thanked me and I thought that was the end.

This morning, quite early, my phone rings. It was the agent with the first buyers ...they now admit they love the house and do not want to lose it. Well, guess what...it may be too late!!

Do you say it is a best and final offer in order to give the impression of being a "strong" negotiator?

Are you following your client's wishes and not your own.

Firm...Final Offer...But Are You Sure?

Margaret Rome

Re-Blog

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Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Brenda,Thanks for being the first to comment.

Cal, You need to find out who is doing the negotiation. Always make sure of the client's intention!

Joy, Not an honest way to negotiate.

Sophia, One would think.

Jonathan, Silence can be powerful in communications.

Evelyn, Good story for your sellers.

Kathy, Gives a new meaning to "let's sleep on it."

Bill, Tripping on your own words...not good.

Jeanne, That's happening right now.

Ellen, It is a dangerous line...if not true.

Mary, I have had both buyers and sellers surprise me. We need to carefully listen.

Cindy, You have to know how to play the "what ifs". There is no negotiating until the written offer is on the table.

Debe, Just stating the facts. Hope it works for you.

Rich, Her position was definitely not made stonger. Appeciate you comments.

Pacita, Not a good idea to say "firm" unless you mean it.

Tracie, Good for your clients. Not all LA are good negotiators.

Roger, That's why I called and gave her the opportunity.

Jul 21, 2011 11:25 PM

Sally K. & David L. Hanson

EXP Realty 414-525-0563 - Brookfield, WI

WI Real Estate Agents - Luxury - Divorce

Final isn't until it is signed,sealed and delivered...sounds like a case of the agent pushing the envelope farther than it belongs....

Jul 22, 2011 12:18 AM

Barbara Todaro

Keller Williams Elite - Franklin, MA

"connecting land with builders"

Good morning, Margaret....we never take those words seriously.....many buyer agents today will deliver an offer with the words highest and best....or firm and final....we deliver it and counteroffer....and the game goes on!!!

Jul 22, 2011 12:26 AM

Ellie McIntire

Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD

Luxury service in Central Maryland

Happy Friday Margaret. You have just sparked the idea for a very similar blog.

Jul 22, 2011 12:39 AM

Holly Weatherwax

Associate Broker, Momentum Realty - Reston, VA

A Great Real Estate Experience

I always ignore that knid of statement. It is rarely the final offer. Even with my own clients, they will sometimes tell me that it is their final until they receive a reasonable counter--and then SURPRISE!, it isn't.

Jul 22, 2011 01:50 AM

Debb Janes

Nature As Neighbors - Camas, WA

Put My Love of Nature At Work for You

Just had an agent do that and the house was scooped up my another couple who offered 15k more. The agent who said that it was the "final offer," called back and complained when my sellers accepted another offer. Her clients have been looking for over a year, and this was "the house." I even warned her that I was getting serious interest in the home from another buyer - and that if they really wanted the home, they should put together their "best" offer.

Apparently they are heartbroken. Well then, why didn't they put in a stronger offer? The market comps and activity show the house was priced fairly. Too bad.

Jul 22, 2011 02:43 AM

C Tann-Starr

Tann Starr & Associates, Inc. - Palm Bay, FL

It's a shame really... I remember explaining to a seller why my buyer couldn't go a penny more and she refused to do the deal for the want of 5 grand. Chicka never sold her house because she didn't believe me when I said my buyer's offer was the final offer. Turns out it was the best offer she ever got. She kept turning the other offers down telling her agent she really liked us and hoped we would come through with the 5K because we were hot for the property. Some sellers believe there is more money to be had when there isn't (sigh). Final offers are in the pockets of the people making them or the underwriters who approve 'em. Sometimes there is no more money... If there is wiggle room buyers shouldn't play with their agents. It makes everyone feel bad when deals are wasted.

Jul 22, 2011 02:44 AM

C Tann-Starr

Tann Starr & Associates, Inc. - Palm Bay, FL

Featured @ Club Chaos

Jul 22, 2011 02:45 AM

June Piper-Brandon

Coldwell Banker Realty - Baltimore, MD

Creating Generational Wealth Through Homeownership

Margaret, what a great blog. I always like to get things like this in writing so that if it doesn't work out the buyer can't come back on the agent later to say you caused us to lose our favorite house. I had a buyer who lost out on the house of his dreams this summer and he hasn't found another house he likes since. We were $3,000 apart.

Jul 22, 2011 12:03 PM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Sally, There may be a time to push..this was not it!

Barbara, Oh boy the art of negotiation continues.

Ellie, Can't wait to see what sparks I have inspired.

Holly, Hard to ignore when you have two offers. The person who says that is their final...is out of the game.

Debb, I am smack dab in the middle of this right now.

C Tann, That is too bad. Everyone lost on that deal. What a waste.

Russel, So I would assume you would not use those words.

Thanks C Tann for the feature.

June, Sometimes it takes losing a house to get the buyers serious.

Jul 22, 2011 12:20 PM

Lynda Eisenmann

Preferred Home Brokers - Brea, CA

Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

Hi Margaret,

I had to start laughing when I read "In the mean time, another offer has arrived..." you could almost see that one coming.

Jul 22, 2011 03:35 PM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Lynda, We are not finished negotiating yet...stay tuned.

Jul 22, 2011 05:14 PM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Hi Jimmy, I am doing an Impromptu Open House Today Saturday July 23 at 1:00 PM 8820 Greens Lane, Randallstown, MD 21133. Can you stop by?

Jul 22, 2011 06:19 PM

Tim Bradley

Contour Investment Properties - Jackson Hole, WY

Commercial Real Estate Expert in Jackson Hole, WY

The last time I received multiple offers on a building, I advised the buyers to bring their best offers, and the seller would select one. Of course, the agent for the loser ended up in my office screaming at me that they would have gone higher, if I had only told them what the other bid was. He threatened to sue, he threatened to turn me in for ethics violations, he was literally frothing. The seller was unimpressed by the theatrics, and was glad not to do business with the agent or that buyer.

Jul 23, 2011 03:38 PM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Tim,

...they would have gone higher, if I had only told them what the other bid was."

Sounds like your seller made the right choice of buyers and in choosing you as their agent.

Jul 23, 2011 04:33 PM

Lynn B. Friedman CRS Atlanta, GA 404-617-6375

Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA

Concierge Service for Our Atlanta Sellers & Buyers

Dear Margaret -
Sometimes it just takes losing something to put a couple of thousand dollars in perspective!
Have a happy day -
Lynn

Jul 24, 2011 10:09 AM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Lynn, Some buyers have to lose the perfect house before they wake up.

Jul 24, 2011 05:16 PM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

It was too late for that first buyer..the home is under contract!

Jul 24, 2011 05:17 PM

Michele Connors

The Overton Group, LLC Pitt & Carteret County - Greenville, NC

Your Eastern North Carolina Realtor

You have a * from me on this pointer! This language is common amongst Realtors Ive interacted with as well and certainly back your argument that "final" can be as a deadly response ... Reminds me of the saying "Never say Never "... (final means final ) Going back to #1 with notice that 2nd offer has come in MAY nudge an increase BUT Ive learned of buyers asking show me proof we are competing..like it cant happen! Its all fair game til OPT executed!

Jul 27, 2011 02:39 AM

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Michele, Interesting I just had another agent who made an offer on one of my other properties when it was turned down...he asked for written proof that the offer was submitted. No problem we emailed the rejection response. That home is now under contract also.

Difficult to work with an agent who does not trust what you say...or is it his client who doesn't trust what he says?

Jul 27, 2011 04:07 PM

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