“The seller countered at $435,000 and said that’s his bottom line.”
Well, shucks. I guess the deal is done, then. The buyers said they won’t go above $415,000, so there’s no point in wasting any more time on this negotiation.
Never, ever, ever believe that anything is anyone’s bottom line! Not saying that they’re lying or even that they didn’t mean it when they said “this is as low (or high) as we’ll go.”
They probably weren’t lying and they probably did mean it.
But that doesn’t make it true.
No one knows what the bottom line is until they reach it. Not the listing agent, not the buyer agent, not even the buyer or seller. And chances are that any proclamations of bottom line (or top offer) are thousands of dollars from what the seller would be satisfied taking or the buyer satisfied paying.
As the representative of the buyer or seller in a negotiation, never, ever allow the negotiations to die on your side of the table. Always counter a “final” offer, even if you “know” the parties involved are as low (or high) as they’ll go.
Because you don’t know. And, frankly, neither do they.
On a related note, I can’t tell you how many times I’ve seen an agent on a real estate reality show push her OWN client to accept an offer or counteroffer because “the other agent says this is their bottom line.” Nonsense!
Never, ever advise your buyer or seller client to pay any attention to such proclamations, and push them to accept a “final offer” just to save you the trouble of drafting up yet another counter-offer. If your buyer or seller wants to push a little harder, just write it up! I think you’ll be surprised (pleasantly) how many times a “dead” deal will come together if you don’t accept anyone’s “final offer!”