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Sellers: When do You STOP Asking for MORE?

By
Real Estate Agent with Realty ONE Group Mountain Desert DRE #SA554748000

Sellers: When do You STOP Asking for MORE?

I have had two escrows that have had problems when the Buyer and Seller had reached a verbal agreement.

In one case, the contract was for the purchase of a vacant lot. The Buyer and Seller had reached an agreement on the price. All looked good until the Seller asked for the Buyer to pay all closing costs. In Arizona, The HOA Addendum requires the Seller to pay the disclosure fee -- in this case $180. When the HOA Fee still showed up on the HUD net sheet for the Seller to pay, the Seller countered and asked to increase the Full Purchase Price by $180. In this case, the Buyer agreed but felt like the Seller was uncooperative and GREEDY.

In the other case, we also had a verbal agreement on the price.  Same thing happened again when the Sellers asked for the Buyer to pay all closing costs and asked to keep the furniture as well as digging in on not being willing to make reasonable concessions.

My advice is "Do not continue to ask for more once you have reached an agreement." To counter this way is to risk blowing a contract that otherwise could have worked. Indeed, we did lose an escrow this time because my Sellers appeared to be uncooperative and GREEDY.

If the Purchase Contract reflects what was agreed upon, do not counter and try to get more.

Comments (9)

Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

You know the old saying "When you get greedy you can become needy". Your sellers were lucky the buyers didn't just pack up and go home. It's amazing to me that sometimes when both buyers and sellers get exactly what they want they just can't be happy and satisfied but try to turn the screws to get just a little more. They don't realize that their greed might scuttle the deal then they're back to square one.

Oct 03, 2016 05:24 AM
John Mosier
Realty ONE Group Mountain Desert - Prescott, AZ
Prescott's Patriot Agent 928 533-8142

Debe Maxwell -- In my second case, the Buyers did just that. This property has been shown around 25 times and I have spent a lot of time and money promoting it. This is the second time it has fallen out of escrow. The property is very unique, so it will take a very special Buyer for it.

Oct 03, 2016 05:35 AM
Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

John that is so sad. I think some folks simply can't see the larger picture of getting the property sold vs trying to get a few extra dollars out of it and losing the buyer.

Oct 03, 2016 06:45 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Every single time I let down my guard during negotiations and do any part of it verbal... it comes back to bite in the you know what.  I stick to my guns for a few years with NO IT MUST BE IN WRITING and then I slip and get reminded of why NOT to do it again.  Spelled out in detail and signed... the only way to go.

Oct 03, 2016 06:53 AM
John Mosier
Realty ONE Group Mountain Desert - Prescott, AZ
Prescott's Patriot Agent 928 533-8142

Kathy Stoltman -- It may not be so sad after all. I just got a call for another showing appointment. This potential Buyer has a good budget for this cabin.

Oct 03, 2016 09:47 AM
John Mosier
Realty ONE Group Mountain Desert - Prescott, AZ
Prescott's Patriot Agent 928 533-8142

Tammy Lankford, you got that right. I do not like to discuss amounts verbally. In this case the Sellers are emotional and determined not to lose any money. If they get a good offer, I will coach them not to counter for more.

Oct 03, 2016 09:50 AM
Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

John that is great news!

Oct 03, 2016 10:20 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi John Mosier -I don't have a deal until all parties have signed the contract. Greed sometimes overshadows the facts of what was agreed upon. Unfortunately it can go all the way to right before closing.  Communication by the Realtors® is essential to keep the deal on track.  Have a great week.

Oct 03, 2016 10:49 AM
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 602.710.8161 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Hi John Mosier , great points, especially the large font at the end. The reality is that sometimes we have to go through several offers until the right meeting of the minds emerges. It seemed you looked after your clients' interests well. I hope the next contract leads to closing the deal.

Nov 06, 2016 01:56 AM