He Who’s Willing to Walk Away Usually Wins…Negotiating Your Best Deal in ‘08

Buyers today are barraged daily with news of increased inventory, foreclosure sales and stories of co-workers making “killer deals” on real estate purchases. But for a Buyer today, what really constitutes a “Good Deal“?

Consider this Scenario:

Buyers fall in love with a house and want to make an offer. It’s December and a slow market, so they make a fairly aggressive low offer…not insulting-low, but teetering close to that line.  The seller, who has an experienced Realtor counseling him to take the emotion out of the picture, makes a counteroffer but doesn’t come off price much. Buyers are shocked. What the Heck?

It’s a buyer’s market right? What is the Seller thinking?

Actually, the Sellers are thinking they don’t have to move…when the house sells, it sells. They are tidy folks so the house is always clean and picked up and showings are few and far between so it’s really not very inconvenient for them to leave the house on the market. In other words, Seller’s motivation is low.

The countering continues for a bit but ultimately Sellers reach a price past which they refuse to budge. Buyers are upset because they really want the house but the want a “good deal” too. In the long run, the Buyer’s desire for the property outweighs their desire for “a deal” and they accept Sellers price. But afterwards they have a bad taste in their mouths. Why wasn’t their agent able to get them a better deal?

Why? Because they weren’t willing to walk away from the house and the Seller was willing to walk away from the table.

When negotiating anything, a new car, a job proposal, or a new home purchase, there has to be one primary objective. Whether it’s getting that one-of-a-kind Waterfront home, or keeping payments to a certain amount… when all else is taken out of the equation, you must ask yourself; “Does this offer meet my primary objective?” If not, walk away. But if it does, take it and be ok with the deal you’ve made. It was what you set out to accomplish in the first place.

When representing my clients, I can only negotiate to the extent they are “willing to walk away”. Hopefully my experience and market knowledge has helped them get clarity and stay focused on their primary objective and they will understand the best deal is the one accomplishing that objective.

Sometimes my job is to deliver the message that Buyers can’t always ”have their cake and eat it too”….even in this market.

Enjoy the Ride! 

Colleen “Fish”

www.ColleenFish.com      www.MapleValleyRealEstate.com

Colleen Fischesser has been helping homebuyers since 1990. She has the experience and market knowledge to help you “make your best” deal. Colleen may be reached at: 425-432-5400 or vial email: ColleenF@remax.net