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Little Longer Than Forever

 

It's been on the market for six months, and you write an offer for a buyer pretty sure there is negotiating room because of the days on the market.

The listing agent responds with we have another offer. And your buyer says, "yeah, right, do you believe them?"

How do you respond?

I've been in that situation with my unusual listings on more than a few occasions. A home on the market "a little longer than forever," and then, all of a sudden, there are multiple buyers.

 

 

little longer than forever

 

Who knows why now all the interest? It happens, and this is when the agent's integrity and reputation come into play. You learn through years of experience by keeping your ears open who plays well in that RE sandbox.

The art of negotiation now comes into play. Does your buyer want the property? Are they willing to lose it over $5 grand?  Or maybe they feel that it's not meant to be.

How are your negotiation skills? Are you doing what the client wants? Are they ready to give their top and final offer? Are they prepared to walk away? Are they willing to say next? Or Is this the "perfect" fit?

How are you with the art of negotiation?

 

Margaret Rome

 

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Broker-Owner HomeRome Realty 

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Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

 

 
Comment balloon 12 commentsMargaret Rome Baltimore 410-530-2400 • February 22 2020 04:02PM

Comments

Morning Margaret.

Funny you should write this, just this past week I had a low ball offer come in.  My sellers countered and the buyers walked.  Time will tell

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) 6 months ago

Sometimes we have to walk on a thin line, negotiating can sometimes be tricky but in the end, it's the buyers decision.

Posted by Eva B. Liland Century 21 Doug Anderson, Glad to be of Service 661-714-1643 (Century 21 Doug Anderson) 6 months ago

Hello Margaret - it only takes ONE(right offer) to put a deal together in real estate but sometimes along the way(regardless of time on the market) there may be multiple buyers pursuing that property.  It happens...

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 6 months ago

Been there and done that on both sides.  Had a listing during the slower market years and had an offer verbally close, but agent took their time getting in the contract for our seller to sign.  Meanwhile another offer came in, MUCH better.  Seller took offer B and offer A was kicked to the curb.  The first agent was furious, but we didn't have a contract.  Their assumption that they wouldn't have any competition was obviously off the mark. 

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) 6 months ago

Good morning Margaret. Had a situation like that on a very unique expensive home. No action for a couple of years. Then more than one interested party. My buyer took the hard stance and said he would not get ito a bidding war. I said give me you highest and best. He refused. Property sold for $50,000 less than his strike price. And he was disappointed. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 6 months ago

Good morning, Margaret Rome, Baltimore Maryland the success of negotiating is in direct proportion to the desire of the client to purchase and/or sell.... highly motivated results in a smoothly flowing event.... if the motivation is not what it should be, the deal will probably not be a successful one and I'd rather nip that in the bud before it's together with a strangle hold.

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 6 months ago

Good morning Margaret. This happens and you are right about knowing your colleagues and the integrity factor. Nice post.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 6 months ago

Good morning, Margaret... I've seen this dynamic more than once... a house that is sitting there with no offers suddenly gets multiple offers in a 24 hour period. I had a listing like that when our market was soft... 5 months with tons of showings and no offers... then three offers, all virtually identical, come in all in the same day.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Realty) 6 months ago

When this happens, we are all surprised at the timing. Nina Hollander  You have to know how to handle this and it comes from experience.

Your ears must have been burning. I spoke with Hoyt yesterday. Just left you a message.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Hi Margaret,
This is one of the mysteries of the business, isn't it? 

Posted by Carol Williams, Retired Agent / Broker / Property Manager (Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals.) 6 months ago

Sheila Anderson As always, good to see you.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Carol Williams It sure is!

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

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