The seller’s agent told him to reject the offer and told the buyers’ agent they should come back with a better offer. (The house had only been on the market two days.) The buyers came back and met in the middle with a $230,000 offer. The seller’s agent knew they were serious buyers who really wanted the house. The seller thought the buyers were being good people by meeting in the middle. He was willing to accept their $230,000 offer. The seller’s agent advised him to give a little, maybe counter at $237,500 to see what happened. The buyers came back with $235,000, and after more negotiations the buyer and seller agreed on $237,000. So, what can you take from this? Don’t meet in the middle. Instead, give 10% to 20% and let the other guy give 50%. You’ll gain a little more in each round of negotiations.
COMMON NEGOTIATING MISTAKE #3: TALKING TOO MUCH
This is the worst sin of negotiating. Don’t tell the buyers or their agent your life’s story. What do you think would pop into buyers’ heads if they heard this out of a seller’s mouth? “We must sell the home because it is in foreclosure, and if we don’t sell it by June 23rd, the bank will foreclose on it.”
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