Failed Negotiations: What to Do when the Seller is an Immovable Object

 

Once you’ve found the perfect new home and delivered your first offer to the seller, you may find that they return with a counteroffer or a flat out refusal. Negotiation is part of the home buying process, but at times you may feel like the seller is the one holding up the deal due to their approach or attitude. In this blog post we’ll share a few ways to manage an unreasonable or stubborn home seller so you can get the deal closed.

Ask Yourself: Are Your Demands Reasonable?

Before trying to figure out how to work the seller from a different angle in order to win the home, you’ll need to assess whether or not there’s a problem with your offer or your purchasing terms which is causing friction with the seller. Ask the seller or their agent to identify the exact issue so that you can decide whether or not you are willing to sacrifice that particular term in order to secure the home.

What is Motivating the Seller?

If you’re finding that seller is simply being stubborn or is unwilling to budge on their price or the terms of the sale, you’ll need to approach them differently. During the home buying process it should be your goal to try to figure out why the seller has placed their home on the market and what their motivation for selling might be. Are they moving to a new city for work? If so, there is likely some sort of time limit on their sale and you may be able to wait them out. Or, perhaps you’ve discovered that they are simply downgrading to a smaller home and that they’ll only sell their current home for the right price.

Educate the Seller

A huge part of the problem that Buyers face is that many Sellers have been misled about the market and the comps in the area in which they are selling their home. It is important as a Buyer to do all of your own due diligence of the market and value of the property. When you do this you may find that you are not as far away from the Sellers asking price or you may find that the price you have to offer is way below the asking price. In either case, you should share this information with the Seller to educate them on the facts…by doing this the Seller can see exactly where you are coming from and at that point they can make the best decision for them. This is one of the biggest mistakes Buyers make….not completing their due diligence and not educating the Seller of their findings!

Sweeten the Deal and Be Ready to Walk

If the price is still what is holding the deal up, simply submit a final offer with your maximum price and be sure to let the seller know that you’re walking away from the deal if they aren’t ready to sign. At this point you can consider the home on hold and revisit the Seller months down the road to see if they have changed their mind. Many times you will find, if you’ve educated the Seller on the facts that the rapport you have built will have them coming back to down the road.

Home Sellers all have different reasons for selling their property. Some are motivated and others may not be completely ready. If you have your heart set on the home just keep faith that eventually it will come back around if it is meant to be. If you’re just getting started with the home buying process or if you’ve been looking for a while stop the madness and call us here at Clean Green Real Estate at 724-207-1129. Let us do all the groundwork for you, negotiations and find you the home of your dreams! Our Team is here to serve you so don’t wait any longer!

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