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.
Sweeten the Deal and Be Ready to Walk
If the price is what is holding the deal up, you can submit a final offer with your maximum price but 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 a lost cause if they refuse, so table the best offer that you're willing to make and encourage the seller to accept it.
Dealing with a stubborn home seller might seem like a bit of an impossible situation, but try to keep in mind that they are selling their property for a reason. If you have your heart set on the home just keep faith that eventually they'll crack and the home will be yours. If you're just getting started with the home buying process or if you need more information about buying a local property, contact a Karen Mordus today.