The Waiting Game
Our real estate agent has been showing us homes for quite some time. Last week we finally found the perfect one and we made a formal offer. Our agent was back and forth with the seller’s agent for more than a week and we still did not come to an agreement on price and some patio furniture (we asked that the patio furniture be included but it wasn’t a deal breaker). After a week of no movement, another offer was received and now we are bidding against that buyer.
I am perplexed over the initial delay and feel the seller was playing us. What do you think? Dan T.
Most sellers have a set price in mind that they “need” when they list their home for sale. Obviously each seller wants to sell for the highest price and likely as the buyer you want to purchase at the lowest possible price. Unfortunately it’s not unusual for offers to be countered several times before both buyers and sellers come to an agreement.
Prior to writing the initial offer, I attempt to connect with the seller’s agent with questions about closing date, possession, etc. In the future, prior to asking for personal property (such as patio furniture), have your agent ask the seller’s agent whether the owner might include it. This will give you one less item to negotiate in any possible counter offers. If your initial offer was low, and your agent thought it not likely to be accepted, you might have omitted the inclusion of the patio furniture. In the off chance your price was accepted, that should be most important. In the event of a counter offer, when you increased your offer price, you might then consider asking for personal property.
Time can be a home buyer’s worst enemy because, as you discovered, another buyer has jumped in. When writing an offer for a client, I try to prepare them for a possible counter. If a counter offer is received, my buyer should already know if they are willing to increase their offer and, if necessary, by how much. Because we do this daily, most real estate agents are very experienced in these back and forth negotiations.
Trust your agent’s expertise; you hired her to find the home you love at a price you can afford. A good agent will work hard to do just that.