How I got a seller to drop her price for my buyer

I had a funny thing happen this week. I was negotiating a deal for a buyer I am working with. We were $3000 apart. After a round of counters, we were at that point where somebody usually gives in or the deal falls apart. This one was looking like it was gonna fall apart.

What happened next has never happened to me in the past 9 years of being a realtor. The listing agent texted me saying the seller had countered where she did because she had a bad experience with my buyer’s lender. Turns out the seller “Budgeted” in her counter offer having to make an extra mortgage payment or two. She expected the loan to take longer than 30 days to close.

Once I found that out, I talked to my clients to see if they would entertain using a different lender, one I knew could get the loan done as quickly as possible. My buyers wanted in the house ASAP and the listing agent had told me that the seller liked the idea of closing quickly since the house is vacant. My people agreed to use another lender as long as the rate would be the same. I told the listing agent. She told the seller………who accepted my buyer’s last offer that was $3000 less than she had previously wanted.

Negotiating is a funny thing. I think most people view it as talking somebody into something they don’t want to do, beating them down, or trying to force their hand. Usually, those actions tend to just upset people to the point where they will shoot themselves in the foot as long as they also get to shoot you in the foot.

In this case, the seller was afraid the loan wouldn’t close on time and padded her counter offer. I was able to remove that fear by changing to a local lender so she could agree to my buyer’s price. To me, negotiating is about trying to get to the place you want to be while making it easy for the other party to agree to your terms. Often, like this situation, what is important to one party isn’t to the other. My buyers didn’t care who did their loan. They saved $3000 and it didn’t cost them anything to do so.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s