Negotiation Advice

6 Replies

Hi All, 

I'm negotiating the price of a lot through the realtors (buyers and sellers agents) and have a tight budget.  

Typically its seems that the offers and counter offers go in rapid succession the same day.  However, from the negotiating tactics I've read about, many say to use time to my advantage, i.e. delay my response.  

Does this apply to lot purchases as well?  In other words, if they counter my offer, should I wait a few days before offering another counter, or is it better to respond the same day?

 It can depend on your market. If you may lose the property due to another buyer quickly, if your market is really going well or the price is affordable, new to the market ect...you may need to decide your price and take it when its suitable. If the property has been sitting awhile (your agent should be able to tell you, make sure you have your own agent) and no other offers in awhile, or at all, taking your time can be great. My attitude has usually been this - "Im willing to spend this much" if not, ok, thank you for your time & if you change your mind call me, again, thank you. Then I'll follow it and maybe re-offer the same amount later. 

By quick to and fro it Sounds like they really want to sell making quick counters. So maybe back off a little too, if you feel like you wont lose the deal.

 PS, I always am polite on my offers, sometimes impersonal offers make people feel like they're dealing with a institution vs a human, If they feel like they're being bullied they may stand firm. "Thank you for your offer, etc..." I believe offer/negotiations don't have to be a violent transaction, unless it is an institution.

My 2?

 It can depend on your market. If you may lose the property due to another buyer quickly, if your market is really going well or the price is affordable, new to the market ect...you may need to decide your price and take it when its suitable. If the property has been sitting awhile (your agent should be able to tell you, make sure you have your own agent) and no other offers in awhile, or at all, taking your time can be great. My attitude has usually been this - "Im willing to spend this much" if not, ok, thank you for your time & if you change your mind call me, again, thank you. Then I'll follow it and maybe re-offer the same amount later. 

By quick to and fro it Sounds like they really want to sell making quick counters. So maybe back off a little too, if you feel like you wont lose the deal.

 PS, I always am polite on my offers, sometimes impersonal offers make people feel like they're dealing with a institution vs a human, If they feel like they're being bullied they may stand firm. "Thank you for your offer, etc..." I believe offer/negotiations don't have to be a violent transaction, unless it is an institution.

My 2?

 It can depend on your market. If you may lose the property due to another buyer quickly, if your market is really going well or the price is affordable, new to the market ect...you may need to decide your price and take it when its suitable. If the property has been sitting awhile (your agent should be able to tell you, make sure you have your own agent) and no other offers in awhile, or at all, taking your time can be great. My attitude has usually been this - "Im willing to spend this much" if not, ok, thank you for your time & if you change your mind call me, again, thank you. Then I'll follow it and maybe re-offer the same amount later. 

By quick to and fro it Sounds like they really want to sell making quick counters. So maybe back off a little too, if you feel like you wont lose the deal.

 PS, I always am polite on my offers, sometimes impersonal offers make people feel like they're dealing with a institution vs a human, If they feel like they're being bullied they may stand firm. "Thank you for your offer, etc..." I believe offer/negotiations don't have to be a violent transaction, unless it is an institution.

My 2.

For a vacant lot, I would say to take as much time as allowed.  Stretch to the reply deadline and be nonchalant.  Yawn and be like "if it will help them out, I can do $x , with these additional terms."  Don't be afraid to walk.  Don't give without asking for something in return.   It is hard with all the realtors in the way to get the seller's true motivation for selling, but that is the key bit of info you need.

@Steve Vaughan  

@Clifton Jones  

Thanks, looks like the way to go on this one is to slow roll it.   I like the idea of not giving more unless I get more. 

I would love to be able to speak to the seller and be polite and make a nice offer or even no-thank you, but because I'm using realtors on this one, can't really speak or write to the owners directly. 

Make the agent do it nicely. You've got to sign the offer, correct?

Sign it, Thank you,  your Signature


Good luck

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