Welcome to another episode of “What’s Working Now!”
Even though we are in a competitive market, some of my buyers were able to successfully use the rare but effective “comeback” negotiating strategy.
My buyers made an offer on a house and, after negotiating back and forth, they didn’t get the property. So, they walked away and we looked at other homes. However, the more we looked at other properties, the more they realized how that house was really the perfect house for them.
They also realized that the way we wrote the offer the first time wasn’t the best strategy for them.
So, we went back to that property and made a second offer. The seller still netted the same amount of money, but my buyers raised the sales price slightly and asked for money back in their closing costs.
Enough time had passed that the seller might have been sorry they didn’t take our first offer. When we made the second offer, we got the house. The home inspection was completed, we negotiated a few small things, and we’re going to settlement next week.
So, if you make an offer on a house and your price is not close enough to what the seller is expecting, don’t be afraid to go back and make another offer. The “comeback” negotiating strategy can be very effective and help you get into your perfect house.
To use the comeback strategy, make an initial offer that lets the seller know what you really think. You might get them a little agitated if you offer a lower figure than they expect. Give them some time and, after they’ve had a chance to think about it, make a second offer. Oftentimes, the seller will accept your second offer exactly as it is.
In this competitive market, it’s important to find an agent who isn’t afraid to go in, make an offer, and then come back and do it again.
Thank you for watching “What’s Working Now.” Be on the lookout for our next video, which explores what happened to the buyer who decides to sleep on it before making an offer on a house. In this market, if you snooze, you lose.
In the meantime, if you have any questions about our current market, just give me a call or send me an email. I look forward to speaking with you!