The Real Estate Waiting Game
Ask Phyllis is a blog series of frequently asked real estate questions. Have a question about real estate? Please email us here
Dear Phyllis,
Our real estate agent has been showing us La Canada homes for quite some time. Last week we found the perfect home and submitted a formal offer. Our agent negotiated with the seller’s agent for more than a week, but we did not reach agreement on the price or on the patio furniture. We requested the patio furniture, but we did not make it a deal breaker. After a week without progress, the seller received another offer, and we now compete against that buyer.
I feel perplexed about the initial delay, and I wonder if the seller used the time strategically. What do you think? Tired of the real estate waiting game
Dear Tired,
Most home sellers have a set price in mind that they “need” when they list their homes for sale. Sellers want the highest possible price, and buyers want the lowest possible price. As a result, buyers and sellers often exchange multiple counteroffers before they reach an agreement. I avoid the real estate waiting game whenever possible.
Before I write an initial offer, I contact the seller’s agent and ask key questions about closing date, possession, and other terms. Before I request personal property such as patio furniture, I have my agent confirm with the seller’s agent whether the seller will include it. This step removes unnecessary items from later negotiations.
If I submit a lower initial offer that my agent believes may not get accepted, I leave out requests for personal property. Assume the seller accepts my price; that outcome matters most. If the seller issues a counteroffer and I raise my price, I then add requests for additional items.
Time often works against buyers, especially when another buyer enters the process. When I prepare an offer for a client, I prepare them for a possible counteroffer in advance. I make sure they know whether they will increase their offer and, if so, by how much.
Real estate agents negotiate these situations every day, and they bring experience to back-and-forth negotiations. I encourage buyers to trust their agent’s guidance. You hire an agent to help you find the right home at the right price, and a strong agent works to achieve that result.
