Posted on: 29 December 2016
No seller likes breaking off a negotiation with a prospective buyer partway into attempting to sell his or her home, but there can often come a time that it's best to cut your losses and move on — and hopefully another buyer will approach you soon. Ending a negotiation might initially feel discouraging, but it can often be for the better when you've encountered a difficult buyer. Here are some scenarios that should make you consider ending the negotiation.
The Buyer Isn't Responding In A Timely Manner
Part of negotiating in good faith involves responding to each counteroffer promptly. Offers will often include a deadline; for example, one party may wish for the other to respond within 24 hours. When a prospective buyer misses a deadline, your real estate agent will need to get in touch with the buyer's agent to find out what is going on. If this happens repeatedly, you're getting a pretty clear message that the buyer isn't truly interested in buying your home. In this scenario, you shouldn't shy away from passing along the message that you'll no longer be negotiating with this buyer.
The Buyer Submits A Childish Counteroffer
For a real estate deal to get done, both sides need to negotiate in good faith — that is, they both need to be committed to finding a common middle ground. Occasionally, you'll find a buyer who is acting inappropriately and sending clear messages that he or she doesn't respect you. For example, if the buyer has submitted an initial offer of $178,000 on your home, and you respond with a counter of $188,000, a childish response would be another counter of something like $178,200. This counter is insulting and can be enough to make you break off the negotiations.
The Buyer Changes His Or Her Mind
Sometimes, you'll be moving along satisfactorily in the negotiation when you encounter a buyer who has changed his or her mind. For example, the buyer may agree to your closing date, and then ask for a different one. When you make the concession of accepting the buyer's different closing date, he or she may once again ask to have this date changed. This can be frustrating, as well as give you a sign that you're dealing with someone disorganized who may never get to the end of the negotiation. In this case, you may be better off ending the negotiation with the problematic buyer.
For more information or assistance, contact companies like Marsee Wilhems Real Estate Team.Share