I hate to toot my own horn but I have closed over 20 equity listings in the past year (and that’s pretty impressive in my market) – a new breed of buyer negotiations has emerged since June 2013. I shall dub thee the “Time Ultimatum Terrorist”.
How do you know that you are negotiating with a Time Ultimatum Terrorist? Here are the 6 signs:
- Initial offer is a lowball (more than 20% off list price)
- My phone blows up with calls, emails and texts begging for an answer (and the seller doesn’t want to answer the offer because it is SO low)
- I can smell the buyer’s agent’s desperation breath through the phone
- We send a counter with a 24-48 hour response time, we get a counter back with a 3 hour response time
- My phone blows up with more calls, emails and texts telling us to respond quick (usually within 1-2 hours) “OR ELSE”
- That one or two hours comes and goes and my sellers and I are still alive (and the buyer still wants the house)
Now if you find yourself as a buyer or agent who works in that fashion, put yourself in the seller’s shoes and ask “why would anyone want to work an entire transaction with that type of personality?” The inspection comes in with some issues, the appraisal comes in low and then back to the drawing board with the same type of pressure – repeated – through the entire transaction. No thanks!