How agents can save negotiations when buyers and sellers act like parents.
I recently represented sellers in a transaction where we negotiated a great price in today’s market, but the buyers found issues with the roof and other items, requesting repairs. The sellers, going through a divorce, didn’t want to do the repairs and offered a small credit instead, which the buyers were unlikely to accept. The buyer said, “If you don’t do these repairs, we’re canceling.” The sellers responded with, “If you don’t accept this small credit, you can walk away.”
To avoid losing more time and money, I helped the sellers agree to the roof repairs before closing, at a cost less than the buyers initially wanted but more than the sellers were initially willing to pay. This saved the sellers about $20,000 to $30,000 compared to what they would have settled for if they had canceled the contract. This transaction made me realize that buyers and sellers often act like parents when engaging in real estate transactions, which can make transactions shaky. Here are three ways this can jeopardize a transaction:
1. Buyers and the power struggle with repairs. Buyers often engage in power struggles over repairs, making demands such as, “Upgrade the AC unit, or I’m going to cancel the deal,” or “If you don’t repair this, we’ll walk away.” This reminds me of when parents say, “Do your chores, or you can’t play video games,” or “Eat all your vegetables, or you won’t get any dessert.”
2. Sellers and their ultimatums. Sellers, too, act like parents when they say things like, “I already lowered the price, so if you don’t accept the home as is, we’ll find a different buyer.” This is similar to parenting statements such as, “I spent a lot of time making this dinner, so you can eat it or nothing at all.”
3. Sharing personal details in negotiations. Another way buyers and sellers act like parents is by letting personal details slip into negotiations. They might think sharing their personal situation will garner sympathy or understanding. For example, a seller might say, “I need the proceeds from this sale to purchase our new home that closes next week,” which sounds a lot like, “We can only stay here at this fun park for a few minutes because I have a hair appointment.” In such cases, the other party might respond with indifference, thinking, “How does this help me?”
While it’s normal for buyers and sellers to disagree on some things given their unique goals and needs, experienced agents like myself are needed to provide expert guidance and help negotiate great deals. Otherwise, buyers or sellers end up losing a great opportunity. If you’re planning on buying or selling a home, reach out to us at (480) 845-0048 or visit our website for more information. I look forward to working with you!
