11th April 2017 – Finally….deal done!
The property passed in at auction. As final bidders, we are in the box-seat to negotiate.
The auction room clears of the ‘room filler’ (they all seem to have somewhere else to be …. very quickly…) and the selling real estate agent approaches us … well, me with Mitch on the phone from Melbourne.
The posturing begins. The game continues…. winners and losers…
They are keen to sell… but we are still being told that they have other offers and we are waaaaaay off the selling price.
We again remind the real estate agent that those other offers were rejected….and no one else is here tonight. Remember… the market has spoken, and we’re standing here with the cheque book.
As sellers of property, over the years we have heard agents tell us ‘the market has spoken’ when they try to bargain us down in price. They need a sale to get commission.
Now the agent is trying again to talk up a non-existent offer.
We let him know…the market has spoken…and the property was passed in.
So…. how do we get this deal done??
Agent: They are motivated to sell, but the price needs to come up.
Us: Tell us what they want to sell it for now.
Agent: It needs to be a good offer.
Us: Tell us what they want to sell it for now …we have a cheque book…we will sign now
Agent: The price needs to be higher than the last bid.
Us: Tell us what they want to sell it for now…. (I think he might be a touch deaf) … (we put forward an increased offer)
Agent: I am not sure they will accept it.
Us: Take the offer to the other side of the room and negotiate with them….
Agent: But I think….
Us: Take the offer …….
Agent: If you increase that offer I think they might….
Us: Take the offer….
Agent walks across the room…. discussion entails…. Agent walks back….
Agent: They need more….
Us: How much more will secure the property?
Agent: They need something higher. They are happy to put the property on the market with a price tomorrow. They did have another offer you know (…this is yet another attempt to increase the tension and to create in us a ‘fear of loss’…)
Us: You gave us a price earlier…. we will offer that now if you confirm they will sign the contract now.
Agent: I don’t know if they will accept that.
Us: (Confused) … you gave us a price and you don’t know if they will accept this…. Go and find out if they will accept the price before we will agree
Agent: But it doesn’t work that way….
Us: The market has spoken…. Go …. find out…
Agent: …. (silence)….
Us: We have a cheque….we will sign contracts now…. go find out what they will sell for now…. go!!
Agent: …. but…. you’re supposed to make the offer….
Us: Go… get me a price. You must know a price if you are going to put it on the market tomorrow.
Agent walks across the room. I think he might be a bit bewildered. I think the negotiation hasn’t quite gone how he expected. I can almost hear his thoughts from across the room …. “but, I’m supposed to be the one in control of the negotiation, what is happening…this isn’t how it’s supposed to work…”
Agent comes back
The price we put forward earlier is accepted.
We have a deal…. sold!!
Cheque drawn……contracts signed and exchanged….and now we can talk to the seller…. handshake done.… Deal done.
And we are keeping the sale price a secret for now…because…
…this property is going into our ‘stock’ ready for renovating in a few months’ time.
Keep watching and reading as we update the plans, design and the outcome on another Edwards McKie Design transformation.