There’s no doubt about it.  We live in a fast paced world with lightning fast Internet connections, non-stop hookups via our smartphones, ubiquitous wi-fi and the ever present Mickey D’s, Wendy’s and BK combined with pizza delivery and sub shops in every gas station.

What does this have to do with negotiating a great real estate transaction?  Almost everything.

It seems that we are so tuned into the “I want it now!” culture that we don’t take the time to negotiate a perfectly goood real estate deal.

I Want Your Final and Best

This is the type of response many listing agents will toss over to buyer’s agents after the first offer. It indicates that the Seller or, more likely, the listing agent doesn’t want to spend a lot of time dickering around about price or closing help or the settlement date or any of the other terms in the contract.  They want to get to the bottom line just as quickly as possible so everyone can move on to the next phase of the process.

The real challenge with this approach is that it really doesn’t give the buyer or the seller the time they may need to really think about the pros and cons of the offer.  A couple of nights to sleep on an offer may bring the realization to the Sellers that there is not a line around the block of people wanting to buy their house.  A buyer may realize that when a Seller comes back with financial terms that aren’t exactly perfect (in the buyer’s eyes) are really not that bad and, shucks, might even be a fair deal.

It’s when everyone feels pushed that bad decisions are made and both Sellers and Buyers start to dig their heels in because they don’t want to be the one to “lose”.

Take Your Time

So, it is important to take a breath or two before jumping back into the fray.  It’s important in the same way that it’s important to look at the offer and counter offer with a cool head.  Do the financial terms reflect fair market value? Can the settlement date be accommodated?

But a Good Deal is a Good Deal.

If the price and condition of the house shout “buy me!” it’s foolhardy to play around too long because someone else may very well be waiting just around the corner to swoop in and grab it.  Ditto for a Seller who gets a perfectly sweet offer from a buyer.  It may not be perfect but it’s close enough.  It may be more costly, in the long run, to stand firm than it is to give in a little.

I would say this is a good time to consult with your professional Realtor® but, then, you knew I’d say that.