- Buyer had a made a verbal offer at $3,010,000
- They advised us that this was their final offer
- They then decided to provide a signed for contract for sale with a 5% deposit at $3,010,000 and advised they would not increase the offer
- We adopted a strategy to test the buyer
- The buyer increased their offer by $10,000 to $3,020,000
- The property sold for $3,050,000
- When a buyer provides a signed contract for sale it shows a genuine interest in the property and although sometimes it could be their final or best offer. You need to test the buyer to make sure it really is their final offer.
- The majority of agents ask a buyer to sign a contract for sale and they will get the owner to accept it. The agent then takes the buyers signed contract to the owner and pressures them to sell and say this is the best offer you will achieve. Some agents add extra pressure by saying to the owner this offer is conditional for 12hrs/24hrs etc or the buyer will pull out. Obviously it is easier for an agent to just accept this offer and move onto the next deal. If you select a larger agency then this is very common practice as they have too many properties and they don’t have time to test the buyer.
- Be informed and avoid making a mistake when selecting an agent, make sure you select a real estate agent that demonstrates strong negotiation skills.