View Full Version : Greedy Sellers in Negotiation
Chillyred888
27-02-11, 08:30
HI All,
Would like to hear your experience in the Negiotation process when you purchase your potential home stay unit.
have you ever came across a Greedy Seller that asking very high price and will not even budge when u offer a 2% below his asking and literally sit on it and dont even bother to counter offer ? like the chinese saying "hang it up to sell":hell-hath-no-fury:
rattydrama
27-02-11, 08:33
my experience is usually they will counter offer.
It depends.... If your offer is market rate or higher than current market rate then usually seller will counter.... Unless that is a very good unit and nicely renovated.... Then seller very sure someone else will bite....
I always tell my friends properties is not like buying cars.... Every unit is unique so if really like it then you must offer higher to take it...
I think those who never counter offer are not keen sellers. They just put the high price tag there waiting for luck to come. If got people bite, good for them, if not they can afford to hold anyway. :)
HI All,
Would like to hear your experience in the Negiotation process when you purchase your potential home stay unit.
have you ever came across a Greedy Seller that asking very high price and will not even budge when u offer a 2% below his asking and literally sit on it and dont even bother to counter offer ? like the chinese saying "hang it up to sell":hell-hath-no-fury:
what is your definition of greedy seller and very high price?
The next new thread would be "stingy buyers in negotiation".
Would like to hear your experience in the Negiotation process when you sell your home stay unit.
have you ever came across a Stingy Buyer that asking very low price and will not even budge when u offer a 2% above his asking and literally sit on it and dont even bother to counter offer ? like the chinese saying "hide it to buy"
Chillyred888
27-02-11, 08:52
The counter offer is so high! Haven't TOP yet. I made an offer based on the recent caveat lodge. Rejected!
I offered an amount higher than what other units are asking already. Rejected total 3 times! :scared-4:
How much more are we supposed to pay for a so-called premium block?
transaction only occurs if there are willing buyer, willing seller.
Why are you so desperate for that desperate block?
Seller can sense your desperation, so just relax.
In fact, go to another agent to approach the seller, offer 3% above his asking price. When he agreed to the price, disappear. But you will know he is serious seller. no need to tell you to use a prepaid card right?
If he refuses the offer, and up his price once more, forget about his unit.
The counter offer is so high! Haven't TOP yet. I made an offer based on the recent caveat lodge. Rejected!
I offered an amount higher than what other units are asking already. Rejected total 3 times! :scared-4:
How much more are we supposed to pay for a so-called premium block?
Is it the 1 st time u r buying a pty ?
The seller already sensed u r so keen (or desperate). Why do u up 3 times ?
Tell the seller u retract all your subsequent offers. Walk out of this.
There will always be a better one somewhere else.
I feel greedy sellers are those who keep shifting their sell price. Those who maintain a firm offer at a high price and purely unmotivated sellers. Cos emost decent unit sellers are asking above market transaction, if they sold it to you at market, how are they going to get the difference to match up to the next seller's asking. Both can play hard to get, it's just a game of who gives in first.
transaction only occurs if there are willing buyer, willing seller.
Why are you so desperate for that desperate block?
Seller can sense your desperation, so just relax.
In fact, go to another agent to approach the seller, offer 3% above his asking price. When he agreed to the price, disappear. But you will know he is serious seller. no need to tell you to use a prepaid card right?
If he refuses the offer, and up his price once more, forget about his unit.
Good strategy. Used that before to check whether sellers are serious.
On the other hands, you can also get many friends to help you to make unreasonably low offer to the seller to shaken his confident to sell high. To be effective, spread out the calls by a few days and each mobile/tel number to make only one offer only to the group of sellers. 6 or 7 friends are suffice.
Lastly, do note that agent often work in wolf pack! Pick the target carefully.
devilplate
27-02-11, 10:01
HI All,
Would like to hear your experience in the Negiotation process when you purchase your potential home stay unit.
have you ever came across a Greedy Seller that asking very high price and will not even budge when u offer a 2% below his asking and literally sit on it and dont even bother to counter offer ? like the chinese saying "hang it up to sell":hell-hath-no-fury:
i nvr even bother to offer if i tink tat the asking price is way too high above market rate....smtimes agts advertise high asking price units to move their other cheaper units....same old tricks...boring:sleep:
tat unit u r eyeing not even TOP....how sure r u tat u will like it so much?:p
I have made offers matching the the sellers' asking price. I do that after checking with banks if the price can be supported. This is also done to test if the seller is serious or just fishing.... don't want to give seller excuse to turn offer down because it's not what he is asking.....
The seller reverted with a even higher price. You just have to walk away.:tsk-tsk:
HI All,
Would like to hear your experience in the Negiotation process when you purchase your potential home stay unit.
have you ever came across a Greedy Seller that asking very high price and will not even budge when u offer a 2% below his asking and literally sit on it and dont even bother to counter offer ? like the chinese saying "hang it up to sell":hell-hath-no-fury:
if it's ok with you, i like to give you a little perspective from my side.
I want to make money from the sale, but with the kids, moving is really a chore.
So i will only sell if the price is that price, if not, i won't want to move, even if it's 0.5% below what i want cuz i also have to buy with some money left over after i sell.
Hope that helps in your strategies to negotiate the deal. All the best.
devilplate
27-02-11, 10:15
I have made offers matching the the sellers' asking price. I do that after checking with banks if the price can be supported. This is also done to test if the seller is serious or just fishing.... don't want to give seller excuse to turn offer down because it's not what he is asking.....
The seller reverted with a even higher price. You just have to walk away.:tsk-tsk:
quote a scenerio: smtimes agts nvr update my latest asking price....3mths ago, my asking price is 1mil....agts nvr call and check....den call me got 1mil offer how? of coz i goto tell him tat my latest asking price is 1.xmil liao....but den, tat buyer may thot tat seller adjust price upwards...LOL:D
devilplate
27-02-11, 10:18
actually negotiation lies on the agt leh....agt is the middleman.....
unless u go for viewing and the seller is there too....den u can nego directly with the seller....
quote a scenerio: smtimes agts nvr update my latest asking price....3mths ago, my asking price is 1mil....agts nvr call and check....den call me got 1mil offer how? of coz i goto tell him tat my latest asking price is 1.xmil liao....but den, tat buyer may thot tat seller adjust price upwards...LOL:D
Before I make to the offer, my standard questions to the agent are:-
1) Is the seller serious?
2) What is the confirmed asking price?
If I don't get an answer on the above, I don't make an offer.:)
devilplate
27-02-11, 10:20
Before I make to the offer, my standard questions to the agent are:-
1) Is the seller serious?
2) What is the confirmed asking price?
If I don't get an answer on the above, I don't make an offer.:)
gd la....so experienced.....better den those silly agts:cheers6:
Chillyred888
27-02-11, 10:33
Hopeful / Westman >
Thank you for the nice pointers.
The more i see this thread i decided the owner is not serious in selling afterall. Better lie low for now and keep my cool..:tongue3:
My experience is like everyone else. Negotiating for a deal is draining.
If you could imagine a fish bait (seller) and a fish (buyer), you will get my drift. The worst was when the bait was there but lifted away once you made an offer. Only to be returned with a more expensive sashimi tempting you to take it. Desperation sat in and you began to doubt your ability to keep up. That's psycho, I tell you.
:scared-1:
The counter offer is so high! Haven't TOP yet. I made an offer based on the recent caveat lodge. Rejected!
I offered an amount higher than what other units are asking already. Rejected total 3 times! :scared-4:
How much more are we supposed to pay for a so-called premium block?
trust me, the agents are more of interest them the seller and buyers.
u got to make a final call..else, seller will just asking for more...and let the agent do thier work. they need to close the deal to relise thier comm..
HI All,
Would like to hear your experience in the Negiotation process when you purchase your potential home stay unit.
have you ever came across a Greedy Seller that asking very high price and will not even budge when u offer a 2% below his asking and literally sit on it and dont even bother to counter offer ? like the chinese saying "hang it up to sell":hell-hath-no-fury:
Tell the agent you agree to the selling price. Ask for a copy of the stamp duty certificate and S&P. When you see seller's purchase price on the stamp duty certificate, you will know whether seller is greedy or not. Express extreme disgust if the difference is too great and walk out of the deal. Seller should get the message.
Hopeful / Westman >
Thank you for the nice pointers.
The more i see this thread i decided the owner is not serious in selling afterall. Better lie low for now and keep my cool..:tongue3:
If you are ok with unethical deal, maybe you can try this..
-Assuming the owner/agent asking 900k and caveat is around 850k.
-Offer the agent with a target buy price say 800k (target price) and and if he help you to close the deal, you arewilling to pay him buyer commission (say 5k).
-Next, throw in the killer bait by suggesting to pay additional commission if he can do better than target price. (eg: half the amount from buy price less target price). Anyway, this serve to keep the agent's interest intact from reduced commision as resulted for selling lower price for the seller.
For above example, if the agent can close the sales say at 780k.
In essense, he will entitled 15k from you. {5K + 10k [(800-780)/2]} and not including his commision from his client. Your buy price would be 780 + 15k = 795k.:2cents:
I've seen some deals closed with above approach. Very effective as agent LOVE $$$$ and they will do all sort of things to "influence' the sellers...
Do not see it as greedy seller or stingy buyer. It is all about expectation. If it is within expection, it will be a done deal.
rattydrama
27-02-11, 13:04
its also about demand and supply... if you know the place well act fast and swift with a quick offer and act like investor.......
pressure sometimes work. If drag too long, sellers' remorse might work on the seller part.
its also about demand and supply... if you know the place well act fast and swift with a quick offer and act like investor.......
pressure sometimes work. If drag too long, sellers' remorse might work on the seller part.
a bit like playing poker when negotiating price, rite?:hell-hath-no-fury:
rattydrama
27-02-11, 13:23
a bit like playing poker when negotiating price, rite?:hell-hath-no-fury:
but his method doesnt work for old bird and those seller wanting to test market only.
sometimes no need to nego so hard, when the market drop, eveything is cheap and there are more units to choose.
but his method doesnt work for old bird and those seller wanting to test market only.
sometimes no need to nego so hard, when the market drop, eveything is cheap and there are more units to choose.
come to think of it, we buyer are greedy too..:ashamed1:
Before I make to the offer, my standard questions to the agent are:-
1) Is the seller serious?
2) What is the confirmed asking price?
If I don't get an answer on the above, I don't make an offer.:)
Good advice, actually sometime agent just want to quickly get seller to sell (ESP those who are quite hands off, leave everything to agent), especially last year when times were so good, and they have their hands full....
Also, most if the time agent also bs buyer...about someone giving cheque/offer but owner reject. Quite standard if u look at some of these online sites like property guru, u will see agent listing say " last offer of xxx rejected, closing soon, last call"
Good advice, actually sometime agent just want to quickly get seller to sell (ESP those who are quite hands off, leave everything to agent), especially last year when times were so good, and they have their hands full....
Also, most if the time agent also bs buyer...about someone giving cheque/offer but owner reject. Quite standard if u look at some of these online sites like property guru, u will see agent listing say " last offer of xxx rejected, closing soon, last call"
The 'last offer' quoted in ads can actually come in quite useful. For a seller, if I do not want to entertain any low or frivolous offers, I add in a 'last offer'.
For example, if I am asking 1.2m for a property, and I don't want to consider anything below 1.1m, then i just add a line stating a last rejected offer of say 1.08m. Then, I can be sure that any offer that comes in will be within my consideration range. And for potential buyers, they will also avoid wasting their time by making bids that will never be considered. If the buyer wants to bid below the 'last offer', he just has to look elsewhere...
Anyone has experienced with agents who bring foreigner investors to view your unit over the weekend? Is it really effective?
acidic.straw
27-02-11, 16:18
HI All,
Would like to hear your experience in the Negiotation process when you purchase your potential home stay unit.
have you ever came across a Greedy Seller that asking very high price and will not even budge when u offer a 2% below his asking and literally sit on it and dont even bother to counter offer ? like the chinese saying "hang it up to sell":hell-hath-no-fury:
"High" is a relative thing..so if you have not met his asking price, I don't think you can call him greedy. After all, he did state clearly how much he is willing to sell and it's no deal if the price is not met...but if you offer him his asking price or even more and he then further increase his price, then yes, he is greedy.
Geylang OKT
27-02-11, 22:34
Honest mistake, let's move on :D
Condo Kaiser
28-02-11, 02:37
Personally I don't believe there's such a thing as greedy seller, as greed is something which everyone has. There a only 2 type of people, smart and stupid.
All that matter is seller has the property and buyer don't. Just a matter of who is more desperate. Of cos either party can have a lapse in judgement. Buyer may chase the price when he is already in bubble territory, while seller may continue to hike price and drive the buyers away leaving himself with mounting repayment in a declining market.
The most important thing is timing. Point of entry and exit makes a world of difference.
Don't set eye on just one unit. There is no perfect unit. Choose a few units and offer. Let the seller know you are offering and negotiating few units. (even if not). Surely the real seller will bite.
Geylang OKT
28-02-11, 06:12
Seller bite pain pain :D
Wild Falcon
28-02-11, 09:43
If I think the seller is asking for a reasonable price, I usually just match without negotiating. If a seller is asking for say $1 million and one offers $990k, and the seller says "no", we can't say that the seller is greedy becos his target is not met. Flipping around we can also say the buyer is "cheap skate" because the difference is only $10k (1%). The only type of seller I cannot stand are those with moving targets and move the goal posts all the time. So if they ask for $1 million and I immediately offer them $1 million, they suddenly switch goal post and become $1.2 million. This type of seller are the worst. Usually I just walk away.
Condo Kaiser
28-02-11, 09:47
If I think the seller is asking for a reasonable price, I usually just match without negotiating. If a seller is asking for say $1 million and one offers $990k, and the seller says "no", we can't say that the seller is greedy becos his target is not met. Flipping around we can also say the buyer is "cheap skate" because the difference is only $10k (1%). The only type of seller I cannot stand are those with moving targets and move the goal posts all the time. So if they ask for $1 million and I immediately offer them $1 million, they suddenly switch goal post and become $1.2 million. This type of seller are the worst. Usually I just walk away.
Met a few of those along the way too, but I always have a sneaky feeling that the agent also has a part to play in it. Either he hasnt spoken to the owner in a while which explains the price change or he thinks he can milk a bit more and get a bigger commision.
The counter offer is so high! Haven't TOP yet. I made an offer based on the recent caveat lodge. Rejected!
I offered an amount higher than what other units are asking already. Rejected total 3 times! :scared-4:
How much more are we supposed to pay for a so-called premium block?
Same thing happened to me. Btw this is my first posting. Now I am still waiting. Maybe next week I will make an offer again at the same price.. :doh:
devilplate
28-02-11, 09:53
Same thing happened to me. Btw this is my first posting. Now I am still waiting. Maybe next week I will make an offer again at the same price.. :doh:
look around more....more sellers den buyers now n gd luck....but dun offer low low hor....i detest low ballers....lol
Condo Kaiser
28-02-11, 09:57
I don't know if there are more buyer than sellers but I'm sure there's no harm waiting for a while.
But if you are buying for own stay and sell one unit/roject really got "feel" one then please please buy it as long as can afford.
Otherwise you may spend the next few years feeling quite sad everytime you drive past it.
It has happened to me quite a few times already.:)
I can see that this is the period of stagnation: Buyer not sure of potential upside while Seller not sure of potential downside.
blackpepperj
28-02-11, 12:35
I don't understand the mentality of some of these potential "buyers". If seller refuse to lower price then FFS, move on.
Don't go around telling others that the seller is greedy, stubborn, hang out to sell etc. Just make you look like a sore loser.
Some of these people even put up unit numbers just to vent their frustration on not getting the unit. :doh:
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