Greedy Sellers in Negotiation

[Chillyred888]

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"

[rattydrama]

my experience is usually they will counter offer.

[CCR]

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...

[azeoprop]

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.

[hopeful]

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"

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]

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!
How much more are we supposed to pay for a so-called premium block?

[hopeful]

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.

[amk]

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!
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.

[kane]

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.

[westman]

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]

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"

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

tat unit u r eyeing not even TOP....how sure r u tat u will like it so much?

[sh]

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.

[tericia]

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"

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]

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.

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

[devilplate]

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....

[sh]

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

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]

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

[Chillyred888]

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..

[ecimbew]

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.

[zzz1]

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!
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..

[fclim]

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"

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.

[westman]

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..

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.

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...

[DC33_2008]

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]

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.

[westman]

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?

[rattydrama]

a bit like playing poker when negotiating price, rite?

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.

[westman]

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..

[land118]

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"

[BV]

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...

[DC33_2008]

Anyone has experienced with agents who bring foreigner investors to view your unit over the weekend? Is it really effective?