The smoothest transactions are the one where each side is doing their best to be fair. Though some would argue that each side is trying to be fair to their own needs. I have had a few deals where everyone was just trying to be reasonable and it was so smooth and it was divine.
When we have lopsided markets like we have now and in 2005, one side usually feels more power. It is amazing how quickly one side can get mad and dig in their heels. The main setting for the entire transaction is the negotiations on the offer. Depending on how the parties treat the other with the initial offer and counter offers can often set the tone for the rest of it.
This can range from repairs to changing the closing date and everything in between. I had two offers in this last year where the other side started off aggressively, actually the agent was where the aggressive nature originated. In both cases the offer didn’t get accepted for various reason and both times my client’s were to a point relieved to not deal with the other side or at least the other agent.
A Buyer’s Market can be a little more insulting to the Seller than in the reverse scenario. When it is a Seller’s Market, the seller can just say, “I am sorry, I got a better offer,” and then move on. In this market, the buyer is giving low offers and if they say, “Look, this is the best you are going to get, plus they are going to have to $X thousands of dollars and…” the seller is expecting them to be just as difficult during the inspection.
I don’t want to discourage anyone on writing an offer because honestly, sellers should feel grateful that someone took the time to write an offer. But don’t be difficult about it. The seller is already getting thousands less than what they expected months ago. Don’t pile on.
Treat each other fair and it will work out in a smooth transaction most of the time.
photo via http://www.flickr.com/photos/artchick2004
