Why should you sometimes go slow when negotiating real estate deals? It’s all about the power of time investment. Let me explain with a story.
One of my less-pleasant experiences selling real estate was when I sold a home for a real decent guy, and the buyer was a lawyer. I was new to real estate, and this lawyer knew all the angles. Without getting into all the dirty tricks he used, I’ll just say that the buyer had everyone involved angry, frustrated and worn down.
As a final blow, he arbitrarily decided that he wanted the price lowered by another $5,000. Now that’s hardball negotiating. The seller was almost ready to throw away the whole deal, but he had been trying to sell the home for two years, and we had been working with this buyer for months. None of the agents or brokers involved wanted to see all their effort go for nothing.
There were three agents under two brokers involved in the sale. We all agreed that suing the buyer wasn’t worth it. Instead, we gave in. The seller had enough of the buyers tricks, so each of the other five parties to the sale (3 agents, 2 brokers) agreed to each forfeit a $1,000 of the commission,...
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