How many counteroffers should I endure?
The short answer is, as many as it takes! Here’s why…
Negotiating real estate, whether residential or commercial, can be a gut wrenching, time consuming, labor intensive, hair-pulling series of events that ends up putting you and the family pet on edge! True that! But when do you say enough is enough? My answer; when you finally get your point across!
Recently, I had eight counters on a relatively small commercial sales transaction. Although my client was ready to throw up their hands and give in to the seller's desire on iteration number five, I encouraged them to hang in there strong, as the item which was causing the counteroffers was of the utmost importance; zoning approval. Without approval on this non-conforming property use, the client would be unable to “use” the property for their particular business. That’s huge!
In my visitation with the Zoning Director for that county, the time line was defined for the rezoning and the seller wanted nothing to do with the additional time required to get through the zoning process. However, on iteration number eight and three weeks later, the point was made, the appropriate time was defined, and our contract position was accepted and set for the duration of the contract.
Now, some terms and conditions may not be as important. How do you know? Have you or your broker consulted on the results of what happens if you "give in" on the term? My best advice is for you to have professional legal or realtor representation when working through a commercial sale or leasing of a space.
In this recent case, zoning mattered and it mattered in a big way! It was well worth the three week wrestling match and the family pet on edge for a period of time. Other terms, though, may not be as important. However, having a professional on your side can make the difference of purchasing a property that you can use and/or a property that you can't use. Never put the ease of making a deal and/or the other party’s terms ahead of your own. If you need assistance in discerning what is right for you, always consult a professional.
Post has no comments.
Leave a comment