Can we all do without estate agency practice in a property deal? Part 3
In the yesterday’s scenario, 3 buyers – A, B & C. ‘A’ is a cash buyer. So, in the lawyer’s office, Mr V got the best offer from ‘A’ and as such case, deal is closed? Not so simple!
This cash buyer will want to leverage his negotiation advantage over his cash deal! He wants a cheaper deal!
So, his offer might not be the highest offer of them 3. As seller, Mr V wants to sell high! Therefore, nowadays getting a cash buyer to go to legal firm and close the deal is rare. Unless it is a desperate case. Usually a desperate case has problem with banks, or the house is in despair. You do NOT usually get a seller who just want to sell low for cash. People are smart. It is harder and harder to get a desperate seller now.
So, let us look at offers by B and C? Although without cash, they might offer higher than A. How then can Mr V deal with their offers? FOR the best price, Mr V would not necessarily take offer from A.