Kristin and I have been considering buying a home in Santa Monica. We've been looking at condos for the last few months and have recently gotten serious. So we made an offer on one condo. It's a short sale, and that always take a lot of time to get a response. Well, last night, we finally heard back, and the banks decided to counter.
Their counter was to ask us to submit our best and final offer. I guess the issue is that there are four other bidders. So even though we offered the full asking price, we're now involved in an auction. Unfortunately, I know only one negotiating tactic, and it doesn't work well in an auction environment. That tactic is "the walk away": you get the other side emotionally involved, but you remain unmotivated. Then, when everyone seems close to a deal, you threaten to "just walk away," just as Kelly Clarkson mentioned in her song. Unfortunately, we're competing against four other bidders, so that's not likely to work here. It looks like we'll raise our offer price by $6k, and that's it. Either we win, or we lose.
Negotiating is not fun when you're flying blind as we are, but that's all we can do right now.
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