Sometimes during home purchase negotiations the buyer will say "This is my best offer". The buyer is indicating they have no intention of going any higher, a take it or leave it proposition to the seller.
And our sellers wonder "Is this a bluff? Or can a bit more money be made from the buyers?".
Our sellers have a few choices:
1. Accept that "best" offer as presented
2. Determine that it's not close enough to get the job done and decline to negotiate further
3. Just ignore the "best offer" idea and counter just like a normal round of negotiations.
Here's the condensed version of our experience in this situation:
If to the buyer the home is just a commodity, then the "this is my best offer" phrase is probably a true statement. The buyer has a top price determined and the buyer knows it doesn't make financial sense to go past that point. Get the bargain or move on.
However, if the buyer does truly love the home, "this is my best offer" may just be another negotiating tactic. They might even MEAN to stick to that price, but if the seller counters just a bit above that "best" offer price, the buyer may dig a little deeper to make sure they get the home they want to keep. Their agent may give them the perspective check statement "do you really want to lose this home over a $10 a month increase in mortgage payment?". Fear of loss of a home you love is a powerful motivator.
Most often, our experience has been that if the seller's bottom line price is close enough to the buyer's "best" offer, the buyer's best just might get a bit better.
Other questions about buying or selling a home in the Cincinnati area? Just give us a call at 513-520-5305 or email Liz@LizSpear.com. We're here to help!
Liz and Bill aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS Ohio License SAL.2002007747
William (Bill) Spear, CRS Ohio License SAL.2004011109 Kentucky 77938
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Two locations: Lebanon & Mason, OH
Bill Direct: 513-520-5305
Liz Direct: 513-265-3004
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