So-o-o, the Sellers won't give you a 20% discount on their Home?
Posted 11-21-2008 at 09:06 AM by MikeJaquish
We sometimes see folks lamenting that some Sellers won't meet their offer price on properties. "Buyers' Market" and all that.
I had a few thoughts on this, clarifications of what Sellers' rights are.
To keep it simple:
The builder is typically what we call a "Seller" or an "Owner."
The "Owner" has property rights and that includes the right to accept an agreeable offer.
The offer comes from what we call a "Buyer."
Typically, a "Buyer" desires conveyance of the "Owner's" interest in the property, including all property rights that are appurtenant to the property.
The "Buyer" must be "ready, willing, and able" to perform as outlined in the offer.
The "Owner" has the right to decline, counter, or accept the offer, and only owes a "Buyer" legal and ethical deportment, and hopefully some modicum of civility in the process.
The "Owner" does not owe a "Buyer" conveyance of property at any old offer amount that a "Buyer" can imagine. Nor does the "Owner" owe a "Buyer" a property just because the "Buyer" wrote an offer.
Again, the "Owner's" property rights allow the "Owner" to continue to "Own" the property as long as the "Owner" is able to meet the obligations of doing so.
When an offer is accepted, we call that a "meeting of the minds." Getting to that point is one of the most interesting activities within a transaction.
It isn't within either party's purvey to arbitrarily dictate terms of the contract to the other party.
So, if it is not possible to arrive at a "meeting of the minds" with one "Owner," the astute "Buyer" may recruit professional help, or move onto a more agreeable "Owner."
All part of the game...
I had a few thoughts on this, clarifications of what Sellers' rights are.
To keep it simple:
The builder is typically what we call a "Seller" or an "Owner."
The "Owner" has property rights and that includes the right to accept an agreeable offer.
The offer comes from what we call a "Buyer."
Typically, a "Buyer" desires conveyance of the "Owner's" interest in the property, including all property rights that are appurtenant to the property.
The "Buyer" must be "ready, willing, and able" to perform as outlined in the offer.
The "Owner" has the right to decline, counter, or accept the offer, and only owes a "Buyer" legal and ethical deportment, and hopefully some modicum of civility in the process.
The "Owner" does not owe a "Buyer" conveyance of property at any old offer amount that a "Buyer" can imagine. Nor does the "Owner" owe a "Buyer" a property just because the "Buyer" wrote an offer.
Again, the "Owner's" property rights allow the "Owner" to continue to "Own" the property as long as the "Owner" is able to meet the obligations of doing so.
When an offer is accepted, we call that a "meeting of the minds." Getting to that point is one of the most interesting activities within a transaction.
It isn't within either party's purvey to arbitrarily dictate terms of the contract to the other party.
So, if it is not possible to arrive at a "meeting of the minds" with one "Owner," the astute "Buyer" may recruit professional help, or move onto a more agreeable "Owner."
All part of the game...
Total Comments 3
Comments
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very good
now if some would heed this info
...Mike you are a level head on here from a lot I readPosted 05-03-2009 at 02:58 PM by crazyma
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crazyma,
Now if I could only figure out how the heck to hang out at Crazy Camp...
It feels like twitter, or something...
Posted 05-03-2009 at 03:02 PM by MikeJaquish 
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I wish more buyers understood this... Excellent point!Posted 04-13-2011 at 07:21 AM by Tanya Donaghy
