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The negotiation exercise practice assignment was most definitely an interesting one and it was an assignment I learned a lot from. This negotiation practice was all about a 4 bedroom home with two bathrooms and two kitchens, which was advertised for $385,000. While some parts of the negotiation were very interesting, other parts were very frustrating, but this was to be expected. For me, some my biggest frustration was dealing with miscommunication. In the scheme of a negotiation, miscommunication is bound to happen, and for that reason, I feel like in some ways this negotiation was very realistic.
For example, at the time of negotiation, Seller made the first call of 3,85,000$. However, the Buyer already knew that seller bought this property two months before.
So, buyer asked seller why he wanted to sell the home, seller totally ignored the question and started telling the features of the home. Buyer again asked the same question and I noticed that seller got nervous, maybe he did not know what to say, whatever finally, seller told that he has another house and he was selling this home because his wife thought that this property is too big.
I experienced some miscommunication at that moment maybe seller was not prepared. After that buyer made the first call of 3,55,000 and mentioned everything about taxes he had to pay and other expenses and explained that he cannot pay that much. So seller lowered the price to 3,80,000. After some arguments buyer offered to pay 3,70,000 only if seller will give him 3 months to sell his old house.
I think it was a trick of buyer, whatever after that seller agreed upon 3,77,000 only if buyer will sign the document of lease and all paper work and suddenly seller’s colleague wanted to talk with him so they went to talk on side and came back and said the cannot give the house for 3,77,000 so they again increased the price to 3,80,000. This was very strange and difficult, because once they offered 3,77,000 and after sometime again increased the price, there was obvious confusion and frustration on their part, which did make discussion difficult.
Buyer said to seller that he wanted to seal this deal as soon as possible and it would also be good for seller as well because as soon as seller would sell this property he could save money for mortgage and other property taxes for next month. After that buyer mentioned about location of house that it was near the river and there can be mosquitos and insects in summer and it will be difficult to rent the house.
Buyer tried to convince seller that there can be threat of insects but it did not work and seller was keep offering him 377,000. So buyer asked seller if he can give him better offer than 377000 then he can pay him right away. So seller offered him 3,76,000 and then 3,75,800 after some arguments. Buyer asked seller if he can pay the property inspection fee of 400 and will give him all the appliances as well. So seller agreed upon paying half of the property inspection fee and all the appliances and the deal sealed on 3,75,600.
I think in the end, work as a team helped contribute to our success in the negotiation. The objective of the practice was to simply demonstrate that negotiation is a kind of settlement process in which the parties to the negotiation try to achieve their respective goals by various means of effective communication and strategy.
Negotiation personal reflection
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