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Negotiation Final Paper

In: Business and Management

Submitted By ccaldwe2
Words 1959
Pages 8
Negotiations Final Paper

Professor Seth M. Kaplowitz
January 24, 2014

Last fall, my wife and I put our home up for sale. Our motivation was simple, with the money we would get from the sale of our home we could pay off all our debt and have plenty of money left over to invest, eventually saving enough to buy a bigger home. Emboldened by the allure of liquidity I listed our home for sale and waited for the offers. Indeed the offers did come in, in fact over the next few months we were in and out of escrow three times.

Undeterred we listed our home for a fourth and mutually agreed final time. We agreed our Best Alternative to a Negotiated Settlement (BATNA) was staying in the home and not planning to buy a bigger house. Our reservation point was set as a sales price of $440,000 which we calculated as the amount of money we needed to pay off our mortgage, all other debts, and provide enough seed money for our new investment fund. Two days after relisting our home we received an offer for $445,000 which we accepted.

Prior to accepting the offer I received a call from the buyer’s agent, named Rong, inquiring as to why the property had been in and out of escrow three times. I explained our past experiences with buyers getting cold feet and backing out of escrow. I also expressed my reluctance to accept any additional offers without assurances the prospective buyers were serious. Rong assured me her buyers were serious. In an effort to provide these assurances Rong also elaborated on her buyers BATNA.

According to Rong, her buyers had decided our complex was the only place they wanted to buy and our particular floor plan was the only floor plan in which they wanted to live. Our house was the only three bedroom four bathroom unit for sale. Rong insisted her buyers were willing to either buy our property or wait awhile for an identical unit to...

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