Could Ira Gershwin have been a Realtor? Surely he had the soul of a Realtor, for he wrote the immortal lyrics:
The night is bitter,
The stars have lost their glitter,
The winds grow colder,
And suddenly you're older
And all because of
The buyer that got away.
What? Are you sure? The man that got away? Really?
No matter! The concept still applies. The road to selling success is strewn with tragic stories about the buyer that got away. And that leads us to Seller Snafu #2.
Too many sellers believe it's a sound negotiating strategy to always reject the first offer. Too many others reject early offers because they subscribe to the myth that things are just warming up when that first offer comes up after only days on the market.
It's essential to remember that you are trying to sell your house. Although you may have just put your property up for sale, your buyer may have been looking for months and may be highly educated as to home values in your area. In fact, a hot buyer will often have a very good handle on area property values. So when you list your home for sale, it's critical that you:
- Understand your home's value (based on your Realtor's assessment of comparables and other factors). Emotional attachment is not one of those factors.
- Evaluate your financial involvement - not your emotional involvement - to identify your lowest acceptable price.
- When an offer is made, be happy. Then view the offer dispassionately. Does it represent a fair market value? Is it equal to or greater than your minimum acceptable sale price? If so, then you have in your hands what you have already defined as an "acceptable" offer.
Remember: you don't want anybody writing torch songs about this real estate transaction because they subscribe to the myth that things are just warming up when that first offer comes up after only days on the market. !
The Man That Got Away
Lyrics by: Ira Gershwin
Music by: Harold Arlen
From the Film: A Star Is Born 1954
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