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Seller Snafu #2: Ira Gershwin and Rejecting a Good Early Offer

By
Real Estate Sales Representative with RE/MAX Unlimited of Northern Virginia

Ira GershwinCould 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:torch song

  1. Understand your home's value (based on your Realtor's assessment of comparables and other factors).  Emotional attachment is not one of those factors.
  2. Evaluate your financial involvement - not your emotional involvement - to identify your lowest acceptable price.
  3. 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

Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Great post!  A real estate lamentation put to music..

Jul 06, 2009 10:02 AM
Kat DeLong
Realty ONE Group Mountain Desert - Prescott, AZ
REALTOR

Very impressive post.  I SO agree with tips 1. 2. 3.   Another thing sellers need to remember is, your first offer, may be your best offer....

Jul 06, 2009 01:59 PM
Not a real person
San Diego, CA

Wow. You really want them to separate their emotions from their house and the transaction, don't you? LOL

Jul 06, 2009 07:48 PM
Kim Curran
RE/MAX Unlimited of Northern Virginia - Bristow, VA

Thanks Jim. Just be glad you can't hear me singing this! That is more frightening than some homes I have been in!

Jul 07, 2009 01:08 AM
Kim Curran
RE/MAX Unlimited of Northern Virginia - Bristow, VA

So true Kat. I think sellers need to seriously consider all offers, the time and energy spent on keeping the house spotless for showings etc.

 

Jul 07, 2009 01:09 AM
Kim Curran
RE/MAX Unlimited of Northern Virginia - Bristow, VA

Russel, Yep! Emotions don't belong in the transactions. Let the buyer get emotional about the purchase and you are in a much better place to negotiate from!

Jul 07, 2009 01:10 AM