Woodyatake woodyapay is not about "Short Sales." This is about the most stupid question in real estate! "Woodyatake?"
Woodyatake, $147,500.00? Woodya? Woodya? "I said would you take $147,500.00?"
"NO! I'm asking $163,000.00, not a dollar less!"
The would be buyer is stupid and the seller isn't much brighter. Yet, this is one of the most common exchanges in real estate, to understand just how down right stupid this is we need to remember an old joke and the movie it inspired.
Woodyatake woodyapay The old codger approaches the young beauty and ask: "Woodya sleep with me for a $1,000,000.00?" She thinks quickly and says "Yes!" He then says "Woodyatake $20.00?" To which she indigently replies "What do you think I am?" He looks her in the eye and slowly says "We've already determined that!"
There is only one correct answer to the question "Woodyatake woodyapay?" and that is "Are you offering...?"
Had the young Lady ask if the codger was making an offer, she'd have reviled nothing about her virtue or lack there of. But, we'd have established that the codger was also a lech.
It's the same in real estate if you say yes to "Woodyatake woodyapay with out an offer, the offer will come in different, if you say you would! Worse you may never get to see an offer, that you could have accepted or negotiate to an acceptable compromise.
Many agents believe that the sale price is always the most important term on a sales agreement, well it's not always true. If you get suckered into playing the "Woodyatakes" you do your client a major disservice, and I don't care which side you're representing.
Today I saw a strange variation "Woodyapay!" a listing agent and seller prepare a counter-offer, but leave it unsigned! Even if the buyer want to accept he has no deal! All the buyer can do is made another offer bidding against himself! Worse the listing agent wanted to leave some terms offer this worthless counter to be enter into a counter-counter.
A friend commented on the original "Woodyatake"
"Bill, Woodyatake is a bid waste of my time and my sellers time. And unfortunately I hear it all the time. My answer is usually just "no". "
I can only hope we're still friends! But, "Woodyapay" is no different than "Woodyatake" an incredible waste of time!
William: My answer is always thus "We're willing to look at all written offers." "Great, let's write it up." This usually ends the discussion and momentum in about 90-95% of cases.
Any definitive statement simply lowers the starting point of any real negotiating. Not to mention answering would violate your fiduciary, but you obviously know that.
I always default to "it's not what's the price? It's what's the deal." You can offer me a million dollars which sounds great but if you want 950K in concession, now that's not a very good deal.
Your hypothetical sounds like offers I've gotten from Craig's List, they'll pay my asking price, $600 but only have $2,500 money orders so I'll have to wire them the change. Ya put it in writing!
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William: My answer is always thus "We're willing to look at all written offers." "Great, let's write it up." This usually ends the discussion and momentum in about 90-95% of cases.