Mr. Seller You Didn't Accept Our Offer On Your House-It's Okay We're Not Heartbroken

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Mr. Seller You Didn't Accept Our Offer On Your House-It's Okay We're Not Heartbroken

You Didn't Accept Our Offer But We're Not Heartbroken We made an offer on your home that you have been trying to sell for over 6 months. We know our offer wasn't full price and we did ask for some seller concessions but your rejection shows you might not be fully attuned to the local market conditions.

You asked us how we picked our offer price? Well let's see. We looked at the comps that our buyer's agent provided. In this case another house in your neighborhood just sold for your asking price minus seller concessions. We looked at the property and saw that it had granite counters, stainless steel appliances, updated bathrooms, a walk-out basement and an extra full bath among other things.

Your house doesn't have any of those. Now don't get us wrong your house has good bones and from our visits we believe you've kept it up with the basic maintenance. We noticed some items which are going to need replacing soon but we can budget for those. However you haven't done the upgrades your neighbor did to make us fall in love with your home. We liked your home and our offer wasn't an insult. In fact we wanted to make a lower offer but our agent talked us out of it as she wanted us to be reasonable.

Your rejection of our offer is just a hiccup in the home buying process. There are dozens of homes on the market similiar to yours and in our price range. Yours had a few things that put it on the top of our list but we don't have stars in our eyes. We are realists and know the current inventory allows us flexibility. We're sorry you don't see your house in the same light as we do but we understand you have different ties to it than we have.

We don't have any hard feelings but we aren't heartbroken by your decision. There is another house that will meet our needs and a seller who might have a better understanding of the current market in our area. Good luck and best wishes.

No Hassle-No Pressure-Just Straight Talk About The Northern Virginia Real Estate Market

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and CJ Realty Group, Inc a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations.

Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

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Posted by Cindy Jones-Northern Virginia Real Estate & Military Relocation Services on 08/07/2010 09:54 AM

Comments (129)

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129 Comments on Mr. Seller You Didn't Accept Our Offer On Your House-It's Okay We're Not Heartbroken

AUG

2010

Too many sellers think the sun rises and sets with the power they wield over buyers. It just isn't so. Sellers must be realistic and anticipate what's happening in the world right now, not just in their home. If you want to sell, be flexible! Sorry for your buyers, Cindy!

~Emcee

The Seller always have stars in their eyes about the value of their home. The reality of the comps tell the real story and in my area has become a moving target. Not to counter, in any market, is not realistic! Goof luck, sounds like you have alternatives!

Suggested! Finding the right seller and the right home is a journey.

Cindy...I too suggested this post.....you really did a great job of describing how unrealistic some sellers are and how buyers just go on to the next property.....there are many from which to choose....sellers need a reality slap, on occasion....and we're listing agents....we need to do what is necessary and in the best interest of the seller and sometimes that means a reality slap....

Classic! It is truly a buyer's market and sellers sometimes just don't get it! I have so been there done that! Great blog!

Good post. You are right to poste about the sellers concessions and the upgrades make a huge difference..

Brilliant! I don't understand a Seller who really thinks that rejecting an offer is the way to go. At least he could have countered or something. Outright rejections are so harsh and completely unnecessary. And in the end, the only person they hurt is the Seller. As you point out, the Buyers can find another, similar house.

Cindy, a lot of us could have written a post like this. Many sellers just don't get the choices that buyers have - unless they are looking for a house is a few Upper Northwest DC neighborhoods.

Cindy, I suggested this post too!

Very creative way of getting a very important point across. I guess this issue confronts us all, because I've wanted to write this same letter to some sellers in Charlotte!

Love this. I'm going to suggest this post as well. It states what all of our buyers are thinking in this scenario.

Cindy....I love your trip down the offer rejection road, it is all too ofter the case. Too many sellers are unable to see how their home compares to the curren market when it comes to price, condition and amenities. The current market dictates what a home is worth.

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Cindy -

What that old saying about a bird in the hand being worth two in the bush? It's a lock that your buyers will come out on top. Not so much for the sellers.

This works both ways. I started to write a comment but it got long enough for a separate blog:

http://activerain.com/blogsview/1786689/ms-buyer-we-rejected-your-offer-on-our-house-it-s-okay-because-we-re-not-going-to-give-it-away

Tom

It is true that the sellers need to realize that their home is a commodity and the current market has lots of competition. You are right that the buyers are looking at all of their options and are making direct comparisions. Great post.

Perfect context of a transaction that falls through due to seller stubborness. Loved it! Sorry it has to happen so often.

This post is brief and to the point. It puts a narrative to the buyers' side of price that is played out all over the country every day.

I just can't imagine sellers outright rejecting offers in this market. Any offer is the start of a conversation and if you reject...well..you just bought your house back.

Wow. Did you read Tom's counter-blog? I don't think a seller should really ever reject an offer if it's been on the market 6 months. Make a counter and try to make a deal. This is a great perspective on how and why buyers and sellers often cannot come to terms.

Cindy, it is an interesting market and all offers should be entertained! You will find something better ... it always happens that way!

It still amazes us how stubborn some sellers are...that's the whole process of negotiations and coming to terms with an accepted offer. Some sellers just don't want to negotiate!

Both blogs are great - yours and Tom's. It is a buyers market right now and sellers are still thinking it is 2005.

Cindy - it's a very good insight. Unfortunately, it happens that sellers reject a good buyer's offer. The reason is simple - they just don't want to move. It's something what listing agent should've identified prior to putting the house on the market.

I love when the listing agent calls back several months later and says that they would love to get another offer from your client. I just smile and say "we closed on a house over a month ago"

Nashville short sales, Nashville MLS search, Nashville homes for sale, Franklin Tn homes for sale

Hi Cindy, Very well written from the buyer's point of view. Too many sellers have not been fully prepared by their agent to understand where their house fits compared to the market.

The seller has only one house to sell but the buyers have many homes to choose from.

Excellent.

Great post-It is nice to see that you made it public. Attention Sellers-Yes YOU! Read Above.

Cindy, I know a few sellers who need this letter sent to them. Great explanation! Too many sellers are not understanding the market right now!

You have to start somewhere, you need to start talking and maybe you'll meet at a price that will work for both.

Patricia/Seacoast NH

You have to start somewhere, you need to start talking and maybe you'll meet at a price that will work for both.

Patricia/Seacoast NH

Perfect post! There are thousands of sellers in greater Seattle still dreaming of $50-100-grand flips within 24 months. Their property's days on market continue to grow and grow. Right away, you know you may not want to deal with them! Today's home prices are about, "can I afford to live here?" versus, "can I flip it for x tomorrow?" That wild world of frantic flips is gone...thank Heavens.

Tomorrow's value isn't yours to sell; you can only offer what you own today. The rest, (up OR down,) belongs to the buyer.

I think I will draft a letter like this for the next Seller who wants to stick to their "my house is so much better than everyone else's" guns. Great post, Cindy.

Preach on Sister!

Oh very interesting....I sometimes think that Sellers think Agents lie to them on pricing...over and over I turn down listings...or don't get a listing because I am honest...would rather be honest than to have to talk to them later about lowering the price....or accepting an offer that they deem is an insult...that really is a good offer!

Hi Cindy, love your post. A buyer can't price their home w/ comps from 2004...that is unless you're really attached to it and are not a serious seller. I was just in this situation and I priced my home at market value and it sold quickly. Gotta get over that price hurdle.

Uhhhhh take that sellers! Right in the kisser!

What? No counter, Cindy? I get your point but I hate the tone of this post. If you bother to put a deal together, you need to be reasonable too. I have a gorgeous listing that has beautiful bones but needs a kitchen and other pricey updating. It is listed for $350--less than $2 a sq foot. An agent chewed me out two days ago because I told him not to bother writing up $290! What is the world coming to?????

Zeta-our offer was $15K net off the property that sold in the same neighborhood with all of the upgrades I described. I'd be willing to bet our offer is close to what the property will appraise for.

Lane-it wasn't bad offer but it wasn't the offer the owners wanted to see. That's the way it goes sometimes.

Emcee-they are realistic buyers. They aren't looking to steal a house. Just get a deal that makes sense in today's market.

Wayne-always sorry when a deal doesn't go through but there isn't a shortage of properties out there.

Tammy-it is but it is worth the effort when it all comes together.

Barbara-I could have understood if the offer was so far off base that it would have been an insult. We were 15K off the price of the home taht was redone. Oh well.

Bob-thanks for your comment. A balanced market would be the best thing in the world. This is what happens when you don't have a motivated seller.

Wow. You mean granite counters, stainless appliances, a finished basement, updated baths and an extra bath is worth more?!

Great job on writing the buyer's perspective. Now if those sellers would just come along and read this... :)

Pat-upgrades make a difference not only to the buyers but lets be realistic to the appraiser too.

Chris Ann-we were out today looking at other properties. This is a case of the buyer's saying NEXT.

Patricia-how true. In your market their may more limited choices. Even though we are only 30 miles apart the markets are remarkable different.

Melissa-thank you. The difference between and emotional attachment and a business decision can mean the difference between SOLD and Expired.

Cindy, This could easily be written about short sale lenders who also have unrealistic expectations about the market … and the BPO agents who value them. Your clients will do much better - how could they not - they have you! Wishing you all the best!

Anne-this isn't the market to try and play hardball. Unless of course you aren't motivated to sell.

Carra-thanks for the Cosmic Cow Pie feature. At even more so the appraisers aren't giving extra value just because a seller things it's worth more.

Michael-I always advise my sellers to counter. Even if it is to only go down a dollar. It at least keeps dialogue open.

Tom-thank you for your counter post. As I stated on your post this was a $15K difference in net. It should have been a slam dunk.

Cindy, Congrats on the Feature! The seller should eventually come around, but too late to get the value he could have!

Hi Cindy~ There are too many houses on the market for buyers to pick from, so it is unusual for them to be heartbroken if they don't get it. They just move on to the next one and usually have a back up plan! Sometimes sellers just don t realize that.

Maybe this should have blog should have been sent to the listing realtor too. Time for him to say NEXT!!

Cindy, very good post. If the seller is unrealistic the buyer has too many other options.

Before Susan bought her house in Texas, she made offers on three other houses. Each seller made a counter-offer, and she just moved on to the next. Sellers didn't seem to "get" that buyers have other options in this market.

Cindy, looks like I got here last. I was going to hit the suggest button, but you've already been featured. Sellers need to fine tune their thinking. More homes would sell if they did.

Cindy,

Inventories haven't shrunk enough in my market area for sellers to get away with this strategy either. Some day maybe, but not now.

Rich

Cindy, Great post Looks like you came across another delusional seller. I recently sold a house in 14 days. Whenever anyone ask how did I do that in such a tough market, I said that I listed the house to sell not to just list. It gets the point across. But alas not to everyone. I hear too often, well I am not going to give my house away. Then, don't sell!

AUG

2010

Karen-thank you for your comment. Today's buyers are a lot less committed to overpaying for a house than they were a few years ago. Caution prevails with every transaction.

Ed-I've had a lot more listing this year than buyer's. So I've spent a lot of time counseling sellers on when to say yes to an offer in a market where the buyer can most likely walk down the street to the next house if they say no.

Jim-I've seen my share of buyer's this year who are more willing to walk away from a deal than play cat and mouse with a seller.

Kathryn-Rejection is a powerful message. It is to both the buyers and should be to the listing agent as well.

Coral-yes I did read Tom's post and agree that sellers don't have to accept every offer. However when an offer is within the realm of reason then a counter-offer keeps the opporunity alive for a successsful outcome. When you've had your house on the market this long it should be a hint that something isn't clicking with buyers.

Pippa-we already found another property that is just as nice for a slightly lower price.

Larry-and Sheilia-I enjoy positive negotations. However when someone outright rejects an offer in anticipation of a buyer coming back and upping the anty they are often surprised when the buyer says....NEXT.

Cynthia-yes there are two sides to every transaction. I've certainly been faced as a listing agent with low ball offers. I try to ensure my buyers make offers that have a reasonable chance of acceptance or negotiation. When they are rejected in signals something else is going on, at least to me.

Svetlana-A good indicator of a problem is when a home is on the market for 6 months.

Stephen-I've had that happen as well or even better is when you see the house sell for less than you offered 6 months later.

When a house is on the market 6 months, means there were MANY buyers that passed on this home, and is perceived as being able to pick it up for less! Great post!

And I have been on the listing end of the deal when the buyers write an offer $10K less 60 days after their first offer was rejected. OUCH!

If you can find another house in the same condition for a lower price than do so and the seller will learn. But if there is nothing else like it on the market then maybe the seller is not being unrealistic.

Funny letter there with a bit of sarcasm mixed in for good measure. Buyers prerogative what to offer and sellers prerogative to reject. Hard to explain sometimes but still have to move on.

I had some clients make a cash offer on a home that was priced a little high...it was only $19000 off the asking price, but they were not asking for any concessions from the seller. Since it would not have appraised at the asking price, but could possibly appraise (even though we would not need an appraisal, my people still wanted to purchase a home that would appraise at the price they were paying) at the offer price, we thought the offer fair. The sellers rejected the offer and we moved on to another home that actually turned out much nicer and was bought for $45000 less...still cash, no seller concessions. We found out that the sellers did not agree to the offer because it would not give them the amount they needed to build the new house that they want. The home is still on the market (now with another company) and still sitting there. As it is still priced the same, we expect it to sit there for another six months. The owner of the property told one of our agents (who she is "friends" with) that the reason she went with the company she is with now is that the agent told her she had just sold a property for the same amount. Unfortunately, what the owner doesn't know is that just after the agent got the listing that deal fell through, did not close and that house is back on the market (has been for 2 years already.) Again, that house is also priced way to high. Many sellers do not wish to accept the realities of the market no matter how long we try to show and explain it to them.

Not only does that seller have to compete with other neighborhood homes that are in better condition, but there are also the more motivated seller, reos, short sales, trusts, and probates, where the seller has to sell, so the question is, "Do you want to sell your home or not?"

Not knowing all the facts about this offer or the location of the home in relationship to your $15k lower comp, why did the buyer make an offer? Obviously, they saw value in making an offer, didn't they?

A home backing up to a major street will sell for less than the same model home on and end street or cul de sac, so using comp prices based on models in the neighborhood must be considered, shouldn't it? And if the seller doesn't accept an offer for less, a bit of sarcasm is your reaction.

Could it be that the buyer missed the opportunity to buy and let another buyer get the home with all the goodies and now, there isn't another home available and $15k separates ownership or was it even lower? Regardless, the offer was rejected, so sell your offer or move on or submit another offer.

My advice to sellers always; "Counter" let them know we have a sense of humour, even if it is close to your selling price...it leaves the door open.

Yes, over pricing! Warning! This can qualify as a short rant. Agents are responsible for much of this. I am in a recreational market, oceanfront is the specialty, and I am an hour out of Halifax, Nova Scotia. I live on the shore and I have worked on the shore for 15 years. Agents who do not work in this market do not understand the nuances of oceanfront and country property. They think all oceanfront is created equal and that is just not true. It takes experience to vector all of the conditons for the perfect piece and sometimes the house is incidental. The listing is where the first chaos starts with to whom the listing shall be awarded. I can come armed with all the stats in the world, and do, but the Seller will say "she can get me $100,000 more, not $10,000 more, a hundred!!!!! I can show them that nothing has broke .5m and another agent will show them $800,000. The seller is not at fault. We can say it is the seller, but the root of all bad behaviours lie with we, the realtors.

patricia parker

www.patparker.ca

1 888 OCEAN51

I also blame the listing agent for not educating the seller properly. If there is not a shortage of homes there is no reason not to counter and keep the lines of communication open.

Yes, the seller doesn't have to counter. But who wants a listing that will sit and a seller that won't even counter at a realistic offer.

I had that problem here and it's almost always the same agent.

GREAT post Cindy! Sometimes being a little "cheeky" is necessary to get a point across.

Your graphic and your story are right on target. I realize it's hard to accept today's market realities, myself included as I've just listed a condo for the price we paid 25 years ago ... that's Florida!

Every blue moon (we seem to be having a lot of those around here) my buyer will submit an offer on a home that I KNOW is overpriced. Often, I assume that it is overpriced because the listing agent didn't try or was not able to show the seller the REALTY REALITY.

SSSSOOOO, I do a CMA and make it an EXHIBIT of the purchase offer agreement. I don't send it as an attachment that the LA may or may not present to the seller. I write it in the special stips & on the exhibits list so there is NO HIDING IT from the seller, it's part of the package, if it's missing the seller will know it because it's mentioned in the contract. Sneaky, maybe. But sometimes it works.

I've had 2 Sellers in the last month who wouldn't move off their asking(overpriced!) price! One of my Buyers moved up to the Sellers price; the other one is still deciding! I have a feeling I'm going to be the bad guy when these properties don't appraise! And I've had long discussions with both about the appraisal process! Time will tell!

Cindy, after 6 months you would think the seller and their agent would face reality.

Cindy: I liked how you directed this post and I have re-blogged it.

Very nonsensical look at REALITY. Sellers haev to be motivated just as well as buyers.

It boggles the brain that sellers don't get it sometimes. It's clear that inventory is rising, so buyers have more and more choices out there. Maybe the listing agent should have tried harder to at least get a counter-offer submitted?

Hello Cindy:

I am the 89th response so you and others may never see it. I was going to say I am the odd man out on this one, but Tom's post may hit closer to home than I will.

I really wish your post had include some dialog about how the agents in the transaction spent hours of phone time and meeting time with their client and each other to try and put the deal together with both parties working, listening, and considering, anything as an alternative to a one offer/total rejection scenario and walk away.

What I hear is a lose/lose deal where nobody won. Too bad

Hmmm... Buyers have many homes to choose from. Sellers have but one house to sell.

But, we need to have compassion for them, even as we shake our heads over their stubbornness. The reality of this market has to be a bitter pill for them to swallow.

I would say 80% of the Sellers are like that with 180+ days on the market.

The other 10% of the Sellers are REO's, and short sales and about 10% are somewhat reasonable Homeowners with a goal, hence the reasonable time on the market 30 to 60 days until sold.

Succinctly put! At some point the seller will regret passing on your offer.

I had the same situation just 2 weeks ago. The counter offer from the seller was basically full price. Really? Have you seen any comps for your neighborhood recently. Seriously. We're moving on to the next house!

Bil-thank you for your comment. Comps are constantly changing which is something we all have to be aware of.

Cameron-a very good point. Thanks.

Stephen-no need to hide this one away from any seller who stops by.

Marney-feel free to share in your market :-)

Patricia-I think it is a rare offer that arrives that is perfect for the seller. Unless you are in a multiple offer situation almost every offer should have a counter.

Stacey-there are investors here who are ferreting out some deals but the market is getting tighter and tighter again.

Jane-helping our sellers understand market conditions is a huge part of our job.

Tricia-if the house had only been on the market a week I could understand the reaction but after all this time?

Deborah-some listings don't seem to sell no matter how hard you try but others could go if your seller really wants to sell.

Cynthia-sellers have to keep a watch on the comps on a regular basis. If your house has been on the market for 6 months at the same price chances are the market has passed you by.

Debi-last time I checked the they were but maybe the appraisal process has changed again :-)

Kathleen-you are correct I recently had a short sale crash when the lender wouldn't budge off of a price not even in the ballpark.

Liz and Bill-if they do it won't be with these buyers.

Vickie-we are already on to other properties.

Lesley-Based on the rejection I wonder if the agent is tuned to the comps.

Ted-my buyers aren't looking to lowball anyone but they also aren't going to overpay for a house in an uncertain market.

Margaret-I'm sure she had some expert advise from an experienced Realtor® to help her find the right deal.

Kay-thanks for stopping by. It is a time to be a realist.

Rich-we still have enough inventory to go around.

Roberta-I've had the good fortunate to have a number of listing this year that garnered multiple offers in a short period of time. I also have a couple that just won't sell.

Joan-I"m not sure how many buyers may have gone before us and gotten the same reaction. The price has been lowered but they may be chasing the market down.

Liane-I had buyers pick up a house for 15K less than their original offer after a 2 month wait. Sellers rejected their first offer and then ended up lowering their price below my buyer's orginal offer.

Gene-our current inventory at the price point of this house is quite substantial.

Bruce-absolutely true.

Carolyn-wow it shows this happens in every market.

Marcy-and my buyers have time to wait out a short sale so if they find a nice one.

Kimo-this home was two blocks from the comp. Built the same year, with almost identical SF. Both are off the main drag on similiar size lots. My buyers weren't looking when the other home went under contract so they aren't trying to stick it to anyone. In fact I reviewed our numbers again today and we weren't 15K lower we were only 9K lower. They have moved on.

Patricia-a rant is okay with me. I do think that as agents we have to make sure that we don't add to the market troubles by setting unrealistic expectations on pricing.

Laura-we have plenty of inventory so overpriced homes are going to end up on the bottom of most buyers wish list.

Jenna-blue moons you have those too :-) Interesting idea to add comps to the offer.

Kathy-I've heard other buyer's agents say go ahead and give them their price and well resolve it at the appraisal. However if the seller is relucant to sell when your offer is closer to what the appraisal will be what makes agents think they won't walk away when the appraisal is low?

Ty-6 months is a long time to keep interest high on a property.

Some sellers just will not listen.

Robert-everyone has to be motivated to make it work.

Debbie-a counter would have kept a dialog open.

Brian-I've made it to your comment. I did spend hours with my clients working out the offer and showing them the comps. We waited over 48 hours for a response to our offer. What we got was page one of our contract back at the end of that wait with a "rejected" handwritten across the front and the sellers signature on it. When I called the listing agent the response was curt and essentially tell your clients to make a better offer. We talked about it and decided to move on. You are right. Lose/Lose.

Marte-no one on our side of the transaction is angry over the outcome. Just a bit puzzled but I'm sure there are reasons that we don't understand as to why the owner wasn't interested in a counter-offer.

Frank-we don't have 80% of our homes on the market for that long. I believe our avg DOM is under 90. So a property on the market for 6 monthis usually means a problem of some sort.

Roberto-thanks. Hopefully they won't have any regrets and they will get the offer they want.

Nicole-at least you knew what their number was.

Alan-or just aren't quite ready to move yet.

Great post Cindy. I always include my comps with my offer so that the listing agent (standard sale and reo) can see how we arrived at our offer. Sometimes it works, and sometimes it doesn't.

AUG

2010

Great post. Almost every seller I listed has told me "My property is special". And it is special to them. They may love the giant walnut trees in the yard and they expect somebody will pay that extra $10,000 just to get those wonderful trees. Or maybe it is the beautiful floral wallpaper they cherish or the beautiful fountain of the boy peeing in the front yard (it is an exact copy of the one in Belgium).

It is so hard to show the seller the comps and have them agree that their home is not as nice as the neighbor with the granite countertops... afterall their house is special.

I hope your buyer finds the perfect home!

Monica-I talked over the comps with the listing agent. Didn't see to resinate and so I didn't push it. At that point you figure the deal isn't going anywhere.

Donna-for owners who have a strong emotional tie to their home no amount of money is going to compensate them for it. If we don't do a good job as a listing agent of helping take the emotion out of it chances are we will end up with a seller who won't let go at any price.

Cindy

Amazing post - it's often times too late for the seller to recognize that they past up a good offer- especially if nothing else comes their way for a long time. Buyers today have lots of choices and sellers need to realize this or they may lose out

Cindy - very well written. I enjoyed reading your post as well as Tom's counter-post. It is evident you both have written controversial posts and engaged the community in some passionate comments. Both, I believe, were also non-traditional examples of what is seen on a daily basis. In your case, $15k below the asking price was reasonable enough to warrant a counter-offer (I still wonder why one wasn't at least initiated by the sellers and sellers agent -- shame!). And in Tom's example, it is clear the buyers weren't working with an experienced agent who could help them execute an educated offer based on the home values in that area.

I would like to caution us to remember that every seller who doesn't counter doesn't mean s/he isn't motivated. As we are all TOO aware, the economy has dictated current home values. Company downsizing, layoffs, salary cut-backs, and the removal of bonuses and incentives, have factored into why many homeowners are currently selling. It is a very sad situation indeed. Consider our reality.....the significantly reduced home values --- minus the agent commission ranging from an average of $12k - $30k ---- minus the lower offer (to what extent?) --- and minus any extras buyers ask for such as closing costs, HOA fees, repairs, etc.... ------

I believe most every seller who has their home on the market is motivated. Why on earth would anyone have their home on the market in a depressed economy if they weren't motivated (minus investors, flippers, etc). The question remains, HOW motivated? Motivated enough to walk away with a financial hit, be bruised but able to recover ---- walk away financially run over, bring money to the table but at least still have their credit --- or are they motivated enough to walk away completely and foreclose? Unfortunately, we've seen all of the above, making this a very sad state of affairs, indeed.

I post this comment only to gently remind us that these are real people (buyers and sellers), with real problems and real responsibilities that we cannot assume to know. Although frustrating, especially because we may be experiencing some of the same financial drains during this time, let's remain compassionate human beings. All buyers are not trying to get a home for next to nothing, just as all sellers are not unrealistic in their expectations. By asking more questions of each party, we can gain a better understanding of what the buyer expects for their money, what their ranges are and appropriately show them properties that fit their needs/expectations. With a thorough understanding of the sellers needs and a realistic understanding between the seller and seller's agent, the agent can then be empowered to do their job properly and help the seller through.....what may be a difficult adjustment.

I hope your buyer finds the home that resonates with them soon, Cindy. On a side note, I noticed you are a military relocation specialist in the Virginia area. I have great respect and admiration for those who help our soldiers and their families. Being former Marine, I can tell you that your expertise and guidance is needed and appreciated by those families. Keep up the good work!

This is a side-effect of our economy--sellers may be close to or already at the point where they will have to hand over money at settlement. If this is not the situation, shame on their agent for not encouraging them to counter-offer. And if they did do this and the sellers didn' listen to their agent, shame on them. At that point, all you can say is, "NEXT!"

Cindy,
I identify with you completely. My client made an offer two weeks ago that was very fair for the area and for the current market (pretty much top dollar/sqft) but the sellers couldn't come to terms with it and rejected the offer. So we moved on and needless to say the house is still on the market after 4 months when most homes sell within 1-2 months in the immediate area.

Noah-I've had a few clients who waited out a seller who rejected their first offer. In one case a few months later they ended up with the home for less than their initial offer.

DeAnn-points well taken and articulated. Would be a great blog post itself. I'm sure my buyers will find another choice soon. Thank you for your service to our county. I am passoniate about helping military families and I hope it shows.

Carolyn-i've had a couple of sellers who have made the decision to bring money to the table this year. They decided the time was right for them to make a move. As my clients said they aren't heartbroken but we didn't think we were so far off that there wouldn't be a negotiation.

Lydia-for some sellers making the decision to accept or counter an offer so they can move on is a tough one.

The thing I find interesting/odd about the scenario is that the sellers: "asked us how we picked our offer price." It's OK for sellers to reject an offer. Maybe they're fixated on a higher number. Maybe they owe so much they can't afford to accept a lower number. Maybe their agent has all but guaranteed that if they hold out long enough, they'll get more. Maybe their brother-in-law has told them that their house is worth every penny of the listing price. Maybe their agent presented some comps that appear to suggest the higher figure. Or maybe those comps were from 7-8 months ago, when the higher figure was pretty close to accurate.

Still, rejecting--rather than countering--seems to say one of two things: "We're so far apart that a counter would be meaningless." (But in your scenario it doesn't seem as if the gap was that great.) Or "I can't afford to accept anything less than I'm asking." (And that could be, especially in Woodbridge.) And either one of those is OK.

It's surprising, though, that the sellers then asked the buyers how they picked the offer price. Why did they even bother asking?

And considering they rejected the offer, I'm not sure they've earned a detailed explanation, as you generously provided them. Maybe something polite, short and sweet, along the lines of: "Because that's what my buyers felt your house was worth to them" would have sufficed.

SEP

2010

Cindy:

Seller's need feirce negotiators right now! It's not where they start the offer, it's where do you want to end up? Everyone thinks the economy is so bleak...it is not in our area. Just advise and consult as best as possible. Don't let a good buyer slip away....

Great advice :)

Gary and Melynda-and the house is still on the market today!

SEP

2010

There are alot of choices out there. Some Sellers think that market conditions apply to everyone but them.

Tigard-the home that this post refered to has been withdrawn from the market.

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Cindy Jones-Northern Virginia Real Estate & Military Relocation Services

Woodbridge, VA

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