Buyers' Remorse -- Two Sides of The Coin
We have all had buyers with Buyers Remorse. I thought this post by Carla was well done. I've never thought of low ball offers as a type of buyers remorse...but now I do.
Good job Carla!
Buyers' Remorse -- Two Sides of the Coin
We've all heard of "Buyers' Remorse," perhaps even representing a buyer who has displayed this malady.
Basically, "Buyers Remorse" is when a buyer decides not to proceed with their purchase, or contract. And, within very clear "rights of revocation," they can revoke their contract.
That's one side of the Buyers' Remorse coin.
The other side of the coin dawned on me after reading Cynthia Larsen's recent post.
YES -- a REJECTED OFFER based on the buyer's low-ball. Now the buyer is in remorse, realizing they shouldn't have low-balled. They actually WANTED to buy that home.
There are times when buyers just don't want to listen to their real estate agent. It's happened to me, on occasion, during my contractual representation of buyer clients. While I don't tell buyers the exact dollar amount they should offer, I do consult. The amount to offer is part of my representation -- it's called "negotiation." I assist with negotiating an offer. We discuss this at length. Going over comps, current market activity, the buyer's ability to purchase, etc.
Sometimes, the buyers know more than me, and want to offer less then what I'm suggesting.
To be blunt, my suggestions/consultations are based on: 12 years of doing this for a living, knowledge of the current market, looking at 1,000's, 10,000's countless homes (both online and touring), market research, and my past CLOSED DEALS!!
YES -- I am trying to get your the BEST DEAL!
NO -- there is no magic ball to gaze into to discern what the seller will accept.
NO -- I'm not trying to push the price higher to earn more in commission.
YES -- the seller can REJECT your offer if they don't like it. They DO NOT HAVE TO COUNTER.
Part of my job is to REMOVE BUYERS' REMORSE!
Will my client be upset if their offer is rejected because it's too low? Because I can't foresee that, we certainly have "that talk." Not because I have a crystal ball, and know what the seller will respond when presented with the low-ball offer. But, because I've experienced this type of "Buyers' Remorse" with clients in the past. It's an important discussion to have . . .
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~ Representing Buyers Since 1999 ~
Carla Muss-Jacobs, ABR, CEBA, e-PRO, Realtor®
Principal Broker/Owner ~ EBAPortland, LLC
YOUR Exclusive Buyer's Agent
(503) 810-7192 / Carla@CarlaHomes.com
CHECK OUT www.EBAPortland.com for Home Buyer TIPS!
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