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How much lower will your Seller go?

By Tish Lloyd

Real Estate Agent with BlueCoast Realty Corporation

November 07, 2010 01:20 AM

"Tish Lloyd."

"Hi. I have a Buyer that is interested in your listing at xxxxxxxx. We were wondering, cell phone how much lower will your Seller go?"

"They will accept the list price."

"Sure, but, just between us, what will they really take?"

"They will take the list price."

"I'm sure there is some room to negotiate, but before we write an offer we'd like to know what their bottom line is."

"Well, as you know, I can't tell you that. I can tell you that they will take the list price. If your Buyer wants to make an offer and see if my Seller is willing to entertain it, you'll need to get it on paper."

"Well, I don't want to waste my time. My Buyers aren't qualified for the list price, but if your Seller will come down about 75K they may qualify."

"MAY QUALIFY? You showed them a home that is at least 75K over what they may qualify for? Sounds like you've already wasted your time."

And I would appreciate it if you wouldn't waste my, or the Sellers, time with a showing to unqualified Buyers.

Agents -- qualify your Buyers and then STICK WITH THE GUIDELINES! If they aren't qualified to actually purchase the home at the list price, don't show it to them.

I realize there are Agents who take over-priced listings. I am not one of them. And I follow the rules, so don't ask me to divulge information to you that would, or could, be detrimental to my Client.

This is Real Estate 101 -- if you've forgotten it, do us all a favor and take a refresher course.

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Bob & Leilani Souza

Souza Realty 916.408.5500 - Roseville, CA

Greater Sacramento Area Homes, Land & Investments

Unbelievable, Tish...really! The scary thing about your blog post is that I'm pretty sure it is a true story. Geez...what a waste of time that agent is and an embarassment to the real estate profession. :(

Leilani

Nov 07, 2010 02:01 PM

Phil & Celeste Pafford

PaffordHomes.com, Corona CA - Corona, CA

Corona Short Sale Broker

Just between you and me... how much above list price are your buyers willing to pay... ;-)

Nov 07, 2010 05:34 PM

Karen Kruschka

RE/MAX Executives - Woodbridge, VA

- "My Experience Isn't Expensive - It's PRICELESS"

Tish The ones who ask the question are as stupid as the client who asks them to ask the question :)

Nov 07, 2010 08:29 PM

Sally K. & David L. Hanson

EXP Realty 414-525-0563 - Brookfield, WI

WI Real Estate Agents - Luxury - Divorce

Sounds too familiar...urgh...and when it's a short sale every agents KNOWS that the bank will take whatever they write..urgh

Nov 07, 2010 09:42 PM

Tish Lloyd

BlueCoast Realty Corporation - Wilmington, NC

Broker - Wilmington NC and Surrounding Beaches

Roger ~ You're too much.

Eric ~ How could you not love that one -- I've heard it before as well. "I want to smell the blood in the water, then I'll make an even lower offer." I say, sure, no problem and thanks. That's NOT my forte; I don't/won't do business that way. Crazy, stupid? Maybe, but that's my choice. I've had one "investor friend" say that to me several times. I have also had him come back to me later and say, "I wish I had bought XXXX property when you brought it to me.

Mary Jo ~ Some of us really do try to be "legends in our own minds"! If I have to listen to one more Agent tell me: "But my clients really love me and I just have to take good care of them." Get real! Do your job in a professional manner, above board (and that means the whole board) and they will give you the respect you earn.

Phil ~ Come on -- what's a lousy $75,000 between "friends". Oh, and that's before the Home Inspection where I can really wear you down!

Carol ~ When in doubt, write it out! No verbals, please.

Vickie ~ Put it in writing, please. And, oh, by the way, please make certain to include the Lender's Pre-Approval Letter with your submission. (Or within the # of days in the offer.)

Dustin ~ Hard to tell what the next question will be!

Jon ~ That's an interesting stance. I have done numerous Short Sales and not a single one of them was encumbered by getting an offer at List Price.

Tammie ~ I'm with you.

Leilani ~ And, I'm certain you've read a couple of the comments where several Agents believe it is their duty to ask such questions in order to properly serve their Buyers.

#68 ~ How much did you say they were qualified to pay?

Karen ~ Think we must be "old school", you and I!

Nov 07, 2010 09:45 PM

Anonymous

Jeanne Gregory, RE/MAX Southwest, Sugar Land, TX

Put it in writing. I'll present it. I'll check with the loan officer and find that they "may not" or "no way in H*LL can qualify" and then we're done. But until it's in writing, it's not worth the paper it's not written on.

Nov 08, 2010 01:29 AM

#72

Tish Lloyd

BlueCoast Realty Corporation - Wilmington, NC

Broker - Wilmington NC and Surrounding Beaches

Jeanne ~ I'm with you! Put your money where your mouth is!!!

Nov 08, 2010 01:34 AM

Lee & Pamela St. Peter

Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC

Making Connections to Success in Real Estate

Tish, I'm back after a week with my folks and headed here to see what you've been up to. What a great post that's unfortunately all too true... Congrats on the feature!!!

Nov 08, 2010 01:45 AM

Bill Pohl

Tetra Homes, Inc. - Loveland, OH

I think a lot of agents don't understand the art of selling OR the fiduciary responsibility to the seller. Quite honestly, it is one of the reasons I decided not to become an agent and instead build my own real estate company. In the last 10 years, we have closed on hundreds of deals and it still floors me when an agent representing the other side doesn't understand the mechanics of a closing. Perhaps if all agents were required to join ActiveRain and read blogs for educational purposes, there would be a better group of agents out there. JMHO.

Nov 08, 2010 02:17 AM

Will Nesbitt

Nesbitt Realty at Condo Alexandria - Alexandria, VA

Nesbitt Realty is a family-run brokerage.

Amen to that! A refresher is what they need. I always say that is why we have rules/ guidelines. If we don't follow them why do we have them? It's our principles here.

Nov 08, 2010 02:33 AM

Nate Byram

Coldwell Banker Honig-Bell - Danville, IL

Good post! Usually when this happens to me, the agent asking the question is genuinely perplexed that I won't answer the question.

Nov 08, 2010 04:06 AM

Tish Lloyd

BlueCoast Realty Corporation - Wilmington, NC

Broker - Wilmington NC and Surrounding Beaches

Lee & Pamela ~ So glad you're back -- hope your visit was happy, peaceful and full of wonderful memory-making moments! Thanks so much.

Bill ~ What a great idea -- perhaps you could implement that very idea via your Office Policies!!!

Will ~ We have so many CE credits we're required to take, but I've always thought we were light on the Ethics portions.

Nate ~ Funny, I've experienced the same thing -- well, maybe not so funny -- pitiful really.

Nov 08, 2010 04:11 AM

Donna Harris

Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com - Austin, TX

Realtor,Mediator,Ombudsman,Property Tax Arbitrator

That's hilarious! Needing to know the bottom line just to write an offer? Why, because they're going to write an offer even lower than that to negotiate up to it??

Nov 08, 2010 07:17 AM

Linda Lipscomb

Linda Lipscomb RE/MAX Lexington Henderson County TN - Lexington, TN

731-695-1118, Lexington TN Homes

It seems in this market all buyers are unrealistic. All want a steal or a deal....and let's face it, there are many out there. But most aren't steals, many are good deals.

Nov 08, 2010 03:27 PM

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

I don't think the buyers are unrealistic - it's the media which keeps on telling them that you'll get a bargain and there are some agents who would show the homes to their buyers even when they are not qualified! Hope, things change, Tish. Soon.

Nov 08, 2010 05:01 PM

Elite Home Sales Team

Elite Home Sales Team OC - Corona del Mar, CA

A Tenacious and Skilled Real Estate Team

I think it has all been said. I too will not give try to get full price. I will never throw that seller under the bus.

Nov 08, 2010 05:50 PM

Tish Lloyd

BlueCoast Realty Corporation - Wilmington, NC

Broker - Wilmington NC and Surrounding Beaches

Donna ~ Good point.

Linda ~ There are, indeed, some good deals out there.

Praful ~ The real estate industry generally "enjoys" an overabundance of negative press. I believe this contributes, in large part to the inappropriate approach: "steal it, or don't buy". Now, more than ever before, it falls upon our profession to educate, educate, educate.

Elite ~ Thanks for weighing-in.

Nov 08, 2010 11:13 PM

Sarah Moore

Southern Homes of the Carolinas - Charlotte, NC

We Open More Doors!

I agree the Buyers Agent needs a refresher on how to do their job. Don't take people to homes they can't qualify for, don't call.

Nov 09, 2010 01:24 AM

Steve Baklaich

RE/MAX Results St Cloud Mn real estate - Saint Cloud, MN

Treating Buyers & Sellers to Full Service Always.

Amen!

Nov 10, 2010 02:00 PM

Tish Lloyd

BlueCoast Realty Corporation - Wilmington, NC

Broker - Wilmington NC and Surrounding Beaches

Sarah ~ Here, here!!

Steve ~ Thanks.

Nov 10, 2010 02:08 PM

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