Buyer asked "Is that what you recommended? Then I need to ask another Realtor"
I was working with a buyer to help them find a home. We submitted the offer to the bank and waited for the response from the bank since it was a short sale. The bank did an appraisal and the value came back 50k higher than our submitted offer. I suggested to the buyer that if they really like the house to at least meet the bank half way and maybe we can make the deal work.
The buyer asked me a second time if that is the best that I can recommend. I informed the buyer that based on the Market Value of the property the appraisal value is about right for the area. Our only hope was to counter back a little higher and see what the bank can do. The buyer then informed me that if that is my recommendation, then he would have to consult another realtor to see if that would make sense. I was taken aback at his response but told him to proceed with asking another realtor for an opinion if that would make him more comfortable.
Buyer, after consulting with another realtor, came up 5k from the original offer which I highly doubted that it would be acceptable. In the meanwhile, another offer came up substantially higher according to the listing agent. I informed that listing agent that I will run it by the buyer to see if they are willing to go up any higher. After much thinking, the buyer held steadfast like a toy soldier and was unwilling to go up any higher than their 2nd offer of 5k higher.
Next day, buyer called to inform me that they are willing to go up higher. I called the listing agent to inform him of the change of mind. Unfortunately, the seller had signed the acceptance on the other competing offer and offer already submitted to the bank. Buyer is now kicking themselves for being so stubborn and now lost a home that could have been their dream home.
I do this Full Time and I know what the market bears and if a buyer prefers to get a second opinion there is no stopping him/her from doing so. I feel bad for the buyer because now they have to start back at square one. We may find a substitute but the time loss can have some effect on their payments as interest rates have risen since then.
Moral of the story: act fast; wavering can lead to unsavory regrets.
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For FORECLOSURE Prevention & all your Real Estate Services,
Contact:
DAVID DEE
(626) 203-5676
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Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and
(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.
Copyright © 2010 by DAVID DEE. All Rights Reserved. "Buyer asked "Is that what you recommended? Then I need to ask another Realtor"
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