Flaky buyers can eat you inside out...but it's all in fun and game or is it?
Well, what do we have here. Another potential buyer who is looking to buy a home....if only that was true. I had a situation recently where a buyer came to a listing I have and wanted to put in an offer. I showed them the house but they did not react immediately. The parents had to come along to view it to give their consent. It was a LARGE gathering of people from their family I must say. I met 15 members of their family!! Geez, I thought I was hosting a Open House Farmer's Market event.
After the viewing they stated that they will call me the next day with their decision..due to their indecision. That suits me fine but the next day come around and they informed me that they will offer 50k BELOW the asking price! This was a short sale already approved and they wanted to offer below the approved appraised value of the home. I obliged and wrote it up and at the same time informed them that it would be highly unlikely that it will be accepted. They agreed and said that is what they wanted to do. Within a few days, I got word back from the bank that their offer was too low and they won't send a counter. The bank still wanted their asking price. I informed buyer that if they are not willing to go up on price that it is best to move on.
Buyers thought about it for a day and UP their price by a whopping 5k! How generous a gesture I must add. I told them that at that price it most likely will not be entertained by bank. Guess what? That's exactly what happened. Bank didn't bother to counter. After hearing about it again, I drove to show them the house again per their insistence as they wanted to see the house again. Upon looking at the house, they indicated that too much work is required. This is rather ridiculous as the home just needs new paint and carpet. The house was built in 2006 and over 2500 sft. These folks must have gone to Disneyland and came back from their fantasyland. There was not much work needed as they were only cosmetic work required. However, Mickie and Minnie must have stopped by to visit them on their way through the exit.
Upon my recommendation that they need to go up another 25k to have any chance, they informed me that they need to check with another realtor to ensure that I was not misguiding them. Wow! I was taken aback at this and INSISTED that they call several realtors if they choose to confirm the value. The home at the appraised value was already at least 15k below market. They came back the next day to state that what I told them as far as value is true. They affirmed it with several realtors but they just could not proceed at the price. Although they QUALIFIED for the appraised value of this home, the choose NOT to proceed believing prices will drop further and would like to hold out.
In all these turbulences, I had made 6 trips to the house to show various members of their family members. And on top of that, the property was 30 miles away. I informed them that I can locate something closer to their pricing but they choose to wait out a year before making a purchase. I bid them farewell and wish them the best of luck.
Moral of the story. I am pondering on wearing my Donald Duck costume next time I show them homes. Maybe then we can see eye to eye!
Copyright (c) 2010. Flaky buyers can eat you inside out...but it's all in fun and game or is it?
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