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If You Liked It Then You Should Have Made An Offer On It

By
Real Estate Broker/Owner with Madeline Island Realty 50317-90

 

If You Liked It Then You Should Have Made An Offer On It

 

[My apologies to Beyonce..]

 

Just a couple of days following the recent closing of the sale of one of our Madeline Island listings, I received a phone call from a fellow who confessed that he had been browsing that waterfront property for months. 

We tend to think of such prospects as "lurkers", not in a negative way, but simply because they watch and watch from the sidelines, but seem to take a very long time (if ever) to come forward and make an offer.  They won't contact an agent, won't ask for more information or request a showing..they just snoop and browse and lurk and hope somehow that the price will come down dramatically or that the seller will become desperate.

The lurking on Madeline Island seems to get more serious as soon as the leaves begin to change color in early autumn.  You can literally mark your calendar with the time of year when this scenario begins to unfold. 

This guy made it clear that he was disappointed.  He informed me that he "was going to buy that place", but just didn't move quite fast enough.  And he wanted me to stay in touch with him (after the sale had already closed), adding that he "would be very interested in buying the property".

Too late.

I admire the cautious buyer, I truly do.  But it's possible to be overly cautious.

After the sale has closed, you're done.  You waited too long to get serious about the property.

Someone else scheduled a showing, signed an offer, wrote a check for earnest money, had an inspection and showed up at the closing table.  While you were daydreaming about buying the house at that unbelievably low price you were hoping for, someone else ate your lunch.

So by all means, take your time.  Do your homework and check your bank account.  Take all the necessary steps required to give yourself that level of comfort with the idea of buying a second home or waterfront lot on Lake Superior.  But don't wait too long.  Others are doing the same things you are. 

 

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Comments (77)

Carrie Sampron
Home Smart Realty Group - Highlands Ranch, CO
ABR SFR & Kathy Sampron (303) 931-3629 Highlands R

Eric: We've had a couple of buyers like this. They look and look, find homes they like, can't pull the trigger and lose out! Better luck next time!! Carrie

Sep 28, 2011 09:44 AM
Liane Thomas, Top Listing Agent
Professional Realty Services® - Corona, CA
Bringing you Home!

What was he waiting for???

Sep 28, 2011 10:57 AM
Michael Singh,Broker
Singh Real Estate - Corral de Tierra, CA

Isn't if funny how they want the home more now that they can't have it.

Sep 28, 2011 05:00 PM
Mike Henderson
Your complete source for buying HUD homes - Littleton, CO
HUD Home Hub - 303-949-5848

If you snooze you lose.  It happens in more than just real estate.

Sep 28, 2011 05:40 PM
Joan Congilose
New Jersey Properties - Manalapan, NJ
Helping Sellers & Buyers

I totally agree with you ,I have this happen all of the time. It is like that song says if you like it than you should have put a ring on it

Sep 29, 2011 01:46 AM
S W
Centerville, KS

This happens all the time. Especially with my buyers when I show them homes. They like it but are unsure whether they would like to move forward....then the next they the home they liked receives an offer and they are upset!

 

Sep 29, 2011 06:04 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

When people are worried in a multiple offer situation about overpaying 5 - 10K I ask them how they are going to feel if they end up with another home they don't like as much but have to drive by this one all the time.  

Sep 29, 2011 06:29 AM
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I love how you give beyonce credit - thanks alot, now that song is in my head :-)

Oct 02, 2011 06:31 PM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Kathy - The phrase "if you snooze you lose" sums it up nicely.  But why do prospective buyers "snooze"?  They do it because they're told that nothing is selling, that no one is buying, that no lenders are making loans.  And therefore, they believe they have all the time in the world to buy.  This belief that buyers have the world by the tail is a pervasive media message and it is also word of mouth.  So when something sells, it shakes up their perception of reality.

Oct 04, 2011 05:57 AM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Bob - Exactly.  They believe they are truly the only fish in the sea.

Carla - I suppose if one believes that caution is a virtue, then they conclude that an excess of caution makes them really virtuous!

Barbara, I like the strikeouts in your comment!

Margaret - And if they were working with a Realtor, they'd be in the process.  Instead they're staring in the bakery window, drooling over the cakes and pies.

Oct 04, 2011 06:03 AM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Charita - They may not be serious, but it's puzzling that they'd go to the effort of picking up the phone to call me about a property that's already been sold.

Sibley - It's a mystery to me.

Mike, I don't know if these folks are truly "ready to buy", but it sure seems like they are at least on the fence.

Oct 04, 2011 06:08 AM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Ralph - My theory is that they need someone to close them.  They want to be (gently) pushed over the edge, to be told it's okay for them to allow themselves to write an offer.  Most prospective buyers aren't able to close the deal with themselves, which in turn allows them to make an offer to the seller.  That's where we come in (grin).

Oct 04, 2011 06:10 AM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Lyn - Maybe he needs friends..

Rosalie - Yep, some folks just need to lose out on a few deals before the light goes on in their heads.

Loreena, I always keep track of contacts, even if I'm doubtful that they will ever make a move.  There's always the possibility that they will get motivated in the future.

Pam - My dad used to tell us that there are two types of people in the world, spectators and people who actually accomplish something.  Spectators are afraid, skeptical, cautious and love to procrastinate.  They're clearly in the majority.

Oct 04, 2011 06:17 AM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Faye - I like "if it's good and priced right, it will be GONE".

Charlie, "post mortem" is a good description of our conversation..the deal is dead and gone once the property has been sold.

Mary - Maybe the title should be put to music (grin)..

Oct 04, 2011 06:25 AM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Erica, the "right of first refusal" analogy is a good one!

Virginia, that was the case with my buyer prospect..he was confident that the price would just keep dropping and dropping.

Lisa - Maybe he was hoping somehow that the deal fell through.

Tammie, that's good advice!

Oct 04, 2011 06:28 AM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Jeff - I just don't understand what motivated him to call and complain.

Karen, I ask them exactly the same thing.

Jayson - The hype is so pervasive that prospective buyers seem to find it impossible to ignore.

Oct 04, 2011 06:32 AM
Maureen Bray Portland OR Home Stager ~ Room Solutions Staging
Room Solutions Staging, Portland OR - Portland, OR
"Staging Consultations that Sell Portland Homes"

Snoozing = losing ... too bad he contacted you so late!  But maybe you can find another property for him down the road?

Oct 06, 2011 06:28 PM
Brian Schulte
Allison James Estates & Homes - Sierra Vista, AZ
SFR, Sierra Vista, AZ

This is too true too often.

Oct 10, 2011 03:38 AM
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Eric,  Yes, I had a buyer wait a few days too long on one of my listings.  He missed it and is still looking (lurking?) 2 years later!

Oct 12, 2011 11:06 PM
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

A guy like that isn't serious. He spends so much time prepping, he never gets anything done. A big time waster.

Oct 10, 2012 12:49 AM