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73 Comments on The Offer That Broke the Listing's Back
I have had a few buyers who have to lose a home or two thay wanted to learn what I was telling them all along. "Buyer's Market" is not a license to steal.
Carla:
It could be that the listing agent told the seller that if they listed at the current price, the house would sell quickly. The sellers may have been willing to give it one more try. I can understand their frustration even though it was due to their pricing the home too high in the beginning.
Had this happen not too long ago. Sellers were "testing the market" and when they got their 2nd low offer (from my buyer), they took the house off the market and decided to continue to live in it. Seems like an appraisal would have been an easier way to accomplish the same thing... Luckily my buyers are now living happily in their second choice home, which turned out to be an excellent choice. Sometimes things happen for a reason.
I'd sit tight & see if they come to their senses. Maybe it was the closing costs? Some people are a little high strung ......
It is just so darn hard to be a seller in this climate. :(
Carla
People get so emotional over their houses. Said it before, and I'll say it again. The minute a person lists a house, it becomes a business transaction, and no longer a home.
WOW Carla, what a story. I like Fernando's suggestion @42-43....do you think that could work?
Buyers need to listen to the advice of their buyer's agent when that buyer's agent shows them the numbers and wants to set them up for success. Buyers don't have to lowball everything because they have heard that it's a buyer's market and seller's must suffer.
It is sad that the sellers gave up so quickly and were so discouraged. Problem is, there are a lot of sellers like that today.
Hopefully your buyers have become more reasonable and you find them a home soon and they don't make anymore sellers leave the market!
These sellers were improperly educated from the beginning about the process, the negotiation, what can happen and how not to be so insulted. And perhaps they were not that motivated as to really having to sell.
Sounds like they were hoping to make up that 25% loss in one transaction. Odds are the seller made the best move for their situation.
Carla -
Interesting story! It's funny how buyers don't believe me or their agents when they are told that their lowball offers can offend a seller, and the sellers can refuse to work with a buyer based on that insult. EVEN when it means more money to a seller sometimes. I'm running into more sellers like this who are skipping selling their homes and just buying the next anyway. It's a good sign for our market.
Brett
Carla I've has it happen to me both as the listing and selling agent. It all started when they overpriced it in the first place - they never forgot their "good" listing price
Don't let it die, quite yet. You have nothing to lose by entering into verbal negotiations. Will your buyer pay full price if the seller pays closing costs? If they will, or close, call the listing agent and let them know. As a show of your good faith you may want to waive compensation on the closing cost amount. I would. If the seller accepts verbally, follow up with a written contract. What do you have to lose? Did you present the offer in person to the seller, or e-mail it to the listing agent for him/her to present?
@Lloyd . . .thanks for the suggestions. Unfortunately, when the sellers pulled if off the open market that was it. I talked with the listing agent, and even wrote up a counter which went along the lines of your comments. But the sellers rejected. I think they had enough and decided to keep it as rental :-(
Carla
Sorry your offer was the straw that broke the camel's back. But the sellers may have pullled the listing anyway, regardless of whose offer they were going to receive.
If your buyers accepted their counter before it was pulled? Then they would be in contract.But then, you may be dealing with sellers who have such high expectations and may be difficult to negotiate with.
Hope that in your case it will turn out that things happened for the best because the right property is just waiting for your buyers to be discovered.
Cheers!
Carla, that poor camel looks like me some days...
So sorry that the offer was pulled - especially when it seemed to be right in the middle of contract negotiations. That's just one way of the cosmos saying there are better properties out there for your buyers!
YEOWCH Carla! I have seen crazy ones but not this - yet. Watch it be my next broker challenge, LOL!
Carla, it is beyond challenging to manage expectations. The buyers have theirs from the news and an assortment of family, co-workers and friends. These sellers, like many others have an adversion to loss, plus it appears they were not ready to go with the new price once the home was relisted. Hopefully, your buyers will understand you did your best in this situation.
Looks like this was just not to be. Sometimes Buyers push too hard for an unreasonable target price, and sometimes Sellers hold out for an unattainable profit target. Either way, the deal does not get done.
Wow Carla, Not something that happens everyday. Really found the bottom line for this seller.
Gloria