It seems in today's market, most of the offers are low-ball.  Some buyers will make offers on

several before getting one accepted.  Only after losing their favorite home and their second

choice do they seemed determined not to lose their third choice.

 

RE/MAX Unlimited  10850 Highway 412 West   Lexington, TN.  731-249-5376

Linda Lipscomb   731-695-1118   http://LindaLipscomb.com

 

Via Eric Michael, CDPE -Real Estate & Short Sale Professional 734.564.1519 (Remerica Integrity, Realtors®, Northville, MI):

You Wanted To Low-ball The Sellers. Don't Be Upset That You Didn't Get The House.

You've spent countless hours over many nights searching for properties on the Internet.

Finally, you have your list together. 147 houses. And you want to look at them all. In 2 days. Tomorrow and the next day.

What?

In today's market, 106 of them will be pending, meaning they have other accepted offers. Another 28 will be "short sales," and you already told me you don't want to wait that long.

Leaves us with 13 homes. My lucky number.

I schedule them, but in the morning my voice mail says that 4 of them went under contract over night. Down to 9.

Of the 9, 3 of them you don't even want to get out of the car for.

Down to 6.

We look at the 6 best homes on the market for you.

You like 1. Ready to put an offer in?

We go back to my office and while I'm running comps, you're talking about taking wallpaper down in the foyer and how many dogs will be awesome in the backyard.

I sit down with you, show you the comparables. They all point at you making an offer in the X price range.

Do you do that? Nope. You want to offer Y, which is about 20% BELOW market value. (notice how I used the letter "Y"?)

In goes the low-ball offer, almost immediately comes back an email saying that there are "multiple offers" and a form that asks if we want to keep our offer the same or change anything.

I remind you of the comps. You say "It's a buyers market! Besides, my Cousin's carpet guy got a house for blah, blah, blah."

Offer stays the same. You don't come close to getting it.

Don't blame the sellers. Don't blame the comps. And certainly don't blame me. Maybe next time you'll listen to a professional.

You Wanted To Low-ball The Sellers. Don't Be Upset That You Didn't Get The House.


Eric Michael, Real Estate Professional
Remerica Integrity, Realtors
41000 W. 7 Mile #105
Northville, MI 48167

Cell: 734.564.1519
Fax: 248.912.9996

www.ShortSaleInfoMI.com

www.EricMichaelOnline.com

 

4 Comments on You Wanted To Lowball The Sellers. Don't Be Upset That You Didn't Get The House.

MAR
21
2012
Outside Blog

I feel that you are frustrated but could you have done things differently to get a different result?  Maybe..... I find so many agents dont really explain the current market hence leading to similiar situations like your.... Keep the faith!  Jon
9:59pm • #1
493,407 Points 12 Featured Posts Attended Rain Camp Called Shot Master

Linda, thanks for re-blogging Eric's post.  Over the last few years, we have all encountered this scenario far too many times.  It may take buyers a bit longer to understand that the market has turned a corner.
11:21pm • #2
MAR
22
2012
177,110 Points Outside Blog

Great post and unfortunately so true.

Lack of inventory is a counter intuitive problem that is creating havoc when interest rates are down and prices are down. 

Buyers think that homes are falling off trees and no one is bidding. 

Wrong.
3:18am • #3
515,389 Points 26 Featured Posts Outside Blog Called Shot Master

Linda, thanks for re-blogging my post. It's amazing that buyers "think" they know what's going on. The market has changed again. They need to realize that.
5:42pm • #4


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