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Bring on the Sellabrations...the Buyers are Out ...the Buyers are Out ! It was an exciting weekend with multiple offers on several well priced properties.....and as you browse through MLS you see the "Active with Offer" indicators everywhere...HURRAY !!!
One offer was especially low....on a property that had not been on the market less than a week....maybe the agent didn't get the message we left...So I emailed again....politely and professionally...."Did you know that there are multiple offers on this property that will be presented tomorrow ?
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174 Comments on Our Sellers Are Electing NOT to Respond to Your Offer.....
Unfortunately, some buyer's agents need to come to realize that properly representing their client involves providing professional advice and guidance, even if its not what he wants to hear. A good buyer's agent should be more than a "messenger boy"!
Thanks everyone...messengers are a dime a dozen...paid professionals on both ends of the transaction get satisfied buyers and sellers...and isn't that what we are all here to provide ?
It is really important for a serious buyer to have an educated agent representing him/her. Yes, the agent is the messenger. Hopefully the agent told the buyer what would get him in the ballpark. The choice to write an also-ran offer was the buyer's.
Too true Sylvia...and the agent has the obligation to explain that whether they are a buyer's or seller's agent...the liklihood of getting an accepted offer is greatly diminished when you use the dart board method of choosing a price.
Yes, had that happen last weekend too. Did a 2 day open house extravaganza, you know, ads, balloons, cookies, ponies, well ok, no ponies. Got 5 offers, 4 at or above, and one $30K under ask. Had the same conversation with the agent. How is the same agent selling in Ca and Wi?
Hi Liane...I think the agent must be a snowbird....and maybe flies back and forth more frequently than we know :)
Hi Sally, perhaps this agent has been conditioned by an agent that we make a lot of offers to up here and is just skeptical everytime he hears of multiple offers. There is an agent who handles a lot of reo properties and is directed by the banks to do some questionable things.
Many of these properties have been on the market for 6 months or more yet every time we make an offer, it comes back immediately as having multiple offers and that we should submit another offer to try to beat these "other offers", my agent hints that he thinks its just a fraud, and after a while we start to look at every agent who comes back with this response a little skeptically.
Well luckily for you and your seller, you really did have lots of extra offers and this one agent and buyer really dont matter.
listing agent called me regarding an offer from a "professional negotiator" today...below low ball offer...I told the agent not to respond..it will drive Mr. Professional nuts...it certainly did
Some agents are desperate enough to keep clients that make lowball offers. Selling one home a year is desperation.
We have had several very distressed buyers lately who chose not to follow our advice as to the offer price and lost out on the home they really wanted. Highest and best means just that and with the inventory in certain areas shrinking, the bargain basement deals are a thing of the past. The good news is that when the buyers found the second home they really liked, they listened and their offers were accepted.
Too many buyers do not keep up with market trends, listen to poorly informed friends and relatives, etc. and think every house is a fire sale. Not here.
Usually the knowledge of multiple offers wakes a buyer up to put in their best offer.
You are my hero, I could'nt have said it any better.
Great Blog! I work exclusively with Buyers. About 2/3 of them are investors in our Las Vegas market. After many low ballers caused so much frustration, I made a decision in my business. I spend time educating each buyer about the market and presenting facts and figures to let them know which offers are being accepted and the % they need to expect to pay of the list price if they want to be the winning offer. If they agree to work with me after this, I'll show them properties, provide comps, write offers and build a working relationship. My offers are clean with no additional expenses to the seller, which has resulted in many successful offers. My investors now have multiple properties. (By the way, I have fired buyers who persist in low-ball offers. After all, I don't get paid for my time wasted on them.)
NV does require that I present all offers but I do try to let the buyer know whether or not their offer might be the winning one - never by price, only by %. At these low prices, buyers need to be realistic and realize that compared to 4-5 years ago, EVERYTHING is a BARGAIN.
Now if we can just get more inventory..............................
Good for you Andrea....time is valuable...and you are obviously a valued professional...best of luck to you !
Tim was that a comment that seems a bit of topic or an advertisment?
I agree that it is a waste of time, but why do you care if you have multiple offers? Reply back with submit your highest and best or take the highest. You should still have respect for your profession and respond. Anytime you have multiples you are blessed. You may need to cross that bridge some day or he might have the perfect buyer for your listing in the near future.
Well, this blog certainly opened a can of worms! Firstly, you assume the buyer's agent didn't do his job in advising his buyer to present his highest and best offer. Nothing you have indicated confirms that he didn't. Buyers today are as often as smug in thinking they know all about real estate and how to buy. They hear and read all kinds of things, on air, tv, from friends and relatives, in newspapers, magazines and on-line. They sift out what supports their position and ignore the rest, often including their agent's advice. Since you don't know what discourse occurred between buyer and his agent, I feel rather uncomfortable that you would slam the agent, and check on his production, then make derogatory comments about him in a public forum, despite not revealing his name. "No response IS a response..." That is a poor statement to make and poor business etiquette. Regardless of how you feel about the offer, it is up to you to take the high road and conduct yourself in a dignified manner. And to guide your seller to as well, because it will reflect on you.
Most of us have been on both sides of this proposition at one time or other. In neither event is it pleasurable or desirable, but it can be unavoidable. It's not what happens that is really important, but how we react to it.
I recall having to present an offer from a particularly recalcitrant buyer that I felt was an insult to the seller. He proudly told me that he knew that we had to present all offers. I respectfully let him know that I didn't have to write all offers, but I would in this instance. I knew the listing agent well, and when I called to let him know I had an offer, I warned him to take his flak jacket with him. He laughed and said not to worry, he'll be ready and prime his seller. I also told him that I wanted an answer in writing, as my buyer was skeptical of agents in general. He dropped off the offer in person, and couldn't stop laughing. I opened the offer and written across it in great big letters was: "READ, LAUGHED AT, AND REJECTED!" and signed by the owner. I called my buyer and told him, then made an appointment to see him in the morning. The listing agent and I went for a beer (I bought, obviously). Two days later that same buyer had an accepted offer in his hand, after renegotiating with a seller who was comfortable in his own skin, and had a sense of humor as well.
The listing agent and I have been the best of friends for many years now, and still laugh at the 'insulting offer' that spawned our friendship.
Not every detail of this situation wa revealed...slammmed...hmmm....you are making judgements aout a situation for which you lack the details....that is probably not good business etiquette...of course no names are revealed....your assumptions are not correct....an email would have been far more appropriate if you needed clarification....to us, that WOULD be businesslike rather than the sound of your own comment.
Beauty (and value) are in the eye of the beholder, so apparently to the buyer it was only worth the lower amount. Great thing about real estate is you just reject the offer and move on...no harm, no foul. I'm glad your sellers received an offer they were satisfied with.