But BLiz, It's A BUYER'S Market!!!
Whattaya mean the seller didn't accept my offer? Everyone KNOWS buyers rule the market right now!! Yes, I know I offered 90% of list AND asked for thousands of dollars in closing, and boy did that sharp washer/dryer set look pretty appealing so I asked for that too. But so what, it IS a BUYER'S market! Right? Right?.......
And this ladies and gentlemen is what separates contract writers from home owners to be. Of course each market is different, and there's a lot of signs that might make you think a seller is ripe for the plucking, but those signs might be false. And you've got your reasons, but don't assume the seller will agree with them.
Q: The seller has been on the market for 253.68 days. Surely they're ready to take ANY deal by now?
A: Maybe. But maybe not. Sellers have a certain financial threshold to hit. They're NOT willing to go short sale and hose their credit, but they may be willing to bring some money to closing. Or maybe they're holding out for a certain amount to make the down payment on their next home. In either case, what they're not going to accept is just any offer. They don't HAVE to be anywhere on a specific time table and they'll wait. We encounter this situation regularly as listing agents. As long as we all have our cards on the table and they can be patient, we'll take that listing, even if we expect it to be months and months to possibly make the sale.
Q: They just dropped their price, surely they're ready now?
A: See above answer. They still have a bottom line to be met. And guess what, that price drop may have just put a bunch more eyeballs on their property and feet through their door. That home just attracted another offer (or two), and if the other buyers aren't playing the low offer game, the home may be theirs.
Q: But don't they have to ask me for my best offer before accepting another offer?
A: Uhhhh, NO! They CAN choose to let everyone know and ask for "highest and best", but they don't have to. In fact if that 2nd offer comes in and immediately meets the seller's needs, that offer might be accepted before you can even blink. Solid offer, solid terms and THEY showed appreciation for the home with a serious offer right from the start. Human nature is to kick you to the curb.
Q: But can't I take off for that new carpet I want? And the fresh paint? And the new kitchen countertops?
A: Another maybe. If the seller fully recognizes the carpet is shot they MIGHT cut you a break on that. But if on the other hand the home is ALREADY priced for its condition, you don't get to deduct twice. And when you start getting into "nice to have" vs. "necessary", you better make sure you're truly calibrated as to what to expect for our area's price points. Thinking you're entitled to granite counters in a $125k home is just going to get you laughed at. Hope you've got mad masonry skills or a cousin in the remodeling business, because that's an upgrade you'll be doing on your own.
Q: I've waited a few weeks since the last time I submitted my offer, surely it will work THIS time?
A: Only if the financial demands or emotional needs of the sellers changed between then and now. And chances are, nothing has changed. Ask yourself, do you REALLY want this home? Are you going to be bummed when you see a SOLD sign in the yard and it's NOT from your contract? If the answer is no, keep trying. And maybe your buyer's agent will keep doing it for you. Maybe.....
So here's the deal. Real estate is full of a LOT of maybes. A home can be on the market for a year and not have an offer until the evening you turn in your offer. Murphy's Law. Been there, done that, got the T-shirt. Many sellers don't HAVE to sell, but they WANT to sell. And they'll wait if they have to. So if you're a gambler and you just "have to try for the steal", go for it. But don't be disappointed if it doesn't work. That's the price of admission.
Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz
P.S. Got other real estate questions? Ask and we'll answer!
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