That's right...just relax, there is nothing but time. You have finally found the "perfect" property and now you know exactly what to do...
NOTHING!!!!
No offer
No questions
No movement
No nothing
Oh sure...that's going to work. You are absolutely, definitely, miss this opportunity.
This is not intended to turn into a rant about buyers who don't buy, or "waste" our time, but a reminder that when you don't move, you will lose. As people, we often have concerns about large decisions, and buying or selling your Mission Viejo Home is certainly one of the largest you will make. But if you find the right place....or possibly the right place...you need to make a move of some kind.
I like to tell my Mission Viejo Home Buyers that a home purchase is really a series of "yeses" and not one big decision. In the beginning, all you are really doing is agreeing to drive around with me one day and look at homes. Sometimes even this step is scary. Especially if I wear my scary-real-estate mask.
Most of the time I leave it at home :)
Seriously though....this is the moment to begin the conversation.
With your lender
With the seller and their agent
With me, your agent
With yourselves....what makes this work or not work
If we don't have some movement, we will lose the home. We are seeing multiple offers and well priced homes are moving quickly. You do not have time to sit and ponder for a week or so. But you also do not need to know right at this moment whether this is ultimately the right home/situation for you and your family.
How could you? After a few minutes in the home!! But that's what it feels like....doesn't it? It feels like you need to decide right there and then that this is it. You don't! But you do need to decide to find out more about it.
The series of yeses I mentioned?
Price
Condition
Loan/Terms
Insurance
Schools
Repairs
Many more things come up during an escrow process...and any one of these could turn a "yes" into a "no." But we can move forward until we get to a "no." And if we never get to a "no" then congratulations, you bought a home. But that first moment.....can't be the moment of In-Decision. We have to take that first step.
| KAREN FIDDLER |
Dre no. 01494165
Broker/Associate |
| HÔM SOTHEBY'S INTERNATIONAL REALTY |
|
M 949.510.2395 |
| Karen@SothebysRealtySoCal.com |
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17 Comments on The Moment of In-Decision
Well put Karen. Buyers need to realize that the market in many places has changed and if you don't act quickly it may be too late.
Hello Karen,
I have seen and heard great success in using a buyer's retainer say 500. USD on the east coast, refundable at closing only.
I know as a consumer I would have had no problem with this in my past dealings.
I'm very new to California, have you heard of this being done in Orange county?
Regards,
I just had two deals fall apart because the buyer waited for weeks to make a decision, thinking they had all the time in the world, only to lose out to a buyer who actually made up their mind.
Jim: Very true....and it's small movements at a time
Pete: ???
Bryan: I know...they end up wanting the home, but by the time they are ready to move, it's gone
Hi Karen.... we're hearing buyer agents saying that their buyers are missing properties because they wait too long to pull the trigger.....one lost 8 homes....slow learner!!!
Ask the question .....If we find the right home today, are you prepared to submit an offer today.
Gauge the response.
Act accordingly.
Karen,
I'm serious about this, as it relates to the retention and motivation of buyers.
Have heard of buyer's retainer fees being employed on the east coast in several areas with great success.
I know this does not clear up all the problems, like the buyer being too late to pull the trigger in certain deals or always low balling.
Have you not heard of this?
This is something I would do if I could here in Orange county.
Pete (#2 and #7) has an interesting suggestion - charge the buyers a retainer fee but reimburse it at closing. The idea is to provide motivation to the buyers to choose a home in order to get their retainer back? Maine's Buyer Representation Agreement does allow for a Buyer's Agent to charge a retainer, but I don't know of any agent around me that actually does.
Hi Lisa, (#8)
I mean a motivated client is more than willing to put down a retainer.
I have made many purchases and would of been willing if asked to put down a retainer... was "motivated" every time I bought.
Charging a retainer fee in a time when there are so few buyers and many agents looking for clients is a sure way to fold shop. Buyers are always looking for the best deal and lose great deals while they wait.
Karen, very well put! That dream home isn't going to wait around forever.
In this current market, you advise really holds true Karen. Take that first step in making it happen.
We are seeing more and more of this in our market too Karen. Houses that are priced right and presented well are moving and moving FAST. Good post.
Barbara: That is a real slow learner.....mine usually learn faster than that, lol
Erv: Oh they all say yes, but then the fear of making a wrong decision can stop them from taking that first step.
Pete: ok...but this really isn't about motivated buyers. I am telling the motivated buyers that they need to take small steps forward, so they don't lose the property...no steps are a bad option. You are talking about qualifying....that's a different subject. I do that long before this point.
Lisa: I would never do that...it's about knowing how to qualify someone, then it's not necessary
Ed: I agree....I don't like that idea
Kathy: exactly
Tom: just a little first step
Jared: Thanks....you are in a good market also, right?
Karen,
When I was "motivated" I was motivated from point A to point Z, buying property here and in Asia fast on the draw and sometimes over list. I guess I was saying I would "qualify their motivation" from the beginning with several things like a retainer along with a standard buyer's meeting, solid pre-approved loan, and signed BBA. (I don't need to work with everybody)
I guess I need to experience the real world of clients.
Warm Regards,
Pete
Good Morning Karen,
A very good read and a realistic way many of they buyers out there are acting. I showed a home to this couple and they just loved the home. We spent at least two hours at this home. When I called the next day to follow up and see if they were ready to write a contract they wanted to think about it...Well I guess they took to long because someone made an offer which was accepted.. I was suprised at the water flow of tears this girl had couldn't understand why they didn't make an offer if they liked it that much but anyway She said lets just watch it and a maybe it will fall apart & here I am saying to myself yea sure......
Well guess what? It did, we are going later today to see it again.
I hope that they decide to finally pull the whistle.
Have a great day..
Good post and thoughts to consider ... the old saying, "he who hesitates ..." I met with buyers this weekend to go over the buying process. They were very eager to get started and were concerned about going out to look. However, they had not been to a lender and did not know their budget. The first "yes" is to get the lender's pre-approval.
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