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Does the listing say, DISCOUNTED FOR CONDITION???

Reblogger Lenn Harley

Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

November 24, 2013 08:22 PM

DON'T SHOW HOMES FOR SALE UNLESS AND UNTIL YOU'VE DONE YOUR HOMEWORK!!

Buyers can't always justify a low offer. Sometimes they just want to negotiate.

Seems to me that, if a home listed for sale needs upgrading, one way to solicit better offers is to note in the AGENT REMARKS, that the property price is DISCOUNTED FOR CONDITION.

Buyer's agents who understand the comps will not be advising their home buyers to make ridiculous offers.

Agents: DON'T SHOW HOMES FOR SALE UNLESS and UNTIL YOU'VE DONE YOUR HOMEWORK!!

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, serving home buyers in Loudoun County VA.

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Home buyers don't want to pay full asking price, they want to pay below asking price.  As soon as a buyer finds a home they like, they start looking for ways to justify a low offer. Ironically, it's most often the seller who provides them with exactly what they are looking for.

Common reasons buyers use to justify a low offer include:

Kitchen or bathroom needs updating.

Flooring or carpeting needs replacement.

Appliances need replacement.

Interior and/or exterior need paint.

Dated wallpaper needs to be removed.

In a price negotiation situation, based on these types of improvements, the buyer has the advantage. The monetary amount they reduce the price by will far exceed the actual cost of the needed improvement.

Smart sellers address all improvement issues prior to listing.  By doing so they have control over selection and cost, and they eliminate the risk of getting a low offer that they have no choice but to accept.

The one thing that buyers are looking for that sellers should not provide is justification to lower the price!

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Sharon Tara

Sharon Tara Transformations - Portsmouth, NH

Retired New Hampshire Home Stager

True professionals understand this....imagine if all sales had an agent on both sides that did their homework!

Nov 25, 2013 09:38 PM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Good morning, Lenn.... that's the problem....the majority of real estate agents NEVER DO THEIR HOMEWORK....

Nov 25, 2013 10:00 PM

Bill Roberts

Brooks and Dunphy Real Estate - Oceanside, CA

"Baby Boomer" Retirement Planner

Hi Lenn, As a listing agent I never recommend repairs prior to listing if they aren't repairs that they would do even if they didn't sell. I say, "do it for yourself." The onle exception is to clean up the front yard and paint the front door.

Buyers are going to want to negotiate the offer price no matter what the condition is. Let the buyers make the upgrades after purchase. That way they get what they want, not what the seller thinks they should want.

BTW You arre right about doing your homework, but it is the seller that needs to do his homework. They need to know the value of their house "as is."

Nov 25, 2013 11:11 PM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Bill. Absolutely right on all counts. For sure, sellers are going to want to sell high and "as is". Buyers are going to want to buy low with a home in new condition.

Nov 26, 2013 12:17 AM

Does the listing say, DISCOUNTED FOR CONDITION???

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