Many years ago when I was starting out in Real Estate, when something in the neighborhood became available, one of the most often asked questions was WHY are they selling? Where are they going? When are they leaving and the grand daddy of them all...How much do they owe on the property?
THIS DATA CONTROLLED THE DEALS
Buyers and their agents needed this data to strategy and prepare an offer that would favor the buyer first and then the seller. Of course the seller and their agent knew at the time that this data would be used against them as well. So what did they sellers do?
SAY SOMETHING OR PEOPLE ASSUME THE WORST
They came up with a sort of Press Release type statement with the help of their agents that would minimize or offset the bargain hunters. We decided to move back home next to our parents. We got a job offer or transfer we are considering. We don't have to leave right away. These answers and variations thereof were used to offset the strategy of needing to sell. In established neighborhoods back then, people usually stayed put longer making others want to move into an established community
THE BUYER EYED THE SELLERS GAIN
One thing that was hard to get around of was the amount of equity you had sitting there. A seller wanted it all and and a buyer thought...hey, if you took less you would still be just fine and the tug of war began. The buyer knew there was room and the seller could do nothing about it. The buyer would hope that the seller would just say yes and a bargain purchase kicked in. (rare)
SOME SELLERS SAID THAT'S MY PRICE PERIOD
Some sellers held with the idea of take it or leave it and held their position no matter what. Mind you the home was NOT overpriced either. It was worth that much. The result of this was that their home wouldn't sell right away but back then it would eventually sell proving that there was a buyer for everything sooner or later. The seller simply said...I am not moving unless I get this price and they prevailed too
THIS INFORMATION WAS COVETED BY ALL
It is the buyer hoping to take advantage of a situation and use it to their advantage. If you knew a seller had to sell because they were leaving right away, that was your good fortune to have stumbled upon it and you made some money going in. The seller did okay and moved on
KNOWLEDGE WAS POWER
Back then it was the neighbors that spilled the beans if a good agent knocked on doors and inquired. People love to talk and neighbors know everything. They would be the ones to tell you why they are moving and when and how fast they need to make it happen too. Then the agent and the buyer would use that data accordingly
DIVORCE MEANS BARGAIN
When people heard the word divorce back then, they salivated thinking a bargain is about. they were right too. The divorcing couple wanted their share of the money to move on. But today if the courts are involved or attorneys, the opposite may take place. They will try to squeeze every penny out of the transaction. But back then the plan was to liquidate and it meant bargain galore.
REAL ESTATE MOVES
Why someone is buying and why someone is selling remains an interesting dynamic to the Real Estate game. Perhaps it is wise to keep those Real Estate playing cards...close to the chest if you can and if you can't...well that's Real Estate!
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