Your First Offer is Your Best Offer --- Take It, Sellers!
Sellers don't often realize that the first offer they get on their home is usually their best. Don't make the mistake of passing on an offer and later discover the offers are going down instead of up. I advise Franklin TN home sellers to counter an offer, even if, it seems low in the beginning. If a buyer liked it enough to make an offer, we may be able to get him to come up in price.
If you are looking to sell your Franklin TN home, contact Tammie White at (615) 495-0752.
Dear Sellers: Your first offer is your best offer! This is the oldest maxim in Real Estate. If you fail to grasp this concept and reject a good first offer, you may regret it!
"Let's get something straight before we give the Example"
Tallahassee, Florida is NOT one of those Seller's Markets that you hear about on the News. We do not get Multiple Offers; there is no "Shortage of Inventory". When a Buyer makes you a good offer, take it! You may not see another offer any time soon.
Here is a classic example:
A lady from Miami asks me to List a house that she owns in Tallahassee. She bought it for her son while he was attending Florida State University. The son has graduated and moved away.
This is a nice house in a popular subdivision. Four bedrooms, two and a half baths, two car garage. We price it at $300,000.
An Offer comes in during the first week. This Offer is very close to Full Price. The only contingencies are Inspections and Financing. This is it!
Seller accepts. Now comes the Inspection. The Home Inspector notes that the roof is approaching life expectancy. The Buyer asks for a New Roof.
A New Roof will cost $5000 to $7000 on this $300K house. She balks. "Well, I am not going to pay for another roof, they can do it themselves. Besides, this Offer came in a week; there will be more."
I implored her to reconsider. But she would not budge. The Buyer was gone.
Another Offer never came. After 6 months our Listing Agreement expired. She went to another company. That office listed the house at the same price that my company had listed it.
Almost 1 year later, the house sold for $25,000 less than the offer that I had brought to her. The MLS remarks say that, "Seller installed new roof".
18 months on the market and a huge price reduction. And she bought that roof anyway!
I have not talked with the Seller; but I am certain that she regrets not taking that first offer.
Sellers, when you get a good offer, accept it! You may not see another offer for a long time, and it may not be as good as the previous offer that you rejected.
Disclaimer: Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice. For legal advice see an attorney. For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.
Frederick Griffin, Licensed Real Estate Broker Tallahassee, Florida 850-339-4861
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Buying or Selling a Home in Tallahassee, Florida? You need the services of a trusted, dedicated Real Estate Broker when making the biggest financial transaction of your life!
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Frederick Griffin, Licensed Real Estate Broker Tallahassee, Florida 850-339-4861
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