Special offer

I Don't Love You Any More!

By
Real Estate Agent with Transaction Alliance 513.520.5305 www.LizTour.com SAL.2002007747

Our real estate market is a bit imbalanced, favoring sellers more than buyers for the moment.  Now personally as an agent I prefer the market more balanced as it encourages better behavior from both buyers and sellers.  As soon as the table tilts in one direction or another it seems that some of the favored party take it as an opportunity to misbehave. 

 

I spent a fair amount of the 4th of July weekend working with condo buyers.  We looked at a selection of condos and at the end of the day wrote an offer on one of them.  A nice unit in a preferred location, with granite counters, hardwood floors, finished lower level, backing up to a few trees and with a reasonable HOA fee.  But the one thing lacking was closed sales that supported the asking price.  Couple that with the fact that the home had been on the market for 5 months when the competition was mostly selling within 1-2 weeks and our offer was influenced accordingly.  So we started perhaps a bit lower than the sellers might have liked, but not at a really low price, but within a counter's counter of hitting the target price we had for the home.

But instead, we got the virtual finger, a counter at full list price.  Hmm, that wasn't expected, but the buyers still loved the place so they bumped up their offer to within 10k of asking price.  And then we heard crickets.   Communication from the other side wasn't good at all and it was taking some pushing to get a response from the other side.  Finally a response arrived and this time there was some movement by the sellers to meet the buyers.  But there was a problem, with the 36 hours that it had taken to get some cooperation from the sellers, the buyers had had more time to assess the home and decide that maybe 3 floors of living space weren't optimal after all.  They know longer loved the condo and it was time to move on.

Another batch of showings Monday that included a For Sale By Owner.  That one was almost over before it started due to the insistence that everyone had to take off their shoes.  Fine for most of us, but Mr. Buyer has bad knees and bending to take off his shoes without a place to sit was a real problem.  The condo was empty but fortunately the seller produced a stool and problem solved.  The condo was a bit on the small side, but ranch style with no stairs, very affordable and immaculately kept moved it to the top of the list.  An offer was written within a couple of hours and delivered to the seller.

She insisted that nothing would be accepted until her attorney had reviewed the standard MLS purchase contract we delivered.  And since it was a holiday weekend, of course the attorney wasn't available until Wednesday.  So again, we were forced to wait rather than have a quick negotiation.  And when we finally got the response, the seller had basically attempted to add some punitive language that isn't the norm for our area.  If the buyer's home didn't close as scheduled, forfeit the earnest money AND be subject to levies by the seller for any other incurred costs.  That was a deal breaker, and again, combined with the long wait and that love for the condo wasn't strong enough to overcome the seller created problems.  Game over, the buyers didn't love the condo any longer.

Bottom line, hot or cold market, if you've got an offer in hand, ESPECIALLY when you've got an empty home as both these sellers did, it's beneficial to keep the ball moving quickly and get the buyers under contract before they fall out of love with your home.  Either of these deals COULD have happened if the deal had been struck within the first 24 hours.  It was the stretching out that gave the buyers time to fall out of love.

 

Ready to talk about buying or selling a Warren County area home?  Just call 513-520-5305 or email Liz@LizSpear.com.  We look forward to hearing from you!

Liz and Bill aka BLiz

 

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Serving Warren County Ohio & Adjacent Areas

The Liz Spear Team of Transaction Alliance
Elizabeth Spear, ABR, Ohio License SAL.2002007747

William (Bill) Spear, Ohio License SAL.2004011109  Kentucky 77938
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Comments (13)

Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

I feel your pain. Had a buyer that made an offer on a house: a good offer over asking price. Agent acknowledged receipt of the offer. We waited and waited and waited for a response back. While waiting, the buyer, having already been in multiple offer and lost, wanted to see another home. It was less money, better location and really worked much better for him, so we submitted an offer less then asking price. The seller responded back Yes and we were under contract. I immediately contacted the agent on the other house to let him know we were withdrawing the offer and why. He responded back, apologized and said the sellers wife was out of town and had to wait until she returned to respond. Really??? Where was she....in the middle of the desert with no cell phone service ???  Snooze, you lose.  There's a long history of sellers losing out, especially in a sellers market due to greed, dragging their feet, not listening to the advice of the professional, their Realtor, or a combination of all of these. This isn't the first time and won't be the last. 

Jul 05, 2017 07:04 PM
Liz and Bill Spear

The shame is many of the deals could have been completed if the sellers were just reasonable in response.  Like in your case, why didn't the listing agent just say to you "the wife is out of town" rather than waiting for you to follow up?  I've had situations where I've had a seller off the grid (my parents live in a no cell phone zone for instance) and still was ready to get things going if an offer came in.

Jul 05, 2017 07:30 PM
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

This post is so indicative of a lot of what we have been going through lately.  It's funny because it's supposedly a sellers market but buyers do precisely what yours have done. We've experienced it on both the listing and buying end.  John and I have been discussing how interesting this market is and how it seems like every single deal lately has been extremely difficult for a variety of reasons.  -Kasey

Jul 05, 2017 07:23 PM
Liz and Bill Spear

Kasey, It has been that kind of year.  I've had more deals that were together either go apart, or had deals that SHOULD have come together get killed because one party or the other wasn't reasonable. 

Jul 05, 2017 07:32 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Liz and Bill.  I've been in identical situations in the past.  And, in every one of these instances, sellers ended up with less money than had they responded more professionally and in a timely manner.

Jul 06, 2017 04:49 AM
Liz and Bill Spear

20/20 hindsight!  You're right, too often the initial buyer that was chased off would have been perfectly acceptable some weeks/months later.

Jul 06, 2017 12:11 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Bill and Liz. Point, set and match. Well said and absolutely true.

Jul 06, 2017 08:42 AM
Liz and Bill Spear

coulda, shoulda, woulda.....

Jul 06, 2017 12:11 PM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Bliz I've seen this before from sellers and it almost never bodes well for either party.  One of my very first years in the biz we went back and forth 5 or 6 counters and the seller kept writing in stupid stuff - total deal killer and my buyers moved on. 

 

If the home is on the market for 5 months with no offers that is an unusual seller that wants to play games. Game Over. We don't use attorney's here to write up contracts but I can imagine some just might have a tendency to mark stuff out and put in deal killer phrases.

 

Good luck with finding these folks a great condo! One thing is for sure they've got a hard working and smart agent on their side!

Jul 06, 2017 10:46 AM
Liz and Bill Spear

That five month thing makes me wonder if they had other offers and did the same thing to those buyers that they did to mine?  Personally, I want to get negotiations down to only price differences as quickly as possible.  Going to the other items just risks emotions kicking in and governing.

Jul 06, 2017 12:13 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

I see this reluctance to commit, respond, and react on all sides of the transaction, Liz and Bill Spear.  Unfortunately, it's not limited to just Sellers and it's seemingly a growing problem ...  

Many simply don't feel any time constraints or pressures ... have no respect for others time or the stresses they may be causing ... or little grasp of the modern sales/lending transaction and their responsibilities within it.  Pair that with poor communication habits and ... well, you get my drift.  

I know you will provide stellar service, attention, and find a great new home for your clients ... and that deservedly will make you stand-out in their minds.  Best of luck moving forward ...

Gene 

Jul 06, 2017 11:58 AM
Liz and Bill Spear

Gene, We've got a listing that we KNOW the buyer wants based on his agent.  Through three times.  And yet....no offer.  He risks having someone else come in and buy the perfect home.  Just give us an offer to work with!

And I get everyone wanting to chill out over the weekend, but fact is buyers have to buy when they need to buy, so preferring to drag things out because "it's a holiday" doesn't get the deal done.   And in this case actually contributed to making sure what could have been didn't happen at all.

Jul 06, 2017 12:15 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

I'm with you on preferring more balanced markets between buyers and sellers. It sounds like you had a long busy 4th of July weekend.  

Jul 06, 2017 01:06 PM
Liz and Bill Spear

Definitely busy, hoping for a bit more of a break this weekend (although showing two condos via Skype this afternoon)

Jul 07, 2017 12:46 PM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Bill - Our market is also tilting heavily toward the sellers and we're also seeing responses like that, as well as negative reactions from our buyers when they don't feel the seller is playing fair. And we've had our share of buyers fall out of love too. But there's always another home.

Jul 06, 2017 03:34 PM
Liz and Bill Spear

There is definitely always another out there, just a matter of the when.  Just playing nice in the sandbox would have been enough for us to have gotten a deal done and had happy buyers, but that's not how the sellers wanted to play.

Jul 07, 2017 12:47 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

BLiz- Oh how I can relate to this. Many years ago when we were moving back to Houston we came upon a house we loved. It was a bit higher than what we'd wanted to pay, and in fact our agent with whom we'd worked before had held off on showing this because of that. The house had been on the market a short time, we made an offer but they felt they could get more. 

We moved on and found a house that ended up working out even better for us. The other house? It sat there for another year before it sold. 

Jul 06, 2017 03:56 PM
Liz and Bill Spear

And that's the irony.  While a seller stretches things out, other homes come on the market.  And who knows, one may be better AND cheaper and off goes the buyer.

Jul 07, 2017 12:47 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Unreasonable sellers are their own worst enemies.  This proves it...twice!

Jul 06, 2017 05:56 PM
Liz and Bill Spear

I know the agent on the first was frustrated with her sellers.  And the FSBO?  Only she knows what she was thinking.

Jul 07, 2017 12:48 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Bill had to laugh at your comment, yes most Realtors would prefer a balanced market... less work easier deal... all I can tell you is my history has been when it is a buyers market I have a lot of listings, when it is a seller's market I have a lot of buyers:))Endre

Jul 06, 2017 11:35 PM
Liz and Bill Spear

Uphill both ways, in the snow :)

Jul 07, 2017 12:48 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Indeed Bill, it is uphill, but the good news is that is why I am so much stronger than many in my market, it is easy to be a hero with a listing in a sellers market and to be a hero in a buyers market:))Endre

Jul 07, 2017 09:50 PM
Corey Vandenberg
Success Mortgage Partners - Lafayette, IN
More home mortgage loan options!

That reminds me of this blog about FSBO, every realtor should enjoy this one. We stand with you, not against you!
http://blog.phmc.com/market/why-fsbo-sales-often-fail/

Check me out at: www.phmc.com/coreyvandenberg

Aug 05, 2017 05:42 AM