Have you ever had a Buyer client tell you that the house you showed them is just PERFECT. Excitement is high. You scramble to pull up the comps and pull together the sundry forms you will need to complete the written offer, and you call the Listing agent to let him/her know that your client has interest and to let you know if anything else comes in before you write yours.
Here you are . . . Poised and ready to write . . .
A few days pass . . . You call the Client to touch base . . . He is "too busy at work to meet this week - Perhaps next week?"
The Listing agent calls darn near every day wondering where that offer is???? Is the Buyer "still alive or not?" You report what you know, but don't feel great about it because you really DON'T know why the delay.
The next week passes - still no action . . . Listing agent and Seller are now figuring someone is not telling the truth . . . Maybe it's YOU playing some twisted game . . . Maybe the Seller thinks the Listing agent concocted the whole thing just to say something is going on . . . Maybe the Buyer just isn't serious and/or has other issues (finances etc).
We all play the "imagination game" and create scenarios in our heads as to what is REALLY going on.
One day when you least expect it, your Buyer calls you and says: "Let's offer $100,000 (25%) below list price to close in 3 weeks and let's not waste time by putting this in writing - Just run it past the listing agent and see where we can get with it."
THIS is a call you dread, but you make the call . . . How does it feel?
Flip the coin . . .
Now, you're the listing agent receiving that call. Can you throttle your reaction and RESPOND in a calm manner with: "Thank you for the offer. I will present this to my Seller to see if he is willing to consider a verbal offer."
You call the Seller who (understandably) blows a gasket. "This is an INSULT! What kind of A__hole IS this Buyer? What's this game he is playing? I'd rather pull the house off the market then to even respond."
These are not objections you disagree with, but again you maintain your ability to RESPOND without stirring the pot any more. You validate your client's frustrations and make the point that even though it IS verbal and the price is WAY low, it is already $300,000 more than anyone else has been willing to offer since the house was listed . . . It merits a response even if that response is: "Full price in WRITING!"
Here's my real beef with this whole scenario . . . I think it IS an insult (and just plain lazy) for a Buyer to act this way - Especially if the Buyer really DOES like and intend to purchase the property. It is arrogant and presumptive and a level of emotional mind games that is simply unnecessary and likely to instill enough bad will into the deal that if it does consumate, it will be contentious throughout.
I have NO issue with low offers . . . nor do I have an issue with indecision. After all, this IS a market in which Buyers can sometimes "have their way" with the Seller. The insult to me is the time and emotional factors. The arrogance factor is that the Buyer is communicating that "Putting this writing is not worthy of MY time, but I want everyone else in the transaction to invest time and energy on my behalf."
From the Buyer's agent perspective, I know that we cannot always compel our Buyers to behave . . . even when we know that we will get them a better deal in the end if they DO behave. The uncomfortable truth to me is that such a scenario leads to distrust among ALL parties involved. Our integrity is on the line.
It's a delicate balance.
I'm interested in hearing other's thoughts . . . I have seen these scenarios play out several times recently and have observed that they typically result in ill feelings all around . . . and am wondering if that is necessary?
Best,
b
Barry Owen
Principal Broker & Productivity Coach
Keller Williams Realty - Nashville, TN - Green hills
www.creatingspace.blogspot.com
Simply & BOLDLY Living the FourFold Way in Open Space!
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