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BUYERS PUSHING IT TOOOOO FAR

By
Real Estate Agent with Johnson Real Estate, Inc. RES.0761759

I recently had a listing for a home that is now under contract in Cromwell, CT.  This home, was priced 50k under market value.. why, the sellers know it is a buyers market.. and they wanted to sell.  This home has over 1600sq ft, and is located in an established neighborhood.

The home inspection came back, and there weren't too many things the buyer wanted to address. This made the sellers happy.  With this, the sellers agreed to everything except one item.  The buyers weren't happy with this.. and pushed on for even more to be done.  This totally annoyed the sellers.  The sellers have stated over and over, they are willing to work with the buyers, but feel there needs to be a give and take.  At what point do sellers draw the line in this market?

We all know it is a buyers market... but to what extent?

valerie osterhoudt

Info about the author:

Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, as well as the surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.

Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.635.0387 #2 - valerierealtor@sbcglobal.net

Copyright © 2008 By Valerie Osterhoudt, ABR, All Rights Reserved...*BUYERS PUSHING IT TOOOOO FAR*

Posted by

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Valerie Osterhoudt, ABR
(Accredited Buyers Representative)

Is a Full Time Realtor® with with Johnson Real Estate, in Cromwell, CT who specializes in Homes and Condos For Sale in the Middlesex and Hartford Counties in CT.

VALERIE OSTERHOUDT REALTOR IN CROMWELL CT

valerie osterhoudt

Valerie Osterhoudt, ABR ~Johnson Real Estate, Inc.
cell:  860.883.8889

email: Valerie Osterhoudt, ABR

website: www.CTrealtorMLS.com

 

Comments (29)

Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Sounds like you have a buyer with buyer's remorse looking for an escape hatch.

Jul 13, 2008 06:28 AM
Melody Botting
Broker Associate PenFed Realty - San Antonio, TX
You Deserve The Best

I am feeling your pain as I am writing.  Picture this- under market, less than two years old, sellers have no children or pets, shows like a model with all the upgrades, not a foreclosure but a relo.

Jul 13, 2008 06:41 AM
Thomas Hargreaves
TriStar Financial Services - Eugene, OR

Well,  I guess it would depend on that one item..   if it was a septic tank that was in dire need of repair,  or a bad roof.. then I would say the sellers should fix it..  but then again there are always those buyers who just want you to give them something..  Kinda like the lady coming to your garage sale.  You have  $10.00 listed on a lamp, and she says    "Will Ya take a Quarter for it"?  

Jul 13, 2008 07:05 AM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Sam... Thanks for the advice... The buyers and my seller have finally reached an agreement (in writing), but the buyers keep coming back for more.. even though the *time* limit has expired.  This is where I have told my sellers to draw the line.

Jul 13, 2008 08:09 AM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Evenly.. The buyer's agent in this case, made the error of saying they have looked at over 30 homes and they definitely want this one.  With this, I've informed my sellers to hold off on anything else they might wish that is a costly request.

Jul 13, 2008 08:23 AM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Carol Lee.. This home wasn't even on the market a week before it went under deposit.. and it was in a multi-offer situation.  The reason why is because of the price.  This is why my clients don't want to do much in the way of the home inspection.. they already have conceded $50k.

Jul 13, 2008 08:26 AM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Steve.. I've informed my sellers to do this if the buyers come back with any more requests.  The problem is I can't get the sellers to wrap their mind around this concept.  I reminded them it was in a multi-offer and they accept this offer with the property only being on the market for a little less than a week. 

I think they feel that having something is better than nothing.  I'll keep working on them.

Thanks for reading my blog Steve.

 

Val

 

Jul 13, 2008 08:31 AM
Jacinta da Silva
Atlanta Communities - Marietta, GA

i think it is important to remember that this is a business transaction and we should not get personal (buyer and seller) in the end what is important is getting the house they want and negociation what can be negotioned.  Everything else in meaningless when you look the at real goal.  It's always so hard for us realtors when there are arguements over small things.  Everyone is looking to get a deal and not to get what they want.

Jul 13, 2008 09:23 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Valerie hopefully the Buyers will realize that they are getting a great deal and will not push the Seller to the point that he pulls the deal.  Let's hope common sense prevails.

Jul 13, 2008 11:01 AM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Fred.. I believe this to be the case.  The other offers were stronger, but this one *was* the one the sellers wanted to go with.

Jul 13, 2008 11:43 AM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Debi.. No two transactions are ever the same.  I'm now dealing with a realtor on another contract that is NOT returning my calls... so much for professionalism.

Jul 13, 2008 12:29 PM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Vickie, I couldn't agree with you more.  It is just that the sellers are so scared because the media keeps saying how bad things are.  I tried pointing out to them that there were 3 offers for them home in less than 48 hours.  This is a good thing.  So far, things are ok.. but who knows, things can change on a dime tomorrow.

Jul 13, 2008 12:47 PM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Jacinta.. In this case it is not the small things that are an issue, it is the large, never ending requests from the buyer.  As it stands now.. things have been resolved... but tomorrow all of this can change... all of us realtors know this, right?

Jul 13, 2008 12:51 PM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Teresa.. The hardest thing about this, is that there are 4 sellers involved.. It is hard enough when there are two.. but 4 takes more time.  It seems that always 3 out of the 4 agree.. but all 4 have to.  UGH.  I hope they do go with they gut feelings in the end. 

Jul 13, 2008 12:54 PM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Chuck.. I'm glad you are seeing my perspective... this is stress that no one needs, and in this case isn't necessary.

Jul 13, 2008 12:56 PM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Beth.. I think all buyers should realize that the sellers ARE NOT GIVING THEIR HOMES AWAY. This seems to be the mentality of most buyers.  I try having the buyers see if they would accept their requests if they were the sellers.  For example... Would they take 10k less because the garage isn't wide enough for their SUV.  It is not the garage's fault that they bought this vehicle.

Jul 13, 2008 01:00 PM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Vickie..  These buyers don't have remorse.. Their agent is claiming this *IS* the house for them, they have looked at over 30 and nothing comes close to this one.  "They can't wait to move in".  Go figure.

Jul 13, 2008 01:07 PM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Melody.. It is amazing isn't it.  Everything the buyer can possible want.. but they are never happy.

Jul 13, 2008 01:09 PM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Thomas.. Thank you for the laugh.. You are so right.  It is just like the woman wanting a lamp for a quarter.  If she only realized it was priced down from $150 to $10 in the first place.  You just can't please everyone.

Jul 13, 2008 01:12 PM
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

George.. I hope you are right, and that they buyers realize they are getting not a good deal, but a GREAT one.  Only time will tell.

Jul 13, 2008 01:14 PM