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HELP! We've
received an offer on our home...
Sellers, keep in mind that
your very first offer may not be 
Time on the market has an
impact on the buyer in ways which you, as a seller, may not be aware
;)
;)
;)
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34 Comments on Shoulda'- Woulda'- Coulda'
Hi Donna! I know your buyer--I've had one just like yours!! In this market, you just never know when the next offer is coming--or if it even IS coming!
Hi Mary!: Especially now, right?! Hey, I'm much better this morning!!
Hi Gary! Yes it is and if you don't follow it closely enough, you're going to lose out on a shift too!
There is a home we have a buyer interested in Ann Arbor. It was originally listed at 399K, now at 325. They had an offer in 2006 of 350K and would not come down. I called the listing agent and he told me what had occured. Then they started chasing the market down.
They will be lucky to get 299K.
Yes the first offer is many times the best.
Good job! Let's not forget about the monthly carrying costs they'll incur as their home idles on the market.
Hi Debe:
Exactly! I have three of those scenarios with listings right now. The sellers are kicking themselves for not accepting an offer 1-1/2 years ago...
Sellers need to seriously look at any offer right now.
Debe, So very well said and I think that many sellers are finally coming around to face facts and do what is in their own best interest.
Wonderful advice Debe. Too often the inflexible seller ends up stuck with a problem down the road.
More often than not the 1st offer is the best offer. There have been studies done over the years that prove this to be true. We all know there is a direct correlation between days on the market and the sale price. It just makes sense if you get an offer in the 1st few months it will be better than another one 3 or 4 months down the road, especially in a buyers market.
Debe - I would love to print out your post and show it to a couple of folks. But, then again, I'm sure they would think it referred to everyone but them .... oh well.
You are dead on with this post though. People need to take their emotions and pack them up in a box. Then put that box in a storage shed somewhere.
Missy: They woulda' shoulda' coulda' huh?! Funny but, I am forever questioning why the listing agents don't educate their sellers better. Well, now that the shoes are on my feet on a transaction that I'm currently working, I'm actually negotiating MORE with my Sellers than with the buyer's agent! I absolutely cannot convince them with statistics, facts or begging and pleading!
Kim: You're absolutely right--oftentimes that is forgotten!
Toula: That's exactly right! Why don't they see that is what's happening all around them and instead of being stubborn, make it happen NOW--when they purchase, they're going to be in the driver's seat and get a heck of a deal!
Barb: The sellers that I'm dealing with today think that this is all in the OTHER party's interest! No matter how hard I try, I'm having trouble convincing these guys!
Paddy: Yep! Can you say 'short sale?'
Bill: You're right--I think that in this market, those studies would prove to be 100% accurate! (okay, well perhaps those who make those 50% ridiculous offers would cause a drop in the stat)! Believe it or not, I actually prayed last night that after people started commenting here that my sellers would read this!! Hey, I have nothing to hide and if it helps save them tens of thousands of dollars... ;-)
Carol: You go right ahead but, you're right--the BEST sign that they think it's about everyone but, them is when they say, "But, this is a great HOME and we just LOVE it here and we're not going to let it go so cheap!" When they use the words 'home' and 'love' it's emotional!
Debe,
Thanks for the great post. You make some great points that I will keep in mind. You are always full of som much helpful infor...THANKS
Hi Lori! Thank you and hopefully it'll help one of your sellers too!
Ah yes, the woulda coulda shouldas ... unfortunately I see many of them. Some pass up the first offer, then regret it, some pass up locking in a mortgage rate, then regret it - always a shame when hindsight kicks in. Nicely put, hopefully we can help educate clients to not miss the boat so much.
Happy Valentines Day Debe !!
Cheers !
Sheldon :o)
Hi Sheldon! I just had a conversation with a seller tonight who said that yes, he turned down his first offer and now he regrets it. It is so sad to hear this but, you just never know--although right now, I tend to think that the first offer IS most likely the best!
Happy Valentine's Day to you too!
Debe This is an awesome post and I think it is extremely important for sellers to know this information and the potential money they coud lose! Happy Valentines Day and Congrats your post was selected for the Blogger's Choice Selections!
Hi Midori! Well, thank you SO much! I needed to 'feel the love' today!! ;-) It just so happens that I wrote this post Thursday morning and low and behold, I had a similar incident happen with an offer that afternoon--before I got clipart added to the post! I think I jinxed myself writing it, huh?!
Happy Valentine's Day to you too and thanks again Midori!
Nice post. I'll have to remember the first offer is the best trick.
It is a great post! I agree with you. Where do you find those cute clip arts. It is adorable. I love them.
Grace Keng, Silicon Valley Realtor
Frankly I am a little bit surprised that you had so few comments from this blog. It was the best one I have seen with regards to why a seller should always, always respond. It is our job to try and take the emotional side of the equation out of the deal, and get our sellers thinking in a rational way.
It works both ways. When our business was booming we had to convince buyers to make offers at list or higher, now we have to convince sellers to look at all offers.
The emotional side of the equation kills more deals than anything.
Nice job.
This post was pointed out to me by Charlie Fraser. I am so glad he did!
Only two months tardy responding to this post but, I do thank you all for your comments! And, thanks to you Charlie for passing this on to Cherimie--I appreciated the 'recommendation!'
Have a great week all!