Buyers Beware

Real Estate Agent with REMAX Masterpiece Realty

I have noticed lately that many buyers are coming in and offering very low offers for homes that are already priced way below market value. I realize that the media has harped on the fact that we are inj a down turn and we are and that it is a "buyer's market" as it is.....however a home still has value and to look at homje that is priced for $450,000 and offer $300,000 and then get annoyed that the seller will not counter offer is rediculous. No matter if you are shopping for a small home, a fixer upper, an oceanfront home in Port St Lucie or in any other area homes still have value and encouraging a very low offer to a seller usually creates a sour experience for everyone involved and eventually does not go through.

The seller is resentful and feels that they are being taken advantage of (simply because they are living their life and NOW happens to be the time they want to sell) and the buyer feels that the seller should be grateful for ANY offer in this down market and should be happy to take what he can get.

It takes education and patience on everyone's part to make a successful real estate transaction so the best service a Realtor can do is to educate both their seller or buyer and assist in the negotiating process. When a low offer comes in it is important not to react yourself (which I have seen many Realtors do) and remind the seller not to take it personal and follow the procedures for a counteroffer and make the deal work.

Many times I have had agents call mje back and tell me "my client home is priced below market value now, we are not even going to give a counter offer" this is something I don't understand and it also usually annoys the buyer. Many times I have those very same agwents call me back weeks later and say "hey, is your client still interested?" The best service we can do for our clients is remain unemotional in the negotiating process, advise when asked for it and always encourage a counter offer no matter what, it at least sends a message to the buyer "yes, we will sell this home but at a reasonable price"

Comments (1)

Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
Maria, I agree I always have my clients counter back. Even if they don't want to. Staying professional and unemotional is always best.
May 28, 2007 12:28 PM