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6th Offer on the 4th House..

By Vicki Sedlak

Real Estate Agent with ReMax Preferred Associates

July 27, 2007 11:27 PM

LONGTIME BUYER: What do you do when you have a buyer that just can't seem to get an accepted offer? I submitted the 6th offer, on the fourth property they liked, and am anxiously awaiting word on whether it will be accepted or not.

I am feeling incredibly blessed to be as busy as I am, in the market we are in. So, I don't mean to complain, but WOW. I never knew this could take so long for one couple.

After submitting this offer, the listing agent told me she doesn't think the number will be strong enough, even though we came up by a large amount, and I wrote in the contract that I will give up .5% of my commission. Great house, great location, and I just want to get to closing! We have gone out 6 times since April to look at houses, and it is not very close to my house.

I am venting... I really do love my job, and these people are good people. She has even given me two strong leads... one has already gotten an accepted offer with me. So, suck it up and be thankful. Right?

MY FIRST DISASTER: A homebuyer had carpet installed on Thursday for their new home. Moving day is today. They went to the house yesterday, and the basement, along with the brand new carpet, was totally flooded.

She cried, and I cried for her. Got the Home Warranty, but that covers the sump only, not any damage it causes. Her insurance deductible is $1000. How awful.

Enough from me today....

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Lorinda Ward

Keffer Realty - Norfolk, VA

Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach

Good luck on getting that offer accepted! It will happen, sounds like you are doing a great job they have not lost hope and are are still putting in bids so it will happen for them.

Jul 27, 2007 11:39 PM

Monica HCP

HCP - Phoenix, AZ

Does your buyer have strong financing? Do you have to provide a preapproval from the lender with the offer? I ran into a similar situation a few years ago... my buyer had 100% financing with $500 earnest deposit and was not looked upon favorably. I played with the C.O.E date since the money was tight and my buyer did eventually get a house after a few tries. Good Luck!

Jul 27, 2007 11:43 PM

Vicki Sedlak

ReMax Preferred Associates - Perrysburg, OH

My buyer is a mortgage broker! She is pre-approved, and I do have the letter to show that.

Thanks to Monica and Lorinda for your comments. I really appreciate it!

Jul 27, 2007 11:45 PM

Todd Murphy

Fitts Agency - Tuscaloosa, AL

It sounds like your offer is too low. Is that the case, or are there multiple offers on the table?

Jul 27, 2007 11:53 PM

Linda Reynolds

Bradenton Real Estate - Linda Reynolds - Bradenton, FL

Bradenton Real Estate

Bad experience for your new homeowner with the basement flooding, hope that all works out well for her. I also hope you are able to get your new buyers into a home soon. Maybe they would have more success if they didn't offer so low on homes?

Jul 27, 2007 11:55 PM

The offer price has been an issue in the past. Her personality is such that she doesn't change her mind. Even if I tell her it should be higher.

This last offer started at 10k less than asking. In our market, everyone expects 10% off the list price, then work up from there. It is the 6500 in closing that definitely doesn't help.

There have not been any multiple offers on these houses.

Jul 28, 2007 12:04 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Vicki,

Here are a few reasons I've advised sellers to either counter or reject an offer -

Earnest money check too puny

Funky financials (even with a good pre-approval letter)

A pre-approval from one of the Internet only lenders

I find out they're making simultaneous offers on other houses

Terms include too many escape clauses with long time-frames (4-week home inspections)

Price too low is on there too, and it's important but only part of the overall picture.

When I'm writing low-ball offers, I make the rest of the offer as attractive as possible.

Also, in this market, the sellers should be at least making counter offers. Negotiating with the sellers and their agent is a crucial part of our job.

Jul 28, 2007 01:02 AM

Liz and Tim Frangioso

Keller Williams Realty - Chicopee, MA

This market has us all pulling the hair out of our heads. I have one couple that made 4 offers on 3 houses and then had a bunch of family members pass away. I know they will buy with me in the future but it feels like a kick in the teeth

Jul 28, 2007 01:10 AM

Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

Wow, 6 offers since April. You have earned your money on this one. But, why doesn't she get it after 5 trys ? Obviously, she is not listening to you. Does she really need to purchase ? of just looking for a deal ?

Jul 28, 2007 01:11 AM

Charlottesville Solutions

Charlottesville Solutions - Charlottesville, VA

Is your buyer just looking to make a deal? Sometimes clients are so busy trying to negotiate a "good deal" they loose focus on what is important... best of luck.

Jul 28, 2007 01:16 AM

Judi Glamb

Coldwell Banker Hearthside - Hellertown, PA

Associate Broker, ABR

I hope the 6th time is the charm! If it is the offering price, even with her strong personality its time to balance her principle, her desire for the home and the frustration. If you are indeed talking $10 lower plus a sellers assist of 6500 - to the seller tihs is $16,000. I find in our market, once the price is acceptable the other terms can be worke doujt. Like Patricia, when going in with low offers, I try to make the other terms attractive to the seller.

Jul 28, 2007 01:17 AM

Lane Bailey

Century 21 Results Realty - Suwanee, GA

Realtor & Car Guy

Sometimes people get so caught up in the "buyer's market" and real estate crash that they forget that a big discount in some market segments might be 3%.

Best of luck.

Jul 28, 2007 02:29 AM

I agree with all of your comments. I think her husband is finally stepping in, and saying "no more lowballs". He is asking her the question, "do we want this house, or do we just want a good deal?" Their offer was supposed to be presented this morning. It is now almost 2pm, and still no word.

I gave the seller all the extra's that they wanted. One being a closing in August and 30DAC possession. Guess it is just the money... The sellers were both doctors, and are retiring to Florida. No mortgage.... Frustrating!!!!!!

Jul 28, 2007 05:50 AM

6th Offer on the 4th House..

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