This past weekend, I showed one of my clients a home that was listed Buy Owner, but also offering a 2% commission on the MLS. The home's pictures and features looked really nice on the Multiple Listing Service, and it matched my buyers' criteria. After pulling the last 3 closed sales in the community in the past 3 months, we put in a very good offer.
Unfortunately, the seller, who is emotionally involved, felt it was a terrible offer. He was rude and upset on the telephone. I tried to calm the nerves of the seller and to explain the current market trends and even offered to come to his house and show him other closed sales in his immediate neighborhood of properties that sold for around the same offer that my buyers submitted.
It is one of the hardest jobs for a Realtor to have to negotiate directly with the seller in this market. This seller spent $10,000 with Buy Owner.com and never received any showings. FINALLY, he listed with a discount company to place his home on the MLS and offer a buyer's agent commission. He FINALLY came to his senses and is considering my client's offer.
But, the only reason that the seller is considering the offer is because I kept my composure and have thick skin. He literally told me that I was unethical because I submitted an offer $30,000 under asking price. After explaining to him the comps. in the community and how his home backs up to a busy, highly trafficked street, he started to "smell the coffee." I also calmly asked him when he needed to move. He responded by telling me that he and his family had to be out of the property in the next three months. I asked him if he could pay two mortgages until his South Florida home sold, and he said it would really strain his family if he had to cover to mortgage payments.
Moral of the story is that Realtors need to be on their A Game when dealing directly with By Owners when negotiating the best deal for their buyers. Remember, patience is a virtue and also understand that you will most likely be helping both sides of the transaction. Any other Active Rain Realtors experiencing the same situation???
Michael With Web Email Flyers
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