Home Buyers: You Can Ask for Anything in Your Offer...
I don't reblog very often and not because I think there's anything wrong with it but it's just that I want to keep my reblogging down to posts that I feel are going to be something valuable to the consumers in my market. Therefore, I tend to be really selective about what I reblog.
Well, I came across a post just now that is not only absolutely hilarious but it also describes to a tee so many of the buyers here in the Los Angeles & Ventura county markets.
With tongue firmly planted in his cheek, I think Roger has clearly laid out the issue with the kinds of things that buyers request. I truly hope that any consumers reading this now come away with a little more understanding (if nothing else a good laugh) about why they may not be getting any of their unrealistic low-ball offers accepted.
Enjoy!
Just don't expect to get everything you ask!
You might have heard somewhere that it's a "buyer's market" (it's a whole other post as to whether that's actually true or not). If the sellers have to sell, then it stands to reason that you should be able to get great deals,
right?Well, the answer is it depends on what your idea of a "great deal" really is.
You see, for the most part, seller's and their listing agents have priced
the home for today's real estate market. That is, the price has already
been adjusted to reflect today's value. So, if you're looking at every
property and expecting the seller's to knock off another 20-30% of the
asking price, the chances are very, very slim that you and them are
going to come to terms.BUT WAIT! I'm willing to pay full price for the home, if only the seller will do this...and this...and this. Things like pay a certain amount of closing costs and/or fixing major issues with something found in a home inspection, most sellers (if their listing agent prepared them) expect that. However, if you're looking at fixer uppers, you cannot expect the sellers to fix everything
that is "wrong" with the property. Why? The property is listed as a
home that needs a little TLC work done (that stands for Tremendous
Loads of Crap, if you're wondering). Usually, they are already priced
reflecting the work that needs to be done.Casein point: Had a buyer looking at fixers and finally found one that fit
his criteria. No, this was not an investor, but a home buyer. He
wanted to make a full price offer, but wanted the seller to "fix" a
number of cosmetic (ie updating) issues with the home, amounting to about $15k in repairs and costs. I asked the buyer, "so, if these repairs were done, what do you think the property would be worth today?"He replied with a number that was $25k higher than the list price. So, I said, that means that you want this seller to sell to you a (for clarity sake, we'll throw out some numbers here) $140k valued property for $100k? Do you think they'll consider that? Would you?
No, we did not get that offer accepted and the counter was a very nice way of saying, "when you get serious, let me know" counter.
So, why am I writing this?
Because I've seen a number of buyers (both mine and other agents) that quickly get frustrated with the "buying game" because they can't seem to find a "deal." All to often, these buyers are missing the real deals because they are focusing so hard to make the deal 'even better' that lose out.
If you're in the market for a home, even if it is a buyer's market, you have to be prepared to actually pay market value for the property. Yes, there are deals out there and that's what you're wanting, we can find them, too. But with those, you have to be prepared to do some work after the deal closes.
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Roger Johnson is a Realtor with CENTURY 21 American Homes in Hickory, NC.
I service the Catawba and surrounding counties, and the Hickory, Newton, Conover, Taylorsville, Claremont, Statesville and Charlotte, NC real estate markets.
Visit us on the web at: www.HickoryNCHomeSearch.com
You can contact me via Email or give me a call at 828-381-9245 or 828-568-2121 ext 310
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