Buyer asked "Is that what you recommended? Then I need to ask another Realtor"

By
Real Estate Agent with RMX REALTY

Buyer asked "Is that what you recommended? Then I need to ask another Realtor"

I was working with a buyer to help them find a home. We submitted the offer to the bank and waited for the response from the bank since it was a short sale. The bank did an appraisal and the value came back 50k higher than our submitted offer. I suggested to the buyer that if they really like the house to at least meet the bank half way and maybe we can make the deal work.

The buyer asked me a second time if that is the best that I can recommend. I informed the buyer that based on the Market Value of the property the appraisal value is about right for the area. Our only hope was to counter back a little higher and see what the bank can do. The buyer then informed me that if that is my recommendation, then he would have to consult another realtor to see if that would make sense. I was taken aback at his response but told him to proceed with asking another realtor for an opinion if that would make him more comfortable.

Buyer, after consulting with another realtor, came up 5k from the original offer which I highly doubted that it would be acceptable. In the meanwhile, another offer came up substantially higher according to the listing agent. I informed that listing agent that I will run it by the buyer to see if they are willing to go up any higher. After much thinking, the buyer held steadfast like a toy soldier and was unwilling to go up any higher than their 2nd offer of 5k higher.

Next day, buyer called to inform me that they are willing to go up higher. I called the listing agent to inform him of the change of mind. Unfortunately, the seller had signed the acceptance on the other competing offer and offer already submitted to the bank. Buyer is now kicking themselves for being so stubborn and now lost a home that could have been their dream home.

I do this Full Time and I know what the market bears and if a buyer prefers to get a second opinion there is no stopping him/her from doing so. I feel bad for the buyer because now they have to start back at square one. We may find a substitute but the time loss can have some effect on their payments as interest rates have risen since then.

Moral of the story: act fast; wavering can lead to unsavory regrets.

*********************************************************************************************

For FORECLOSURE Prevention & all your Real Estate Services,

Contact: 

 

DAVID DEE
(626) 203-5676
 

"Client 1st. That's the David Dee Guarantee."

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.                                                                  

Copyright © 2010 by DAVID DEE. All Rights Reserved. "Buyer asked "Is that what you recommended? Then I need to ask another Realtor"

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Dan Edward Phillips 12/30/2010 02:10 PM
Topic:
Home Buying
Location:
California Los Angeles County Baldwin Park
Groups:
Realtors®
The Art Of Marketing You
Almost Anything Goes
Diary of a Realtor
HAPPY AT ACTIVERAIN
Tags:
buyers
counter
shortsale offers

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Rainmaker
696,412
Dan Edward Phillips
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA

Good Morning David, great input on a common issue.  There must be a cure.

Dec 25, 2010 07:59 PM #1
Rainmaker
670,170
CA COASTAL ESTATES Lauren Selinsky Perez CRS
California Coastal Estates - Aliso Viejo, CA
"Your Real Estate Broker" #oclauren

Yeah! David! You snooze~ you lose! Buyers don't realize time and time again when we tell them, if it's a buyer's market, there are MORE buyers other than them out there! Do they NOT get it? NO! They still move in snail motion............ I do try to get the message across to my Buyers though... as eloquently as possible. ;)

Dec 25, 2010 08:02 PM #2
Rainmaker
525,704
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

I have seen so many buyers outsmart themselves exactly the way you described. Every Realtor should show your post to buyers who are about to have the morning after remorse.

Dec 25, 2010 08:10 PM #3
Rainmaker
174,880
Wendy Rich-Soto, Realtor/Broker Associate
Keller Williams Realty, LA Harbor - San Pedro, CA
Owner of SellingLASouthBay.com @ the WRichTeam

It is sad that they want your help and then they don't want to take it when it differs from what they believe is true.  Maybe their family or friends tell them things and it overrides your suggestion.  It makes no sense, but yet buyers don't seem to learn until they loose.

Dec 25, 2010 08:26 PM #4
Ambassador
2,726,138
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

David, The good news is they've now learned a very important lesson, that what appeals to them appeals to other.  Get serious or lose again.

Dec 25, 2010 08:33 PM #5
Rainer
185,169
Arleen Montford
KELLER WILLIAMS REALTY GULF COAST - Pace, FL
Selling NW Florida Homes in Pace/Milton/Pensacola FL

Good morning David, Been there, Buyers done that. Still trying to find away to get them to understand. That if it a good deal someone else is mostly looking too.

Dec 25, 2010 09:01 PM #6
Rainmaker
1,953,336
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Don't take it personal. It is not the end of the world and plenty of properties. The buyer you label stubborn or are critical of, that is the person you need to get a share of the listing commission. That is where your loyalty is. Many times lawyers represent folks they personally might have feelings about but don't show them, do the job. I find having lots of properties you list, market, sell works best. Start at the other ends if some buyers give you heartburn. Speak favorably of buyers if you want a reputation of being the broker, agent to go to for service. Loosing a deal in an emotional business is part of the process. 

Dec 25, 2010 09:21 PM #7
Rainer
52,672
Joyce Herr
Prudential Lancaster Real Estate - Lancaster, PA
Lancaster County & Beyond

Been there, too. But I keep going.

Dec 25, 2010 10:41 PM #8
Rainmaker
166,094
John McCarthy
Bean Group Portsmouth NH - North Hampton, NH
Realtor - Seacoast NH

David,

 I agree that you should not take it personally. This is more bidder's remorse than buyer's remorse and really has little to do with you as long as you acted in the best interest of your client. Let the chips fall where they may.

Dec 26, 2010 12:18 AM #9
Rainer
49,648
Craig Reeves
Keller Williams Realty Jupiter - Jupiter, FL
HIGH Information...NEVER High Pressure

David,

 

Not sure IF you are still working with them. Either way let's hope they have learned their lesson when and if they see another home they want to make an offer on.

Dec 26, 2010 10:19 AM #10
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Rainmaker
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David Dee

Real Estate - San Gabriel Valley (L.A.) & N. Orang
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