Special offer

LET ME THINK ABOUT IT

By
Real Estate Agent with WEDO Real Estate and Beyond, LLC SA535849000

LET ME THINK ABOUT IT

ARIZONA FORECLOSURESA gentleman called in from one of the signs this past weekend. He wanted to know the availability and price of a particular home. He sounded really excited because the home was close to his son. I asked if he was working with another Realtor. He informed me that he was not working with a Realtor. So, I went over the property's highlights over the phone. The buyer told me that it was going to be a cash deal. I had to pop the question "Would you like to view the inside of the property?" He agreed to meet me at the property that afternoon.

I arrived at the property to view the home with the buyer. His son showed up about five minutes later since he lived in the neighborhood. They inspected the exterior and interior of the home. Yes, the home needed repairs as stated on MLS sheet. The bank is only accepting cash offers because of the excessive repairs. However, the buyer is a handyman. Everything was sounding great. The buyer further explained to me that he has been looking for over a year to find a home in this particular neighborhood. This listing was only two days old with no current offers on it.

He asked me what I would offer on the property. The asking price on this property was $30,000. I told him that I would offer $27,000 with a a three week close to ensure that the bank accepts the offer. The buyer said that was his same number. So, I asked him if he would like to write up an offer.

LET ME THINK ABOUT IT

I said that we could still write up the offer and have time to view the property during the ten day inspection period. If you like it, then put an offer on it. This has been my experience when representing clients that see the house that they like and thinking they have time. Then, they find out the next day an offer was accepted on the property. Hello! There are other buyers in your same market purchasing homes. I just wanted to add food for thought.

HAPPY HOLIDAYS

 

Posted by

Make the Call, Set the Plan, Do the Deal$!

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Terry Thorpe
Horizon Realty International - Siesta Key, FL

Sounds like someone may have plenty of time to think once he misses a great opportunity... $27k

Dec 13, 2010 03:48 PM
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

Harry,

This has happened one time to many for too many buyers who end up regretting their momentary indecision...all over the country, I might add...

Dec 13, 2010 03:54 PM
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
Leolinda Realty - Surprise, AZ
Sun City Grand in Surprise Arizona

There are lots of $50K buyers in Surprise too.  Whenever a buyer tells me they want to think about it, the home gets sold from under their nose.  It sometimes take loosing more than one house before the buyer becomes serious.

Dec 13, 2010 04:46 PM
Kimberly A Norgard
Devlin McNiff Halstead Real Estate - East Hampton, NY

It continues to astound me that people see a great deal, have a knowledgeable broker, and they still have to think about it.  At a certain price, what is there to think about?  Put your offer in and investigate the property further.  But don't get bent out of shape when the property has a deal in a week. 

Dec 13, 2010 05:12 PM
Robert Slick
Beach and River Homes - Georgetown, SC
NRBA, RDCPro, Trident/CCAR MLS

Some buyers just get cold feet or are not real players at all.

Dec 13, 2010 05:22 PM
Robin Risley
Kamali Sotheby's International Realty - Cannon Beach, OR
CRS, GRI, Principal Broker

Some buyers can seize the moment and others take a few misses before they get in the rhythm of how it all works.

It appears that this buyer is the latter.

Dec 13, 2010 06:08 PM
Leah Henderson
Asset Realty, Inc - Columbia, SC
You snooze you lose.
Dec 13, 2010 09:06 PM
Charita Cadenhead
eXp Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)
I make the same recommendation that they go ahead an submit an offer. Sometimes we instinctively know that the property will be a hot one or when sudden interest is ensuing. The the buyer refuses to make the offer, then my conscience is clear.
Dec 13, 2010 09:31 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Harry, What was there to "Think about?" He just wasn't a REAL buyer!

Dec 13, 2010 11:26 PM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

I think about the many reasons why I fired working with buyers. . this is one

Dec 13, 2010 11:53 PM
Irene Kennedy Realtor® in Northwestern NJ
Weichert - Lopatcong, NJ

Harry,

And you know he'll blame you for losing the property to someone who knows a good deal when they see it!

Dec 13, 2010 11:58 PM
Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants

Harry:

As the saying goes, you can lead a horse to water but you cannot make it drink.

Dec 14, 2010 01:20 AM
Ellie Penaranda
239.776.5077 Downing-Frye Realty - Naples, FL
Naples Florida Real Estate - Waterfront & Beach Co

Harry, like you said, they really think because of market conditions, that they have time to think about it.  I am constantly reminding them, that a savvy buyer would hold the property with an offer and think about it during the inspection period, that we are not the only ones considering that property.  Great post.

Dec 14, 2010 02:40 AM
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

You gave him good solid advice and that is all you can do.  Now he will have to wait for another opportunity and hopefully, he will take action!

Dec 14, 2010 04:10 AM
Ben Rutt
Keystone Custom Homes - Manheim, PA
Real Estate Agent Lancaster, PA

Great advice Harry. We are seeing well priced REO properties moving very quickly in our area as well. Cash buyers who jump on these deals will win in the long run because of their decisive decisions!

Dec 14, 2010 04:56 AM
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY
Hi Harry~ Once this happens to a buyer they should learn quickly that some homes just sell quickly. Recognizing a great value for a home is so important!
Dec 14, 2010 05:11 AM
Justin Dibbs
Fairway Independent Mortgage - Ashburn, VA
Mortgage Advisor

It's always funny to me that buyers think they are the only ones who found a particular deal and they can just take their time.  If it's a deal, you can bet that at least 3 other buyers are closing in as well.

$30,000?!  Nothing like that here, lol.  Hopefully he'll pull the trigger for you.

Dec 14, 2010 05:55 AM
Mark Hall
Realty One Group Cascadia - Vancouver, WA
Homes for Sale Vancouver Washington

More buyers lose homes to "sleeping on it" than any other reason. Last year I had a client who needed a day to think things over. The home was sold on the following morning. Two more weeks of looking turned up a home that they didn't like as much for $15,000 more. They jumped on it. Buyers usually only lose their dream house once.

Dec 14, 2010 09:21 AM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

You snooze, you lose comes to mind.

Dec 14, 2010 12:58 PM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Property is under contract and escrow has been opened. I will keep everyone informed

Dec 29, 2010 10:40 AM