NASQT: Will The Seller Take $XXXXX.00 For This House?

A big part of my work involves listening and filtering.... If some verbal back and forth makes sense, why not...  This isn't a production line job where every widget is the same & I never know how the next opportunity will present itself.   

Charita:  Sometimes I will get a slightly different question.  Let's say the home is listed at $248,900.  The buyer might ask me... "How much do you think they'll take ?"  My answer:  "Well... I'm fairly sure they'll take $248,900."  Most times I will stop right there.

Sometimes, though, I will add... "but it might even take more than that if there are multiple offers."

I love watching the looks on their faces.  <impish smile>

I have used Karen Anne's response before, usually get a long silence followed by a very weak response.  If they give me a number I will say that I will mention it to my seller, but unless it is a written contract to present then I will not be returning a response other than "they will think about it."

Charita:  You may feel free to use it, but only if you come back and tell us all how well it worked... or didn't work.

Beverly and Charita:  I almost NEVER submit a verbal offer.  I will fight with the buyer to avoid it... and it is to their benefit as well.  I tell them... "It could hurt you.  What if I just call in your offer... and they say they will accept it ?

Well... since they have no paperwork in front of them... they have nothing to accept.  So, if they "say" yes, and then we hurry up and get some paperwork over to them... they may have either changed their mind about your offer by the time they get it... OR... they could even have received an even higher offer "in writing" while you and I were hustling trying to get a written offer OVER to them to accept."

Does that make sense ?  It usually works every time for me. 

No... verbal... offers... .

I recall many years ago in a real estate class hearing that we were obligated to present verbal offers. I hope that has changed. It might have worked 80 years ago when offers weren't loaded with contingencies, etc.

With no signatures, either party can back out any time - which is what bothered me when I was handling Fannie Mae homes and other REO's. The bank people would NEVER obligate themselves until all the details had been hashed out - and sometimes they did change their minds after we thought we had agreement on some points.

Meanwhile... "would they take" sounds kinda sleazy. It also sounds kinda lazy... too much effort to write the offer and nail down the details.

Steve in #69:  Sometimes it may the script... but many times it is more likely to be in the way the "script" was delivered. 

All I can say is that it has worked many, many times for me.

Charita:  I would suggest that a "script" should NOT be knocked... just because it is a "script."  I really feel that scripts are great for absolute beginners who really have no idea where to start, or how to get where they want to go.

But... a script is a starting point... not a destination.  One can take the starting point of a script... and "make it their own."

This is not a smarty-pants response I am making here.  A "script" has been the starting point of many an Oscar-winning movie.  Winning Oscars is a good thing.  So is having closings.  <smile>

And... as usual... everything in moderation... and "your mileage may vary."

Often times what would be a "no" on a verbal will be a counter on paper. I always tell my buyers that we should put it on paper as handing the seller a contract offer has far more impact, therefore far more power, than any verbal request will.

You can also end up negotiating against yourself.  If you say yes they still might come in less.

Great points. It seems like shooting yourself in the foot to walk away from a potential offer. Price is only one small component and can't be summed up that easily. You gave the right advice for them to put it on paper! (and they WILL!)

This is a much different market than it was a few years ago and I don't want to tell a Buyers Agent and their Buyers to go put it in writting just to have them travel all over town until they find someone that will listen to their verbal. I explain that in Massachusetts all offers have to be in writting to be binding, but let me run it by my sellers and see what their response is. I then call my clients and suggest they not reply with a $ amount but have them request to see all the terms and conditions in writting so they can give it serious consideration. When working myself as a Buyers agent I often ask the listing agent if there is anything their Seller has said they could share about the price and terms they are looking for. Sometimes the listing agent will give away the entire farm and my Buyers appreciate that I asked the question on their behalf.

I would simply say that I'm not going to second guess my sellers. Please send me a written offer and I will be most happy to present it. Chances are that the agent asking this is new or perhaps an  agent that thinks I would give away info that I should'nt. Of course you can't be too upset with  a buyers' agent for trying to get to know something extra before working on an offer. 

I know the listing agents probably get this question all the time, and of course, they can't say. I work primarily as a buyer agent and I also get this question. What I tell buyers is that all sellers are different and even the same seller may accept different amounts of money for his home, depending on how long it has been on the market.

I then proceed to find out how much the seller paid for it and when they purchased it (from the county records) and then I do a market analysis, just like a listing agent would do. This gives us a fair price for the property, based on recent sales. It also helps assure that the buyer doesn't pay too much and gives us at least a ball-park figure that the appraiser may end up giving for the value.

Great post Charita ! There are a lot of " tirekickers " out there these days !!