Slam The Door Shut on the Buyer's Second Thoughts!

Reblogger Karen Steed
Real Estate Agent with Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton Licensed in GA & AL

Liz and Bill Spear share some great thoughts on how a seller should plan ahead for the offer that comes in on their listed property.  Sometimes a seller forgets that the buyer may have second thoughts if left to think about the offer for too long.

 

If I can help you buy or sell a property in Haralson or Carroll county Georgia, or Cleburne county Alabama please give me a call  678-521-3585.

Original content by Liz and Bill Spear SAL.2002007747

Open DoorSlam The Door Shut on the Buyer's Second Thoughts!

In our market area, you MIGHT get a quick sale if you're in the right neighborhood, at the right price, with the right staging, marketing, presentation, etc.  MIGHT we said.  But for most of Warren County, you can't reasonably expect a quick sale even when you & we do everything right.  We're probably going to be working with you for months.  Sorry about that, but that's the reality of the current market.

So here's some critical homework for you while you're waiting for that offer.  Plan for  what you're going to do when that offer DOES show up!

When we listed your home, we did a net proceeds sheet.  We've informed you where we expect you to sell.  Based on your mortgage balance and other expenses, you also know the price where you break even.  You don't write a check, nor get one.  Hopefully that break even price is well below the expected sales price.  We've also kept you current on neighborhood activity, so you know what is selling and for what price, and where your home fits in.

The other thing we hope you've thought about is WHERE are you going to go?  If you're moving out of town for a new job, well that pretty much takes care of itself.  But if you're staying locally, where are you going to go and how fast can you get out?  Friends?  Family?  Rental?  Buy another home from available inventory? You need that exit strategy!

Typically here from time of contract to closing it's 30-45 days.  The other major factor is how quickly after closing will you hand over the keys?  It's a critical factor in the negotiations.  MOST buyers will want closing and occupancy the same day, but that's a negotiated item.  We can ask for a few days, a week, maybe more.  Besides price, this can sometimes be the most contentious item on the contract.

But in a nutshell, your price, your ability to move out and where you're going to go need to be thought out long before the buyer ever shows up with an offer. 

That buyer has probably looked at quite a few more homes than just yours.  They may not be patient people either.  The longer we take to reply, the more their choice #2 might start to seem like choice #1.  Uh oh.....

So when that offer comes in, put the ball back in the buyer's court as quickly as possible!  Accept the offer outright if it works for you and meets your needs, but if not, counter the price and whatever other terms you just can't live with, but do it QUICKLY!  Slam the door on the buyer's second thoughts & keep them engaged with YOUR home!  The phrase "He who hesitates is lost!" can be all too accurate when buyers have so many choices.  Don't give them the chance to change their minds.

Serving Warren County's residential real estate needs,

Liz and Bill aka BLiz

The Liz Spear Team
Elizabeth & William Spear
RE/MAX Elite:  Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Office direct: 513-248-3660
  Liz direct:  513-265-3004
Bill direct: 513-520-5305 Fax: 866-302-8418
      EHO

MailTo: Liz@LizSpear.com  Visit: http://www.LizTour.com

 

 

 

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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Karen, Thanks for the reblog, hopefully this helps you :)

Oct 05, 2011 05:57 AM #1
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Karen Steed

Associate Broker Haralson Realty
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