Special offer

Waiting for a better offer? Not always the best thing to do!

By
Real Estate Broker/Owner with Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 GREC# 169695

Just like in my house where the dogs listen to Gabby (my 10 year old cat) or they end up getting their nose popped...  Okay, I can't really pop my seller on the nose.  But I have to admit, the thought did cross my mind. Please understand, I speak from knowledge, education and experience when i advise you on how to respond to an offer Mr. Seller.

And to protect the guilty I'm taking some "liberties" with this story, but I think you will get the jest of it.

 

A family of 6 children come to our office to sell the "old family place" and are ready to list that day.  The talk we have seems to go well.  All the siblings live out of state and not in the same state with each other.  One sibling is "appointed" by all to be the spokesperson for the family. 

We deal with the many problems with this property (like getting the tenant out, the legal way of course), clean up (the tenants were slobs wtih pets with potty training issues) the mess, work on the grounds and get the house ready for market.  We put a "as is" price on the house because it's in serious need of some neglected maintenance and updating.  We get, not one, but two offers right away.  We encourage Mr. Spokesperson to accept the higher offer.  But even though we tell them just "how the market is" they are so encouraged that we got two offers right away they take neither and expect more offers will come flooding in. 

Now...  years later the house still sits, (listing price below that offer we encouraged them to take) the family is still paying taxes and heating bills and no more offers have been made.  And they can't seem to understand why those "investors" are not willing to offer the same amount they did a year ago... when property values were higher than they are now.

The moral of this story...when your agent who knows the market says "You should seriously consider taking this offer, I don't think it would appraise for any more than that", you could end up getting your nose popped if you say no.  We agents don't just "make up" the prices we say we think your house will sell for, we use other sold homes in the area.  And we also have to take into consideration that your property is in need of repair and updates when no others that sold in that subdivision were in the same condition.  So don't regret years later after spending another $12,000 in taxes, insurance and bills that you didn't take the offer we advised you to take.  Getting two offers right out of gate does not guarantee a sale.  It simply means that a couple of agents are looking out for their investors and watching new listings and making offers where they find opportunity.  And you can't expect a buyer to not move on to other investments while you wait for a better offer.

Enjoy your St. Paddy's Day this weekend.  I hope you have something grand planned.  I do.

 

Posted by

706-485-9668  us on facebook

Tammy@Lake-Sinclair.com

(Click on Lane Realty Logo for web site)

Tammy Lankford, Broker/Owner

 

Broker License # 169695  Lane Realty License # H-11420

Real Estate Instructor License # 355089

Call me today for all your Lake Sinclair real estate needs.

 Search for homes on Lake Sinclair now

For readers who are not members of ActiveRain feel free to also add your comments or you can click on the EMAIL me link to the right of this blog and email me.  Thanks for reading.

All content belongs to me unless otherwise stated.  Do not use without permission.  Logos and photographs may also be copyright registered. Please do not use without my express written permission.

                                                                                                                  

          

Comments (15)

Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

It seems sellers always think they know more that seasoned Realtors.  The market eventually sets the sellers straight.

Mar 15, 2012 06:50 AM
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

Tammy - if clients listened to their Realtors more homes would sell. This home is going to continue to sit while falling apart even more. I have the same problem with staging - clients think they know better then me and I give them a wall color that would work perfectly and they go out and chose their own color which only appeals to a small percentage of people. Then they get offended when they get feedback that buyers dislike the paint color! Makes me crazy and I feel like popping them in nose, lol! If you're going to pay for my services, take my advice - I'm the one who studies paint color treand after all!

Mar 15, 2012 06:58 AM
Christine Hooks
Pino Agency - Pennsville, NJ
Celebrating 25 Years in Real Estate!

Hi, Tammy.  At least they have kept the listing with you.  the last time this happened to me, the family took the listing to another agent. finally lowered the price and sold it for over $50,000 less than the offer that was on the table with me 2 years earlier.  I was so frustrated! 

Mar 15, 2012 07:56 AM
Karen Hawkins, MBA - Langley & Surrey, BC
Royal Pro Real Estate Network - Langley, BC

It's funny that they made the decision not to take one of the original offers, Tammy - I guess they didn't understand that it was because you did your job so well that they got the offers....not that the property was too low priced! Ah well, hopefully that is a cautionary tale the sellers will pass along! :-)

Mar 15, 2012 10:09 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
Retired New Hampshire Home Stager

OMG....people do get greedy don't they.  Especially in a case where it's a family home and it's like found money....take the money and RUN!  Instead they got bills to pay...crazy!

Mar 15, 2012 11:17 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Tammy,

You are so right!! Some sellers just don't get it when they get an offer right away. They get cocky and are sure they have a hot property! Usually the first agent showings are your best because they are really looking because they have a buyer interested and ready to buy now!

Mar 15, 2012 11:42 AM
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Hey Tammy, a nose popping or a head thumping would be in order so often but I'm pretty sure there is a Code of Ethics article against it.

Mar 15, 2012 01:53 PM
Susan Mangigian
RE/MAX Preferred - West Chester, PA
Chester & Delaware County Homes, Delaware and Ches

I have two sellers right now, two different homes, who "are not giving their home away", even though we have two decent offers, although not full price.  Once this little lift we are getting with the spring market passes, I know they will regret these decisions but right now, they don't want to listen.

Mar 15, 2012 09:46 PM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

I am amazed how much people who live out of state, have not sold a house for 20 years, know about the real estate market. As an old timer once said to me, "Some sellers need to learn a lesson more than they need to sell their home." But the unfortunate reality is, it is the real estate agents fault and not a lesson to be learned. Good luck.

Cal

Mar 15, 2012 10:44 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

It's been a busy busy day in my office today.  two showing appointments and an offer.  Thanks for stopping by and commenting.  Can't know why they hire us and then don't listen.

Mar 16, 2012 05:32 AM
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

GREED will bite you in the butt more often than not.  If you get an offer, and don't like it, you might consider countering it with your agent's advice, but don't rebuff the bird in the hand.  Those birdies might just fly away to the next property.

Mar 16, 2012 05:56 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

yup, that's exactly what happened.  we recently got an offer of $100,000 less than the highest of the first two offers.

Mar 16, 2012 06:26 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Tammy "...why listen we know what you are trying to do....." we all have those conversations once in a while....sadly no one wins accept the second or third buyer.

Mar 16, 2012 07:15 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Okay Howie . . . next time they'll listen to the "Deal, or No Deal?" question a little more seriously!  TAKE THE MONEY!!

Mar 16, 2012 12:10 PM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Wow! Carla (comment above)  hit the nail on the head. Don't act like the folks on Deal or No Deal... TAKE THE MONEY!

Jun 12, 2012 11:35 AM