You Wanted To Lowball The Sellers. Don't Be Upset That You Didn't Get The House.

Reblogger Eve Alexander
Real Estate Broker/Owner with Buyers Broker of Florida

The author of this blog is in Michigan, but his story fits the Central Florida market perfectly...except in Florida we have more short sales, about 70%.

I thought it was worh re-blogging because it was on target.

Original content by Eric Michael

You Wanted To Low-ball The Sellers. Don't Be Upset That You Didn't Get The House.

You've spent countless hours over many nights searching for properties on the Internet.

Finally, you have your list together. 147 houses. And you want to look at them all. In 2 days. Tomorrow and the next day.

What?

In today's market, 106 of them will be pending, meaning they have other accepted offers. Another 28 will be "short sales," and you already told me you don't want to wait that long.

Leaves us with 13 homes. My lucky number.

I schedule them, but in the morning my voice mail says that 4 of them went under contract over night. Down to 9.

Of the 9, 3 of them you don't even want to get out of the car for.

Down to 6.

We look at the 6 best homes on the market for you.

You like 1. Ready to put an offer in?

We go back to my office and while I'm running comps, you're talking about taking wallpaper down in the foyer and how many dogs will be awesome in the backyard.

I sit down with you, show you the comparables. They all point at you making an offer in the X price range.

Do you do that? Nope. You want to offer Y, which is about 20% BELOW market value. (notice how I used the letter "Y"?)

In goes the low-ball offer, almost immediately comes back an email saying that there are "multiple offers" and a form that asks if we want to keep our offer the same or change anything.

I remind you of the comps. You say "It's a buyers market! Besides, my Cousin's carpet guy got a house for blah, blah, blah."

Offer stays the same. You don't come close to getting it.

Don't blame the sellers. Don't blame the comps. And certainly don't blame me. Maybe next time you'll listen to a professional.

You Wanted To Low-ball The Sellers. Don't Be Upset That You Didn't Get The House.


Eric Michael, Real Estate Professional
Remerica Integrity, Realtors
41000 W. 7 Mile #105
Northville, MI 48167

Cell: 734.564.1519

Fax: 248.912.9996

www.ShortSaleInfoMI.com

www.EricMichaelOnline.com

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Rainmaker
1,951,543
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

I always try to advise my buyers to make offers that will create dialogue..

Mar 22, 2012 04:16 AM #1
Rainer
144,389
Victor Zuniga
Berkshire Hathaway Home Services California Properties - San Diego, CA

Creating dialog is good! Great post Mike.

Mar 22, 2012 04:22 AM #2
Rainmaker
544,206
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Mike and Eve, thanks for re-blogging my post. I'm flattered. 70% short sales? That would drive me even more insane!

Mar 22, 2012 10:30 AM #3
Rainer
104,648
Sherry Peckhoon Sim
Sims & Company - Cayucos, CA
Broker/Owner, Covering the Beautiful Central Coast

Hi Mike & Eve, thanks for the re-post. I am afraid the same situation may also apply to regular sales of proprerties that in good locations, and priced competitively

Mar 27, 2012 05:49 PM #4
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Rainmaker
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Eve Alexander

Exclusively Representing ONLY Orlando Home Buyers
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