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Adieu Without Further Ado

Reblogger
Industry Observer with RETIRED / State License is Inactive Inactive License Oregon

This is a very timely post for me.

A former client referred someone to me.  The caller told me:

  • She had been working with another agent, had been in touch with them via text frequently.  She got annoyed with him because he doesn't drop everything to show her properties
  • She is a low-end buyer, $150,000 doesn't cover much in our local market
  • She has been pre-approved -- but that was TWO MONTHS ago.  I know because I asked!  And you should ask too.  If someone says "I've been pre-approved" ask "How long ago?" -- and if it's been TWO MONTHS and they haven't found and bought a home in that length of time . . . RED FLAGS should be popping up all over
  • She was very eager to talk with me and wanted ME to drop everthing to show her a short sale that had been bounced out TWICE from sale pending offers.  I told her I had to find out what the issues were behind this BEFORE I waste my time on showing.
  • She called me at 3:00 p.m. in the afternoon.  I was heading out for an appointment and said I would return her call at 5:00 pm. which I did.  We talked for a while, and she STILL wanted me to drop everything and meet her at the property that evening . . . HA HA HA
  • Oh, did I mention her PRE-APPROVAL was two months OLD.  Yeah, nothing changes in two months time {rolling eyes}
I sent her my Buyer Rep agreement, explained it in full detail, told her I wasn't going to show her property unless she signed it and I talked to her lender . . . crickets chirping.  I've heard not a peep out of her.
 
"Unfortunately, we don't really get the core of their motivation until they make a ridiculous offer." 
Hmmmmmmmm . . . yeah you do!!  I do like the post, however.  Well written and totally understood!!
 
Original content by Maria Gilda Racelis 0788174

Are we hungry for prospective clients that we forget to screen them ending us up with our precious time flushed down the drain?

Unfortunately, we don't really get the core of their motivation until they make a ridiculous offer. 

After working with my clients via e-mail and telephone for almost eight months on sporadic basis, I was ecstatic to hear on the other line the excitement on their tone.  The couple delightfully announced that this property might just be the perfect home for them.

I checked quickly online with extreme curiousity the property which triggered their attention. They have been scouting for houses on their own since they have been indecisive as to their wants and needs. They jumped from a residential to a condo. Or from the towns in the Northeast and down to the Southeast.

My excitement was compounded because the house was set on a lake community that I am very familiar with. Not only that. It was very rare to find a property in this area with almost an acre of land. 

The house was as delectable as a chocolate fudge. It was deliciously adorable. I could not be more descriptive here as that was my personal opinion. 

Anyway, my buyers seemed impressed as well. Were they so impressed to taunt them into making an offer?

Oh yes. They did make an offer. But I almost shrieked in disbelief after my auditory senses processed the number they thought the property was worth despite words of advice and sheets of information to guide them with their decision.

This property was a unique one. A RARE find. Hence, I have to pull out sales from neighboring lake communities for comparison. Even a seasonal home would not come closer to the amount they would like to offer for this year-round home. And for the price it was listed for, I was quite sure it would not last long.

Sixty percent below the asking price for a property that was like a gem. Rare and precious being a year-round home in a lake community with approximately an acre of flat level land. It was a home that would only require new roof in perhaps a year or so and a touch of paint in the fascia. The interior was all updated. These were the obvious.

After listening to the rationale behind the offer price, I would not want to hear anymore. 

It is time for Adieu without further Ado. The price of gas is still pegged at $4 per liter and dogs' treats and food are not cheap.  I work hard for my buyers to ensure that they find the right home.

But I have already learned my lesson. I set a demarcation line as to whom I should relentlessly focus my attention to and for whom I should continually exert due diligence. These are  buyers who have realistic expectations of the market trend and who trust me as their realtor. 

And by the way, the subject property has a pending contract as I am writing this which only proved that I was right.

 

                                                             

Posted by

 

 

Carla Muss-Jacobs has RETIRED effective May 1, 2018

Representing Buyers in the Portland Metro Real Estate Market | Clackamas Multnomah and Washington Counties | Since 1999

Carla Muss-Jacobs, REALTOR®, ABR, CEBA, ePro
Principal Broker/Owner ~~ INACTIVE

Carla Muss-Jacobs' retirement became effective May 1, 2018

Direct: 503-810-7192 

 

All Rights Reserved © 

Comments (11)

Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Hey I have that same client.  I am pretty firm about my time when I see they are going to be this way.

Aug 22, 2012 06:43 AM
Brenda Mullen
RE/MAX Associates - San Antonio, TX
Your San Antonio TX Real Estate Agent!!

Ahh, sometimes it sucks to be right...preapproval is a must and I have zippo time to play games.  If you are serioius about buying a home, let's get serious...if you are not, go find someone else to play your silly games with :)!

Aug 22, 2012 06:46 AM
Catherine Ulrey
Keller Williams Capital City - Salem, OR
Equestrian and Acreage Property Specialist

Gas isn't getting any cheaper!  It amazes me how some prospective buyers think we should just jump and show them anything.  I like to point out to them about the sellers side.  Sellers get all excited that someone is looking  at their house.  They spend a few hours touching it up, make plans to get out of the house only to find out afterwards that the buyer has to sell a house first, or, get approved for financing.  Some of them get it, some don't.

Aug 22, 2012 06:48 AM
Kathy Stoltman
Ventura, CA
RETIRED

Carla, kudus to you for acting so professional.

Aug 22, 2012 07:26 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the tip. I will start sending buyer agent contracst before I show homes.

Aug 22, 2012 07:53 AM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

You need to go with your gut these days.  People do not respect our time and if we don't manage it better we will just end up frustrated and penniless.

Aug 22, 2012 08:07 AM
Pamela Smith
Award Realty - Sun City West, AZ
Sun City West, Corte Bella, Sun City Grand

Carla,

I agree with Jane  . . .  we all have feelings and we just need to follow them.

Aug 22, 2012 08:35 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Hi Gene -- yeah, the "I have an agent but haven't signed anything with them, I haven't spoken to the lender in two months, I'm pre-approved for $150,000 . . ." yeah, I'm jumping all over that.

Hey Brenda . . . I call it "fast food" mentality.  There are a lot of people who think they can "order up" an agent to take them to see property, or open the door.

Hi Catherine -- absolutely, it burns up so much gas to drive to one property at a time.

Hey Kathy . . . we try ;-)

Hi Gita -- not having a buyer rep agreeent in place is like showing a rental to a potential tenant without having the fill out a rental application first!

Hey Jane . . . as the original poster rethorcially asks: Are we that hungry that we don't screen them.

Hi Pamela -- the 3 strikes rules apply ;-)

 

Aug 22, 2012 10:00 AM
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

I no longer trust any one else's pre-approval and make the buyers at least speak to my mortgage person.

Florida is the capitol of mortgage fraud and most mtg. brokers will dish out PQ letters stating anything your heart desires...

I recently had an mtg approval on buyers with BOA and when I started questioning it, learned that no one even pulled the buyers credit...and then the person that did the PQ no longer wanted to talk.

After I had their credit pulled, it was NOT good enough for a mortgage.

Eve in Orlando

Aug 23, 2012 03:07 AM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Carla, I liked your prelude so much I didn't want to ruin it by reading the reblog! Sharon

Aug 23, 2012 12:29 PM
Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker
RVA Home Team - Richmond, VA
RVA Home Team - Winning with Integrity.

I am so happy Virginia put into law a buyers agreement must be in place before we can have substantial conversations/show a property to a home buyer. It protects THEM and us. And, here it looks like it is protecting you!

Aug 23, 2012 11:25 PM