Calling all agents... here is a true story that unfolded for me over the past 9 months. I'm frustrated, happy for the seller, and confused all at once. Here's the story.
We took a listing last March on a nice 4 bedroom townhouse. At the time the comps showed a value somewhere between $340 and $350k. We listed for $349. The seller told us she was "in up to her ears and needed to get all she could."
Three weeks later we got an offer for $310K which was rejected immediately by the seller. We countered at $335 which the buyer rejected. I checked in with the buyer's agent a week later to see if there was any more we could do and was told "they bought over the weekend." Dead deal.
The listing sat the rest of the summer. Numerous open houses and loads of advertising failed to bring another offer. The market continued to dive. When the listing expired the end of October, the seller told me she was going with a discounter so she could "lower the price the amount she would save on commission." I was sad to see her go, but had spent enough time and money on a deal I figured couldn't happen at the price "she needed."
She listed for $295 with the discounter and it closed last week for $275K. As I spin the numbers I think she could have taken the $310 last April, paid my commission at the higher rate, saved nine months of hassle, and come out with more in her pocket than she did. But, hind sight is always 20-20 eh?
The moral to my story is... even a so called low offer -- that the seller "couldn't possibly afford to take" -- may not appear so low six months later and I probably should have done more to get the deal done last spring...
I ask, How do YOU convince your sellers it's not a low ball and you should take this offer?
Cary in Margate