"My Buyer Added up Eveything that HAS to be done....And Here's the Offer," said the Selling Agent.

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

long list"My Buyer Added up Eveything that HAS to be done and here's the Offer," said the Selling Agent. The list must have been a long one....the offer was 65 % of the asking price....hmmmm.

  We get it....you have to write  what the buyers say....but are you really doing them a favor by not showing them the list to sale average in the area ?  

   "I never thought of that," admitted the agent.   If the buyer makes lists of what the house DOESN'T have....instead of what it DOES have....chances of making a house, home are pretty slim.   Yes...there are homes on the market that ARE over priced....this was not one of them....Did you look at the sales of comparable homes BEFORE you discussed writing an offer ?

   Did you look at the ages of the roof (2 years) the mechanicals (furnace and air conditioner less than 5 years old).  Did you see that the Seller is including a home warranty for  your buyer's 'comfort'?

  No ....she confessed....she had listened to the list of things that the Buyer wanted to add...not looked at what the house had that would not need replaccing...the family room with fireplace besides a living room.

   Homes are...or we believe....should be....priced on what they have....and how the "haves" compare to other houses  on the market...that may "have not."

    If you are looking to find a house in southeastern Wisconsin  to call your home...call the Hansons for prompt, professional service and proven results. You deserve the best in real estate services..we can provide just that.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Brian Sharkey 08/11/2013 11:27 PM
Topic:
Home Buying
Tags:
buying a home
hansonrealestatenet
features of a home

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Rainmaker
302,595
Toby Barnett
KW North Sound - Marysville, WA
Toby Barnett

Sounds like that buyer is really wanting to build a custom home versus purchase and existing resale.

Aug 12, 2013 03:11 AM #61
Rainmaker
647,599
Team Honeycutt
Allen Tate - Concord, NC

I am not sure I would continue to work with a buyer that approached making an offer in this way. Sometimes the buyers can only see one side and that makes it hard to ever get an offer into a contract.

Betty

Aug 12, 2013 03:23 AM #62
Rainmaker
3,251,534
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

The buyer and agent both being newbies...at least on this sale, will have to learn the hard way.

Aug 12, 2013 04:13 AM #64
Rainmaker
1,164,379
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

This is an excellent post.  And the difference between a good agent and a mediocre agent is one who understands what you point out.  That selling agent was not doing their clients any favors.

Aug 12, 2013 05:37 AM #65
Rainmaker
648,097
Bill Reddington
Re/max Southern Realty - Destin, FL
Destin Florida Real Estate

Presented an offer this weekend. Told buyer the minimum the seller would take to look at an offer. Agent has it in writing. Guess what? Buyer offered 10% less. Guess what else? Seller refused to respond. What I call a waste of time.

You try to educate but doesn't always work.

Aug 12, 2013 05:48 AM #66
Rainer
237,488
Jay & Michelle Lieberman
Keller Williams World Class - Agoura Hills, CA
Creating Calm in the Buying and Selling Chaos

I do disagree a bit with you.  I do believe that it is important to look at what the house does not have when specifically you are comparing it to a like kind and possibly like priced comp for sale in the market.  That "does not have" factor tends to be more hot during this situation.

Aug 12, 2013 05:49 AM #67
Rainmaker
3,251,534
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Thank you Joan...education is HUGE....agreed Bill....and if they don't listen....they also don't get a house to call home.

Aug 12, 2013 05:49 AM #68
Rainmaker
2,017,319
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Somebody spent too much time making up the wrong list and unfortunately, the Selling Agent wasn't experienced enough to guide the buyer.

What you say and what you do is proof - experience and knowledge beats out the competition!

Aug 12, 2013 06:06 AM #69
Ambassador
2,860,351
Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Agent must have a nose ring implanted and is being dragged around by buyers that are clueless?  That must be the only reason this happened LOL!

Aug 12, 2013 06:16 AM #70
Rainer
14,108
Ron Gardinski II
SharkeyRE, LLC - Port St Lucie, FL
MrMillennium

It's all about them, them, them!  Maybe this should be posted to that group LOL

Aug 12, 2013 06:23 AM #71
Rainmaker
1,229,211
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Excellent post, Sally.  How could this agent possibly think she was serving the better interests of her client without presenting both sides of the story ... and the info you point out??? 

Gene

Aug 12, 2013 06:46 AM #72
Rainmaker
1,537,363
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

These buyers and their clueless agents never stop to think that the house was priced with ALL of those things in mind. 

What used to make me laugh, back in the days when most of our houses were selling with seller financing, was the buyers who wanted a low price because they were going to fix up the house. I always said "Does that mean you're planning to default? Because that's the only reason fix-up would matter to the seller."

Meanwhile, Anna Banana is probably right. I've seen nose rings work on angry bulls... so they probably subdue a timid agent in no time flat. 

Aug 12, 2013 06:51 AM #73
Rainmaker
1,180,860
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Lots of very good comments on your post. If this was my client I would try to educate them on value and list to sale price as well. 

Aug 12, 2013 06:54 AM #74
Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

This has nothing to do with "value" . . . it has to do with condition.  Are they trying to negotiate for repairs when with their OFFER?!?   How would the listing agent or the owners, or the buyers, or the buyers' agent know -- for a fact -- that these items ARE really in need of repair?!?  If this is how offers are presented, i.e., the standard of practice, buyers would be making crap up on the condition of the home all the time and submitting low-ball offers. 

Aug 12, 2013 08:25 AM #75
Rainmaker
3,251,534
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

From the school of "anything goes" I guess....clueless...

Aug 12, 2013 08:36 AM #76
Rainmaker
2,189,769
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

This blog is so funny, Sally, but it's also pathetic because it's true. I just received two pages of "contractor suggested repairs" from a buyer on a home the buyer is purchasing AS IS. It includes an $1800 dishwasher replacement. LOL. Somebody's gotta rein in these buyers, and that person is supposed to be their buyer's agent.

Aug 12, 2013 09:21 AM #77
Rainmaker
3,251,534
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Agreed Elizabeth...I think Newbie  agents are soooo afraid of losing a buyer, they are also afraid...or don't know how to speak up !

Aug 12, 2013 11:07 AM #78
Rainmaker
2,912,466
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Lost a client Sunday (maybe) because he wanted me to write an offer at 85% of the listed price when a full price offer was not enough according to the comps.  We'll see

Aug 12, 2013 07:09 PM #79
Rainmaker
528,731
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

It can be difficult to counsel a buyer that thinks that they know it all.  If they have a laundry list of things that they feel MUST be done, maybe it is just not the right house for them.  I would compare to an appraisal, if the sold comparable needs to be adjusted too much to compare, it is not a good comparable.  Same goes here for sure!  At least you gave the buyer's agent something to think about the next time that they write an offer for a buyer.  Good for you!

Aug 14, 2013 08:16 AM #80
Rainer
211,341
Jack O'Neal
HomeSmart Elite Group - Gilbert, AZ

Anything to justify a low ball offer that will be rejected, and they will not repair any of the items if they get the house and they ask for closing costs. Each sale is different

 

Aug 15, 2013 05:17 AM #81
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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