Their Own Worst Enemy!
I wish someone could explain to me why some sellers decide to be their own worst enemies. They put a home on the market, get in a fair offer, and then reject it out of hand because it isn’t full price. The house is overpriced and they have been told this repeatedly. Still, they refuse to accept less than a full price offer. The offer goes away.
A few months later, the buyers come back and have decided they really want this particular house and are willing to meet the seller’s price. They understand that it is overpriced but since they don’t plan to sell it for a long time they figure the market will catch up eventually. In the meantime however the listing has expired and is off market.
The Buyer’s Agent courteously contacts the former listing agent about the property rather than pursuing it as an expired listing. The Buyer’s Agent lets the agent know that the buyers who made the offer originally would like to make an offer on the property and they are willing to meet the original price. The listing agent thinks this is great and contacts the seller.
The seller is agreeable to sell the property to the buyers, but now he wants an even higher price. The agent contacts the buyer’s agent to let them know what the seller has decided. Needless to say, this seller has lost out on a sale of an overvalued property from a full-cash buyer because of a greedy attitude that has put the buyer off on this property. The buyers will buy, but they are so disgusted with this person that they have lost all interest in the property.
It just brings to light the fact that some sellers really don’t want to sell. They have unreasonable expectations and still believe there is an uneducated buyer out there somewhere who will overpay for a property because they fall in love with it. My buyers were willing to buy the house, even though they knew it was overpriced. However, now they are so disgusted with this seller that they are moving on. I can’t say I blame them, greed breeds contempt and that is how my buyers feel about this seller now. Their comment was, I hope he chokes on his house.
Being their own worst enemy cost this seller a sale. There is little we as agents can do when a seller is unreasonable and full of themselves. Perhaps they simply have more money than sense. Whatever the case, this seller is going to sit on this house in a defunct subdivision, with a crumbling incomplete clubhouse, and more vacant lots than homes for a very long time.
Until next time….thanks for reading.
Sandra Paulow, Associate Broker, GRI, SFR, REALTOR