Can Sacramento Sellers Turn Down Full Price Offers?

By
Real Estate Agent with Lyon Real Estate BRE #00697006

This subject reminds me of sellers from last fall who refused a full price offer. They did it by countering the offer. Now, their home faced the freeway, of all things. You could watch from the front yard the big rig trucks and strings of cars whizzing by overhead. The location was noisy and visually unappealing.

After 3 weeks on the market, we finally received a full price offer and the seller rejected it. Why? Because they thought they should ask the buyer to pay more than they were asking simply because it was a seller's market. They did not realize how lucky they were to even receive a full price offer.

These sellers were also a bit perturbed about the home they won in multiple offers. Yes, they had already bought another home with my team. Since they were involved in a multiple-offer situation, they were naturally forced to offer more. Their reasoning? Because they had to pay more for a much nicer home than theirs, this was payback. Wha?

Even though I explained that buyers will feel they are greedy because there was zero basis to issue a counter offer. Usually, sellers will counter if we have multiple offers but we had only this one, single, lonely offer. From a well qualified buyer who loved the home.

Nope, they didn't care.

Of course, after the buyer received the counter offer, his reply was forget it. After that, they finally realized this strategy was not a smart maneuver. MLS has ramifications for sellers like this. You can read more in my personal blog today at this link: What Happens Sellers Reject a List Price Offer?

Posted by

sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum short saleequator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews

 

 

 

 

 

Sacramento Real Estate Listings

 

 

 

Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
California Sacramento County Sacramento
Groups:
Everything California
Northern California Real Estate Professionals
CALIFORNIA REAL ESTATE
Lyon Realtors
ActiveRain Rockstars
Tags:
sacramento real estate
purchase offer negotiations
sellers reject full price offers
sellers turn down list price offer
consequences for rejecting full price offers
countering without multiple offers

Spam prevention
Show All Comments
Rainmaker
1,385,950
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, these type of sellers are often unreasonable and not at all serious about selling their home, if they were, they wouldn't turn down a great offer.
We received a full price offer on one of my listings, it was a conventional loan to close  within 30 days, my seller demanded they use her mortgage broker friend and close within two weeks.She lost those buyers and ended up renting the house.

Jun 25, 2018 09:16 AM #1
Rainmaker
2,447,714
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

There's no accounting, Elizabeth, for the thought process in some people's minds. I once had to fire a client who turned down several full price offers and several over full price offers. I just put his keys in the mail back to him with a note wishing him luck. (This was in NYC where we didn't have signs and lockboxes so it was easy to just send back keys.)

Jun 25, 2018 12:05 PM #2
Rainmaker
2,598,782
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Interesting that your MLS requires the LA to note in the MLS the seller rejected a full price offer.  OUCH!
Not easy to regulate. If that were my MLS rule I'd venture to guess most agents would not make such a notation. Homes (modest) in my market are still selling for $100,000 and more over list price. 

Jun 25, 2018 04:32 PM #3
Ambassador
3,344,441
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Elizabeth-is the seller trying to play games...like gee maybe I should have priced it higher?  Hey, this is not the time to play games. 

Jun 25, 2018 06:07 PM #4
Rainmaker
3,577,048
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elizabeth, if this happened in our markt, the agent would have a right to demand their commission.  That is crazy, and sorry to hear! 

Jun 26, 2018 06:04 AM #5
Ambassador
2,593,176
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Well, might I ask which shrink you recommended, Elizabeth?! I'm speechless - I've had less than full-priced Offers submitted that I thought they should accept but, only once has a seller said they want to hold off on a full-priced one! It didn't take me long to convince them to accept that but, then again, they weren't off their rockers - they just had a moment of temporary greed!! LOL

Jun 26, 2018 06:05 AM #6
Rainmaker
2,017,261
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Beth Atalay Oh, the sellers of the freeway home were serious about selling. They harbored thoughts about the way the process would go that they did not share with me.

Jun 26, 2018 08:38 AM #7
Rainmaker
2,017,261
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Nina Hollander Sounds like with that particular seller there was no intent to sell. Some homeowners get a kick out of somebody else desiring their home. They just want the chance to tell somebody NO.

Jun 26, 2018 08:40 AM #8
Rainmaker
2,017,261
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Kathleen Daniels Yes, that is a weird MLS requirement and fortunately many buyer's agents are unaware so they don't know enough to report the listing agent.

Jun 26, 2018 08:41 AM #9
Rainmaker
2,017,261
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Kathy Streib Yes, precisely. In this particular instance, the seller did want a higher price. We reviewed the comparable sales again, and they backed down from that idea. It did eventually sell at the list price.

Jun 26, 2018 08:42 AM #10
Rainmaker
2,017,261
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Joan Cox I don't know Colorado law but California real estate law has changed the way commissions are earned. Now a commission is earned at closing. Many agents do not know this.

Jun 26, 2018 08:43 AM #11
Rainmaker
2,017,261
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Debe Maxwell, CRS After I questioned the sellers to get to the bottom of why they went that route, it turned out they had to offer more than list price when they bought their new home. (They bought first before selling.) So they thought everybody should act that way. They did not stop to consider that their new home was highly desirable and their present home was not.

Jun 26, 2018 08:45 AM #12
Rainmaker
2,447,714
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Elizabeth... I should have been warned at my first meeting with this seller when he proudly told me his kitchen cabinets were bullet proof! Do you know how hard it is in NYC to get a gun? But he'd been referred to me so I had to give him a bit of leeway at the start.

Jun 26, 2018 02:56 PM #13
Rainmaker
2,759,463
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Elizabeth, As trusted advisers all we can do is guide the clients to the choices but we can not make it for them...never the less I feel bad for their bad decisions, Endre

Jun 26, 2018 10:54 PM #14
Rainmaker
2,183,046
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I don't know what it is in the psyche of some folks that allows them to conjure up thinking like that.  But, it can and sometimes does happen!

Jun 27, 2018 12:33 AM #15
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
2,017,261

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents

Put 40 years of experience to work for you
How much is my home worth?
*
*
*
*
Spam prevention

Additional Information