The Anatomy Of A Nothing Burger Offer...

By
Real Estate Broker/Owner with Phoenix Property Shoppe AZ Broker BR030809000
https://activerain.com/droplet/5f8n

The Anatomy Of A Nothing Burger Offer...

 

 

Have you ever received a big fat nothing burger offer with no meat in it? I did recently and mentioned it on Margaret Rome, Baltimore Maryland post today. 

 

Our listing is luxury home with a lot of amenities that  I don't run across often - all in one property including a guest home, a pool house/second guest home, RV garage with AC, 3 car  extended garage plus much MUCH more. The home hadn't been on the market long. With these type of homes buyers are either well qualified in advance or they're paying cash and have a proof of funds.

 

The potential buyer viewed the home multiple times. It's a multi-gen family including a grandmother, son and his wife and a few kids. The son and his Mother viewed the home first. They came back a second time and Grandma just wasn't sure she wanted to sell her home so they did nothing. Fast forward a week or so and they wanted it to view it a 3rd time. Grandma had changed her mind on selling on moving but now wanted to move in with the kids and take over the guest home.

 

The agent emailed me their 'offer' and wanted me to convey to the sellers that he was a top agent.  Not sure what that had anything to do with the offer but , uh ok, sure. The offer was low but we could have negotiated that out most likely.  But their offer was contingent on both the son's home and mothers home closing escrow. And then on page 8 of the offer - there is was - a most unusual request. The agent had deleted the sellers right per contingency addendum to continue showing the home and if they received another acceptable offer they could give the contingent buyers 5 days to remove their contingencies. Plus add to the above, we did not receive the proper prequalification that our AAR contract requires. Were the buyers really qualified at this point? No not at all.

 

 Things to consider....neither home was on the market yet so who knows if they'd price it to sell OR if it was in good condition and show ready now or would it possibly take while to get ready for sale. Normally buyers have an  accepted offer already in escrow and the inspection process was over and agreed to before they make an offer.  Most sellers will not  even consider taking a newly listed property off the market for who knows how long UNLESS the buyers home is already under contract and through the inspection period.

 

Add all this up and it was a nothing burger offer with no meat and no  trimmings. It didn't take the sellers long to say no thanks and we don't want to counter either.  There wasn't anything to counter without due diligence being done first by the buyers. I did respectfully let the buyers agent  know that the sellers would be open to another offer once both their homes are in escrow and through the inspection period, along with the proper prequalification as well. We'll see if that comes about. One thing is clear the buyers must get committed FIRST, get both homes sold and be properly qualified before making an offer to these sellers.

 

The Anatomy Of A Nothing Burger Offer...

 

 

Posted by

 

Phoenix Property Shoppe
  

 

 

Anna "Banana" Kruchten
Designated Broker & Owner
CRB, CRS, GRI, CNE, SFR, CDPE, WLS


Phoenix Homes For Sale

 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Fred Griffin presently on Leave of Absence 09/03/2018 06:21 PM
  2. Debbie Reynolds 09/08/2018 01:28 PM
Topic:
Real Estate Best Practices
Groups:
The Art Of Marketing You
Bananatude
Bartender, Make it a Double
ActiveRain Contests
Old Farts Club
Tags:
writing offers that get accepted when buying a home
how to write a winable offer to purchase a home

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Ambassador
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Anna

Well that clever title drew me in and I knew you would have an intriguing tale to share. Oh my, those red flags waving in the Arizona breezes. One has to wonder if the buyers would consider a similar offer on their own properties, should that ever happen!

And the claim about top agent! Yep, that made that offer legit and worth consideration!

Jeff

Sep 07, 2018 07:34 PM #23
Rainmaker
2,736,242
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

A person really wants to be authentic what theyvoffer so that there’s no misunderstanding. You seem to have a good grasp on this. Thank you for posting :)

Sep 07, 2018 09:47 PM #24
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

So many times in life, So many things are worth more consideration than we give to them, I suppose Jeff Dowler, CRS

Sep 07, 2018 09:53 PM #25
Rainmaker
2,944,674
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Oh yes, these types of offers seem to come and go even in this market, they want everything and offer nothing. No pre qual, no proof of funds and a home not even on the market Anna Banana Kruchten CRB, CRS 602-380-4886 

Sep 08, 2018 05:39 AM #26
Rainmaker
2,095,550
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Wow....I can't believe your sellers would go along with that offer. Crazy!

 

Sep 08, 2018 09:51 AM #27
Rainmaker
615,192
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

Top Agents dont write offers like this.  Ding Dong

Sep 08, 2018 10:20 AM #28
Rainer
261,882
Stephen Turner
Gemcraft Homes (TriCorner Realty) - York, PA
The BIG Guy of NEW HOME SALES

Clearly, we see all kinds of buyers, sellers and agents out there!

While you can't fault the buyers for asking for such, clearly their agent didn't take the time to explain to that what they were truly asking form the seller (setting the right expectations within the market) or the buyers just didn't care (greedy bastards!) 

Negotiating is not begging or trying to kill the other guy. Its all about finding a solution all sides can live with. That buyer and buyer's agent we're clearly poor negotiators. 

Sep 08, 2018 01:10 PM #29
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I have seen offers that I thought had no chance get countered and ultimately accepted by all parties. I would have bet nothing would havve come of it. Love the post and your point, Anna.

Sep 08, 2018 01:31 PM #30
Rainmaker
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Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

This "top" agent would be better off learning the business before making any other offers . . .

 

Sep 08, 2018 01:35 PM #31
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

HI Anna- it reminds me of the old commercial for a burger-can't remember which chain but it was "have it your way...have it your way." I guess that's how they wanted it. 

Sep 08, 2018 03:30 PM #32
Rainmaker
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Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

A less experienced seller's agent wouldn't have seen those potential pitfalls. Your seller was lucky you were in their corner.

Sep 09, 2018 06:54 AM #33
Rainmaker
379,523
Marney Kirk
Cummings & Co. Realtors - Towson, MD
Towson, Maryland Real Estate

My guess is the "top agent" remark was to try to make you and the sellers more comfortable with the nothing burger? Yikes. That sounds like a whole lot in favor of a buyer and not much for the seller.

Sep 09, 2018 02:16 PM #34
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1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Hmmm, that top agent seems to have a different idea of a workable offer than I would have had.. so glad your sellers have you and that they are savy sellers!

Sep 09, 2018 05:58 PM #35
Rainmaker
487,973
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Hi Anna: My "Nothing Burger" offer came in the week before Labor Day---the offer was all cash--no contingencies and they wanted to do the inspection right away--they did that and nothing was a problem--The problem came when their agent called me to set up anther appointment--the buyers wanted to go back in with their builder...Making a short story even shorter: They also brought their friends in to see the property before they signed the contract and, as is normally the case, no friend EVER wants to see their friends happy in a house that is in the best location with the biggest yard etc, etc.....I have never had a sale happen when a buyer brings in their friends "Just to get their opinion"..It was thumbs down immediately!! Note: This was the 5th house they had "Lost" over the past year---As non-buyers, I guess they have it down to a science. Find a property, the best value in the area; make an offer that is accepted and go through all the machinations of a deal---Then bring in the friends!! Their agent had seen them throuogh ALL 5 lost deals! I dont know about you but this has become "silly season" for the real estate market here--nothing seems to stick!!

Sep 09, 2018 06:32 PM #36
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Kathy Schowe
California Lifestyle Realty - La Quinta, CA
La Quinta, California 760-333-8886

Sometimes I wonder... what was the other agent thinking??  How could they think you would consider it?  K

Sep 09, 2018 10:06 PM #37
Rainmaker
177,872
Melissa Spittel
Coldwell Banker Residential Brokerage - Westminster, MD
"Achieving Results Together "

In the current market, buyers who have a home to sell need to at least have it listed, at a minimum. 2 homesale contingencies? That’s asking a lot, a whole lot!

Sep 11, 2018 06:15 PM #38
Rainmaker
1,513,530
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

At least they gave you a goofy story to tell.

Best success in finding a real buyer for that luxury estate!

Sep 11, 2018 09:52 PM #39
Rainer
3,118
Preston Porter
Porter Realty, Inc. - Alamosa, CO
Excellent Service, Expert Advice

I hope that the "more to this story" is that you have now sold the listing?  Your "top agent" may not be sharp enough to educate his buyers on how to get those other properties in escrow and not lose out on this replacement.  I think you can turn a lose-lose into a win-win here.

Sep 12, 2018 07:29 AM #40
Rainmaker
497,435
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

So this offer came from 'a top agent'....Eyeroll!  Perhaps the buyers were being insistant on giving you this 'nothing burger' of an offer.  What a waste of time.  

Sep 12, 2018 09:53 AM #41
Rainmaker
966,835
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

That is the craziest offer!  Not pre-approved, let alone pre-qualified; homes to sell; homes not on the market. Zip, zilch, nada, NOPE!  Good thing you are representing your sellers! 

Sep 12, 2018 08:22 PM #42
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