Can a Seller Make an Offer to a Potentially Interested Buyer?

By
Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470

Can a Seller Make an Offer to a Potentially Interested Buyer?

 

The other day, I was talking with an acquaintance named Bob whose home is for sale.  The house is not listed with me.  In fact, when I first engaged Bob in conversation while in his shop, he was talking about listing again after a couple of unsuccessful years.  Naturally, I offered up my services, but Bob laughed nervously and proclaimed that he didn't want to list with any agent he knew.  Honestly, I get that.  Bob is a business owner in our area and knows a TON of agents.  If he picked one person he knew through his shop, well, he could potentially lose a lot of business from butt hurt agents that didn't get the listing.  Bob is not getting an argument from me on that one because I have seen agents sever professional relationships with folks who don't do business with them.  It's a childish thought process, but I assure you it exists.

Bob decided to list again with the agent that had been attempting to sell his home for two years.  Two freakin' years!!!  I begged Bob to let me connect him with someone he didn't know.  I already had two people in mind for the job.   Bob felt a sense of loyalty to the existing agent he had been dealing with.  She had made service provider referrals and even brought in her own furniture to stage the home.  "If I don't re-list with her, I'll lose the furniture."  Ugh.  Bob was loyal to a sofa and dining set.  Never mind that the agent had a very sell-able property, on hard to come by acreage, with gorgeous mountain views listed through four seasons.... twice.... and never got professional outdoor pictures outside of the fall season...  but she let him use the couch.  

In conversation with Bob on a former visit to his shop, he told me that they finally had some interested buyers through the home.  Woo-hoo!  He was hopeful they would be making an offer soon.  Mind you, that interested buyer had seen the property a week before I saw Bob on that particular visit.  Fast forward one month and I walk in to Bob's shop and ask if his house was under contract.  Now five weeks out from the showing with those interested buyers, there had been multiple follow up calls expressing interest, but no offer.  Bob was on pins and needles waiting for the offer.  He needed to sell this property ASAP.  His anxiety was off the charts and he felt hopeless as he said, "All we can do is wait."  That's not true and I let him know, while being careful not to give him advice.  After all, Bob wasn't my client.

"Go home tonight and ask your agent about making a reverse offer.  If she doesn't know what you are talking about, I am happy to tell her."

A few days later, I was in Bob's shop again.  He volunteered, "Our agent thinks reverse offers are a sign of weakness so we are waiting."  All I could picture were the ulcers erupting in Bob's stomach in volcanic fashion.  Poor guy.  He needed certainty from these buyers.  Tell him if you want the house or not! 

In my business, reverse offers have come in handy time and time again when the market is not gobbling up what I have to offer and I have a seller that needs, or wants, a quicker ending than we are getting.  Reverse offers bring wishy washy buyers that string sellers along to a point of decision.  Each time I would encourage the sellers to make an offer that the buyers would consider a better deal than list price.  Let's face it, if the wishy washy buyers were fine with list price, they would have offered that by now.  In a reverse offer, a seller is looking for that number they would accept, but don't necessarily want to advertise.

If Bob made his interested buyers a reverse offer, would they buy the house?  Maybe.  Maybe not.  Bob would at least know where he really stood with them.  Maybe those buyers have a house they need to sell in order to make an offer.  Certainly, that would get rooted out in a reverse offer if the buyers liked what they saw in the offer.  And if they just found they didn't want the house after all, at least the buyers agent would know that Bob is willing to make a deal.  Maybe she's got another buyer the property would work for at the price Bob offered.  That can't hurt  You've got an actual, producing agent in the market that knows you are ready to play ball.  It sure beats putting the words "motivated seller" in a listing.

A world where sellers can only wait for buyers to make offers makes about as much sense as a world where girls must wait for boys to ask them to dance.  It's okay to make the first move and let someone know you want to dance.  

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
Virginia Prince William County Gainesville
Groups:
Out Of The Box!
Art of Professional Salesmanship
Diary of a Realtor
Bartender, Make it a Double
Real Estate Questions & Answers
Tags:
can sellers make offers to buyers when selling their home

Spam prevention
Show All Comments
Rainmaker
2,811,457
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Chris Ann, I haven't heard the idea of a reverse offer brought up since the housing market rebounded, but I remember receiving such offers from sellers some years ago. It's actually a great strategy in any market when used properly.

Feb 09, 2019 09:35 AM #1
Ambassador
2,877,381
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Doing the same thing over and over and expecting different results is insanity. Hop out of that box and try a different approach...like a reverse contingency.

Nice to see 3 posts in a row!

Chris Ann Cleland 

Feb 09, 2019 09:46 AM #2
Rainmaker
5,068,220
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very sharing this story and this very interesting suggestion. 

Do what it takes to make things happen.

Feb 09, 2019 09:53 AM #3
Rainmaker
649,544
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

OF COURSE and in my area of focus, it is often called a 'Request For Proposal'.
Bob's agent doesn't know how to put together a deal.
Bob with his furniture fetish and his lazy agent who got a deal over a sofa are well-matched and beneath you.
I get a feeling you may get another chance with Bob. Should you choose to accept the mission. LOL

Feb 09, 2019 10:07 AM #4
Rainmaker
161,094
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

I was always scared to ask a girl to dance. So I didn’t. Maybe if they had asked me I might have danced more.

A house on the market two years is too long.

Feb 09, 2019 10:08 AM #5
Rainmaker
3,364,919
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good day again Chris Ann. It is sad that bob was more tied to the sofa than selling his home. You gave him great advice.

Feb 09, 2019 10:10 AM #6
Rainmaker
3,122,694
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Chris Ann - yeah but he has that couch. Some things simply can't be manufactured - this story is one of them.  Double YIKES! 

Feb 09, 2019 10:12 AM #7
Rainmaker
2,155,257
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

Sounds a bit, Chris Ann, like this agent doesn't want to sell this house. Is it the only listing this agent has? If so, could be the case. Agent might be thinking, whoa, if this sells, I'll have no listings and look like the loser the agent probably is.

I have often submitted verbal offers to other agents with the seller's permission to generate an offer. I didn't call them reverse offers, but I suppose that's exactly what it was. They can put it in writing after verbal acceptance.

Feb 09, 2019 10:33 AM #8
Rainmaker
2,379,341
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Personally, I see nothing wrong with your strategy at all, Chris Ann.  I kind of like it!

Feb 09, 2019 10:57 AM #9
Rainmaker
4,141,405
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Chris Ann Cleland Love your logic and your solutions to Bob.  However, I have seen this type of situation in commercial real estate, where a wishy-washy agent has a wishy-washy client. We have seen commercial building on the market that were for sale for years on a prime well known and well trafficked street.  Ron and I talked to the owner when the listing had expired.  He went back to the same agent (he did not have a sofa or a dining table).  The agent's claim was that the had a stable of cash buyers...We left Los Angeles for Napa in 2001.  That building is still for sale...Birds of a feather....A

Feb 09, 2019 12:34 PM #10
Rainmaker
3,935,550
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I did  this  one  time  and  the  buyer  accepted  the  sellers offer 

Feb 09, 2019 06:39 PM #11
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?

Ambassador
3,046,939

Chris Ann Cleland

Associate Broker, Bristow, VA
Email Me For a Free CMA of Your Home's Value
*
*
*
*
Spam prevention