I don't know a whole lot about poker but I know if I was holding AK with three more aces on the table I'd have a lot of trouble keeping a poker face! All in and let's see what happens!
But most times the situation isn't going to be that clear cut. There's going to be some educated guessing as to what the other players at the table are holding. What's their motivation? How far are they willing to push it? Are there any tells to give me an edge?
So while I may not play poker with cards, as a real estate agent I'm regularly faced with similar situations.
Whether I'm representing the seller or the buyer, I'm playing with the cards we're dealt.
Sometimes I KNOW we're holding a royal flush. The deck is certainly stacked because we're selling a home that is in move-in condition in a short supply high demand area. There WILL be multiple offers in the first day. That jackpot is going straight to my seller.
There are other times we're holding a "meh" kind of hand. With a little luck and the right circumstances, just maybe it can be a winner. Market the home, price it right, prep it and do everything you can to push the deal.
But there are other times the cards are just plain bad. The seller owes pretty much the full market price and has no cash reserves. And throw in the need for some work to get the home to top of the market and you know both you and the seller are holding a losing hand.
And there are times it's best to just fold and wait for a better hand. Some negotiations just don't make sense for either side to continue.
The seller wants more certainty in the terms, a certainty that can't be provided.
The buyer doesn't want to spend money on inspections just to have the seller void the contract when a better offer comes along.
So the seller asks for full value and a no notice termination in case of a better non-contingent offer.
The buyer isn't interested in overpaying for the home, and then likely risking selling their current home for less than full market value to meet the shortened timeline that makes the seller comfortable.
Nope, better to not play this hand and wait for a better set of cards.
That's part of my job for my clients. Recognizing when to go all in, when to bluff, when to fold, and when to know to just walk away and look for a different table to play.
Questions about home buying or selling in Greater Cincinnati? Just give us a call at 513-520-5305 or email Liz@LizSpear.com.
Serving Greater Cincinnati home buyers and sellers,
Bill & Liz aka BLiz