Does Anyone Offer a REAL Guarantee in Real Estate?
In the strongest seller's market on record in the suburbs of Northern Virginia, there seems to be some rather superfluous guarantees being made. They are along the lines of, "If your home doesn't sell, I will buy it." Current market conditions are such that some listings go under contract BEFORE they hit the market. They get offers while they are in Coming Soon status. Those that dare to deal with showings get multiple offers and are off the market in a matter of single digit days. So who is really worried they won't sell their house?
Sellers demanding higher prices than even this frenzied seller's market may be likely to seek that guarantee. Or sellers that refuse to even do paint or minimal listing preparation. Sellers that meet both of the previous mindsets certainly couuld use a guarantee. And I suppose there is the possibility of a seller waking from a coma they have been in since 2009 when the market was slower would be hesitant to understand that their home will sell in a matter of days.
The reality is, no listing agent is going to make that guarantee and take an overpriced, under improved listing and then give a seller what they wanted in a list price that was too high. This type of guarantee typically involves a slightly below market buy out.
What would be interesting to see is a guarantee from a buyer's agent like this, "Your offer accepted or I will sell you my own house." Now there is a guarantee, right?
There is no risk free track in real estate as a seller without giving up some of your precious equity. When you put the risk in someone else's hands, they reap the rewards. However, in a seller's market, hiring a local, professional agent with a track record of sales to show you how other sellers made out in various scenarios is what you need.
Presently, in our Northern Virginia market, the majority of risk is on the shoulders of buyers. They are being pushed to write offers without inspections and without appraisals. And in a buyer beware state, that is a boat load of risk. If a seller needs a guarantee their home will sell in this market, there is something wrong somewhere along the line.