Tuesday, March 29, 2011
Wednesday, March 23, 2011
Thursday, March 17, 2011
I've spent the last few weeks running from Kendal to Canandaigua to Byron. Tomorrow I will be near Lyndonville. I love everything about the jaunts into the country side except filling my gas tank.
Here are a few shots from the last two weeks. Kind of nice to see the ground again, isn't it?
Tuesday, March 15, 2011
Sometimes it works. I’ve had very low offers accepted without a single counter. Almost always it’s because the house has been on the market for a while and the seller is simply sick and tired of the process.
More often, it doesn’t work. My most notable transaction was when the seller was so insulted that she refused to sell to the buyer even after he came back with a full price offer. She still owns that property.
More than once, I’ve seen a second and better offer come in and so the low bidder never gets an opportunity improve their offering.
Most often the low ball offer will be met with a counter. And depending on how reasonable the counter is, I can often predict the outcome. Most people get a bit of a thrill with the start of the negotiation process but they quickly tire of the drama. If counter offers bounce back and forth 3 or more times (unless it’s very minor tweaking of the terms) most often the offer is going nowhere.
So, before you sit down to right a very low offer, ask yourself how disappointed will you be if you lose the property. Only your gut will tell you how to proceed.
Monday, March 14, 2011
My clients cleaned and painted and staged. Finally, we put a ‘for sale’ sign in the front yard. For weeks, they walked on egg-shells trying to keep the house ready to show at a moment’s notice. And finally we got the call! An offer was coming in.
As soon as I picked up the offer, I knew my clients would not be happy. It was $30,000 off asking and this was not an expensive house. What I didn’t expect was their anger.
“That offer does not deserve a response,” he stormed. “Tell them to go find another house!”
The most important advice in this situation is not to take it personal. In fact, try thinking like a buyer when trying to sell your home. If there was the slightest chance that you could buy a house for $30,000 less than the asking price, wouldn’t you try it? Of course you would. It is only human nature and so don’t hold the low ball offer against the buyer.
It took some time and effort for my sellers to regain their composure. They finally agreed to write a reasonable counter offer that the buyer ended up taking. Today they are living in a new house.
Not all transactions work out this way. Sometimes the buyer walks. Sometime they counter back with another very low offer. But whatever the situation, it is most important to stay calm, focused and not take it personally.
Tomorrow I'll talk a little about low ball offers for buyers.