Most home buyers assume that all home sellers are desperate to sell – not so!
Since I represent both home buyers and home sellers in real estate transactions, I am able to see both sides of the coin. I am continually shocked to learn that most home buyers assume that all home sellers are desperate to sell.
I work as a single-party broker unless forced to work in the capacity of a transaction broker. If I’m representing the Seller, obviously my job is to “net” the most I can from their home sale for them. Conversely, if I am representing a home Buyer, my job is to get them the most desirable home at the lowest cost.
My tendency is to be rather inflexible when listing a home – get it move in ready and price it fairly and competitively. Don’t “pad” the price. Let the condition of the home and the comparables sell the home at the price listed.
Yet, I received an offer on a listing this week at almost ten percent below list price in addition to several other unattractive conditions in the contract. My knee-jerk reaction was to “reject” the offer, but after drinking a cup of coffee in my “relaxing chair” and giving the offer some thought, I came up with some reasonable suggestions for my Sellers to counter.
Most home buyers assume that all home sellers are desperate to sell – and that’s just not so!
My Sellers are not upside down financially – in fact, their mortgage is quite small. They are in no hurry to move. They are down-sizing and already own the smaller home they will move to – they only need to give their tenant thirty-days notice to move.
Yes, my Sellers want to SELL their home – that’s why it has a “For Sale” sign in the yard. But, they’re not going to GIVE their home away.
So, Buyers, I appreciate that you and your Realtor are looking for the perfect home at the lowest cost – that’s exactly my approach when working with Buyers. But, please take time to look at comparables, look up my Seller’s mortgage balance and investigate before making what can be perceived as an insulting offer.
It is always possible to make a real estate transaction a “win-win” for all parties if we simply do our homework and treat each other with a little respect.
Lori Cain is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa Oklahoma area, including midtown Tulsa, Owasso, Broken Arrow, Bixby, Sand Springs and Jenks. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.