Sellers Cocessions

By
Real Estate Agent with Frank Rubi Real Estate
I find working with buyers easier than sellers.  What are your thoughts on this?  For example, my client submitted an offer for full asking price and the seller actually rejected the offer.  Well actually he will accept it if he can remain in the house until February.  The listing agent didn't say anything about this on the MLS etc.  How come she didn't reveal this since she knew it?  My client and I decided to keep looking at other homes, keeping this one in the back of our heads.  Suggestion, when you list a house please write down all the details.
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Rainer
85,358
Karen Moorhead
Keller Williams Realty - Ann Arbor, MI
Ann Arbor Area Real Estate
I too work with buyers.  I agree but need to get some listings.  I just know the buyers will close and in MI only 1/4th of the listings sell this year.  Yikes!
Nov 28, 2007 06:22 PM #1
Rainer
9,344
Peter Larson
Granite Bridge Homes - San Diego, CA
I think that you are right...buyers are easier. I work with largely sellers (REOs) and I see some pretty weird stuff. I think that in many cases listing agents will take anything and do whatever they can to get offers. Often times they seem to "forget" things to try to get offers. Perhaps the agent thought that the home would sit longer than it did. On the flip, working with REOs I constantly feel like agents and buyers are "picking" on REOs and trying to get ridiculous deals and waste my time putting them in. I guess these things are part of the nature of our business. It does seem like as times get tougher, the less than great agents are falling off.
Nov 28, 2007 06:24 PM #2
Rainmaker
46,762
Alisa McKeel Willson
Appraisal Pros in Texas - Huntsville, TX
Certified Res. Appraiser

John, I too wish listing agents would write down more details in their listings...!!!  I don't know of any appraiser who loves a "surprise" when they get to a home to appraise it and find out it has a garage conversion.  AND those seller concessions...please go back in and put them in the MLS after the sale. It really is important to us.

 Thanks!

Nov 28, 2007 06:28 PM #3
Rainer
21,151
Gail Reeves Reid
Re/Max Realty Specialists - Mississauga, ON
John, I like the listing side of things. Is it not possible for your buyers to negotiate a better price and give the sellers their date? Seems to me your buyers are in the driver's seat.
Nov 28, 2007 06:41 PM #4
Rainmaker
298,489
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes
Great blog, keep them coming. Your Orlando & Lake Mary Real Estate Expert, Heather Joubran
Nov 28, 2007 06:44 PM #5
Rainer
31,469
Keith Stoller
Keith Stoller Tax & Business Solutions - Bakersfield, CA
I think the idea is to get folks in the door rather than provide too much information that would let people screen themselves out.  I guess back of the mind is better than not in mind at all.  Just playing devil's advocate.
Nov 28, 2007 06:54 PM #6
Rainer
10,776
Trevor Ainsworth
Century 21 Jack Associates - Burlington, VT
Burlington Vermont Real Estate
if you list, you last. thats what i say. i like buyers ok but really like listings. sounds like the sellers agent was sloppy. i feel it is best to have everything available to the buyers, including any situations the seller is hoping to aviod or ask for.
Nov 28, 2007 06:56 PM #7
Rainer
56,130
Laura Karambelas
Baird & Warner Downers Grove - Downers Grove, IL
Realtor - Downers Grove
John-I list a lot of properties.  When receiving an offer the closing date also becomes part of the negotiation process.  We can't give away all of the sellers cards.  I would try to negotiate a better price if the seller really needs to stay in the house until February. Try to get the seller to do a rent back from the buyer until then. I believe both the buyer and the seller need to give a little before you actually have a deal.
Nov 28, 2007 07:11 PM #8
Ambassador
561,827
Frank Rubi
Frank Rubi Real Estate, LLC. - Metairie, LA
Homes for Sale Metairie, La.
Laura, if the buyer is not willing to pay rent or reduce price what would you say then?As a listing agent I would think I would and do place such information in my listing and disclose when setting up viewing. I had two so far this year that i place in the mls. both were attempted to be part of the negotiation and in both cases were agree as stated in the MLS. I don't believe in wasting anyones time. I two have a team and both I and the team list many properties per year as.
Nov 28, 2007 08:26 PM #9
Ambassador
2,390,804
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Not a problem. 

The seller countered with a post settlement occupancy.  Counter back with a significant price reduction for the inconvenience and the seller pays the buyer's PITI during the tenancy.  Oh, I forgot, a security deposit equal to 6 months rent collected from the proceeds of the sale held in escrow until the end of the tenancy.

Not a problem.

Most home buyers have no interest in becomming a landlord.

 

Nov 28, 2007 08:31 PM #10
Anonymous
Anonymous
Anonymous
Dirty rotten scoundrels!
Nov 28, 2007 09:00 PM #11
Rainmaker
399,669
Hugh Krone
Weichert Referral Associates - Hamburg, NJ
Realtor, Sussex County NJ
In the current market I,ll take a buyer anyday.It really is a buyers market at least it is up here.
Nov 28, 2007 09:30 PM #12
Rainmaker
347,807
Michael Eisenberg
eXp Realty - Bellingham, WA
Bellingham Real Estate Broker

Listing agent should put pertinent info like that in listing, but.......................

Nov 28, 2007 09:33 PM #13
Rainer
56,130
Laura Karambelas
Baird & Warner Downers Grove - Downers Grove, IL
Realtor - Downers Grove
Frank-most of our closings are out 45-60 days which would bring you to February.  However, if a client can close in less than 30 days, I always put a "quick close OK".  That's why I don't see a problem with a February closing.  If the seller isn't willing to give a little like I stated above, as a buyer's agent I would let my client make the decision on what to do...wait or walk.
Nov 29, 2007 07:09 AM #14
Ambassador
561,827
Frank Rubi
Frank Rubi Real Estate, LLC. - Metairie, LA
Homes for Sale Metairie, La.
Most if not all closing here are no more than 30 days.
Nov 29, 2007 07:13 AM #15
Ambassador
1,446,121
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection
I enjoy working with both buyers and sellers.  By doing this I get a real feel for the processes and it does make it more interesting, I some how like a challenge now and then.  Having worked both sides sometimes aa a listing agent you are finding out some information around the same time the buyer's agent is.  Some sellers will not disclose certain things until it is absolutely necessary.
Nov 29, 2007 08:55 AM #16
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Rainmaker
384,961

John Walters

Licensed in Louisiana
Whats my home worth?
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