Waiting for a better offer? Not always the best thing to do!

Reblogger Debbie Reynolds
Real Estate Broker with Prudential PenFed Realty, "The Real Debbie Reynolds" Your Clarksville Real Estate Professional, 931-920-6730 TN Broker: 208698

Summertime offers are coming in and sellers take heed that the offer you will be seeing soon may be the best offer you will get. Listen to your agent so you'll have no regrets later.

Original content by Tammy Lankford GREC# 169695

Just like in my house where the dogs listen to Gabby (my 10 year old cat) or they end up getting their nose popped...  Okay, I can't really pop my seller on the nose.  But I have to admit, the thought did cross my mind. Please understand, I speak from knowledge, education and experience when i advise you on how to respond to an offer Mr. Seller.

And to protect the guilty I'm taking some "liberties" with this story, but I think you will get the jest of it.

 

A family of 6 children come to our office to sell the "old family place" and are ready to list that day.  The talk we have seems to go well.  All the siblings live out of state and not in the same state with each other.  One sibling is "appointed" by all to be the spokesperson for the family. 

We deal with the many problems with this property (like getting the tenant out, the legal way of course), clean up (the tenants were slobs wtih pets with potty training issues) the mess, work on the grounds and get the house ready for market.  We put a "as is" price on the house because it's in serious need of some neglected maintenance and updating.  We get, not one, but two offers right away.  We encourage Mr. Spokesperson to accept the higher offer.  But even though we tell them just "how the market is" they are so encouraged that we got two offers right away they take neither and expect more offers will come flooding in. 

Now...  years later the house still sits, (listing price below that offer we encouraged them to take) the family is still paying taxes and heating bills and no more offers have been made.  And they can't seem to understand why those "investors" are not willing to offer the same amount they did a year ago... when property values were higher than they are now.

The moral of this story...when your agent who knows the market says "You should seriously consider taking this offer, I don't think it would appraise for any more than that", you could end up getting your nose popped if you say no.  We agents don't just "make up" the prices we say we think your house will sell for, we use other sold homes in the area.  And we also have to take into consideration that your property is in need of repair and updates when no others that sold in that subdivision were in the same condition.  So don't regret years later after spending another $12,000 in taxes, insurance and bills that you didn't take the offer we advised you to take.  Getting two offers right out of gate does not guarantee a sale.  It simply means that a couple of agents are looking out for their investors and watching new listings and making offers where they find opportunity.  And you can't expect a buyer to not move on to other investments while you wait for a better offer.

Enjoy your St. Paddy's Day this weekend.  I hope you have something grand planned.  I do.

 

706-485-9668

(Click on Lane Realty Logo for web site)

Tammy Lankford, Broker/Owner

 

Broker License # 169695  Lane Realty License # H-11420

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Rainer
102,252
Jessica Holtzman
Real Estate Agent in Southern New Jersey, CDPE
Keller Williams Realty, Inc.

GREAT blog.  Thanks so much.  Lots of great points!

June 12, 2012 06:06 PM
Rainmaker
876,078
Kevin B. Tolbert PA Team
New Home Construction Builder Specialist!
Keller Williams Realty of Port Saint Lucie

Great point Tammy, and please remember you came to me for my EXPERTISE, so for God's sake, LISTEN to me!

June 12, 2012 06:09 PM
Rainmaker
481,254
Mark Loewenberg
PA 561-214-0370
Keller Williams of the Palm Beaches

yes that first offer is typically the best and most negotiable too! bird in the hand!

June 12, 2012 06:50 PM
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Tammy Lankford
Your Lake Sinclair Expert (706-485-9668)
Lane Realty

well I wondered how I got a comment on a post that was months old.  It was from your reblog.  Thanks so much.

June 12, 2012 06:59 PM
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Debbie Reynolds
Your Dedicated Clarksville TN Real Estate Agent
Prudential PenFed Realty, "The Real Debbie Reynolds" Your Clarksville Real Estate Professional, 931-920-6730

It was good information and always timely. Thanks Tammy.

June 12, 2012 07:07 PM
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Debbie Reynolds

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I Know Clarksville! Let me share it with you.
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Additional Information

Debbie Reynolds, Broker, ABR, CRB, CRS, GRI, SFR, SRES- Specializing in marketing, listing and selling real estate in the Clarksville TN/Ft. Campbell KY real estate market area