Consider This your Written Offer !

By
Real Estate Agent with Re/Max Eastern inc.
http://actvra.in/DgD

 Consider This Your Written Offer!

Consider This Your Written Offer ! The Sellers are Not Interested In Your Offer! These words echo in my head ! Here is my story on why !

When I go out on a Listing the first thing I do is a Market analysis of the homes in the area that have sold . In today's market I check what has sold in the last four months if possible . I know that is what an appraiser will use if he or she is going to appraise the property . If four months is not possible I will go back six months. I will be very careful on what price I list the home at as i want it to stay sold  when it sells.

The one thing I do not do is allow the seller to set the price .I may allow the seller to price it a few thousand over market value so we some room to negotiate but certainly not thirty thousand above market value .I will not use a comparable sale that is oranges to apples and expect it to fly.If this is used the seller better be aware that he is way above market value . The best comparable should be apple to apples . By this expression I mean if you have a townhome for example that is a 2 BR 2 bath and is 1800 sq' ft you compare it to the same. Orange to apple would be compare a 2 BR 2 bath townhome to an 2500 sq' ft story condo with vaulted ceiling and a basement .


Here is my story on why. I wrote an offer on a townhome  thirty thousand dollars overpriced. The buyer is a very educated consumer . She knew what the properties have sold for in the area. She had made a very reasonable offer. I dropped the offer at the listing agents office .The next day I received an
Email that the sellers were not interested in the buyers offer . I then emailed her back and asked her  what would they be interested in considering and she replied . I then asked her to have the sellers put in writing as a counter offer . Now certainly in this market it is not unheard of for buyers to make low offers especially if the property is overpriced. She replied consider this your written offer. How do you negotiate an Emailed counter offer without putting it in writing and having it signed by the sellers.. Here in Pennsylvania all offers are in writing .I asked for her seller to put it in writing she refused it has been over a week . She also indicated that the seller is going to rent the property ;but is still up for sale .

Consider this your written offer

What would you do in this situation ? What is your opinion ?

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Rainmaker
241,625
Doug Dawes
Coldwell Banker Residential Brokerage - Georgetown, MA
Your Personal Realtor

You did what you could do. Maybe ask the agent to let you speak with the seller??? Seems the sellers are caught up in the emotion of fantasy vs reality

Jun 28, 2012 09:08 AM #1
Rainmaker
863,687
Jeffrey DiMuria 321.223.6253 www.SpaceCoastHomesNow.com
Fontaine Property Group - Melbourne, FL
Your Space Coast Real Estate Expert!

Do you have a form in PA that the seller can put in writing a list of parameters that would allow you to re-write the offer? I guess in the end...no matter how big an ass the other agent is...if your buyer is willing and able to pay that price...write an offer.

Jun 28, 2012 09:16 AM #2
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Bryan Robertson
Catarra Real Estate, Inc - Los Altos, CA
Broker, Author, Speaker

I see this from time to time.  The seller is in denial as to the value and wants a buyer to overpay.  They get frustrated and threaten to rent the property to express their anger.  When I run into this, I tell the seller's agent that my buyers will be there when the seller is ready to be realistic.  If the selling agent is particularly aggressive, I'll tell them the offer price drops 1% every week they wait.

Jun 28, 2012 09:21 AM #3
Rainmaker
576,655
Hella Mitschke Rothwell
(808) 226-1095 or (831) 626-4000
Hawaii & California Real Estate Broker

I actually had that happen and, because the buyer really liked the property, we decided to put in ANOTHER offer at a higher price. At that point the sellers actually countered. Sellers are a strange bunch. But they should also be educated in how the process works. In my case I pursuaded the buyer to leave his ego at the door and make that second offer. That then got the ball rolling.

Jun 28, 2012 09:31 AM #4
Rainmaker
70,908
Kate Conover
RE/MAX Properties - Franklin Lakes, NJ

My mentor continuially reminded me that it was a huge mistake to make an enemy of another agent because you could never tell when you'd need that agent's help to sell one of her listings. This agent sounds like she could use charm school, but I think (unfortunately) if your client really wants the house, you'll have to put your pride in your pocket and approach the agent with a much more concilliatory attitude.  You're initial approach may have put her on the defensive.  Your job is to get your client the home she wans.  Go get it!  Good luck!!

Jun 28, 2012 09:32 AM #5
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise in NE Philadelphia & Bucks County

Doug .. the funny thing is my Father and the sellers father worked together many years ago both of whom have passed away ..but I would not dream of contacting the seller ..I work for the buyer..but I agree with you

Jeffrey ..It would never appraise for the price the agent has the property up for ..so it is a losing battle .It just gets my goat that there is nothing writing ..not even a written rejection.

Bryon .. That is a good idea .. In the area where this is located it may be what will happen .Properties here are sitting on the market .

 

Jun 28, 2012 09:38 AM #6
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise in NE Philadelphia & Bucks County

Hella   I do agree with you on this point and normally if I considered the buyers offer to be too low I would convince her to come up in value..but the property will never appraise so it would be useless.

Kate  As I said to Hella it would not make any sense to proceed . My buyer has 5% down with a 810 credit score . So we do need the property to appraise . When I started selling RE many years back I did learn. Homes must appraise . We may think we have a sale but if it does not appraise we do not .In this case we would not .The property would not appraise for value and would bounce back on the market. I feel we are just saving time .We are moving on to the next property .

Thank you have a great day

Jun 28, 2012 09:48 AM #7
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Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

In our state, we have to present all offers, even verbal ones.  You can't sign a verbal offer, so I would've said, "Well, if they accept this counter, what are they to sign to make it enforceable?"

Jun 28, 2012 11:11 AM #8
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise in NE Philadelphia & Bucks County

Thank you Chris my point exactly ! If she had put something in writing I would have been able to work with it !

Just to say my sellers are not interested in your offer ! How do we know it was presented ? We are moving on !

Jun 28, 2012 12:09 PM #9
Rainer
277,437
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA
- Pierce, King, Kitsap, Thurston, Mason Counties

Hannah -- and we sometimes wonder why the public has the opinion of real estate agents they do, when they deal with agents like that, who don't even know how to do their job properly?  I really like Bryan's approach in a situation like this.

Jun 28, 2012 01:08 PM #10
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise in NE Philadelphia & Bucks County

Steven  It took us a week to gain entry to this property and it is on lock box. I am just shaking my head especially in this market .

Jun 28, 2012 02:47 PM #11
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863,702
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

I agree with Hella.  And, I would talk to the agent's broker if you get no further response from her in a reasonable period of time.  After all, it is the brokerage's listing, not the agent's.

Jun 28, 2012 03:02 PM #12
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise in NE Philadelphia & Bucks County

Hella thinks we should put in a higher offer . This is not happening ...I have considered talking to the broker I find her behavior very unprofessional

Jun 28, 2012 03:09 PM #13
Rainmaker
920,121
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

It is getting more common now to discuss offers rather than formally submit them.  Until something is in writing and signed it means absolutely nothing.  Also, the fact that it stills shows for sale and they are trying to rent it is also common.  They want to see what comes first.  Your buyers will find the right property - next!

Jun 28, 2012 03:12 PM #14
Rainmaker
314,999
Randi Brammer
Randi Brammer, Acctg. - Hinckley, MN
Accountant & Tax Preparer

I would be inclined to re-write the offer is my buyer so chose to, but i would also be talking to a certain Broker about the attitude.

Jun 28, 2012 03:57 PM #15
Rainmaker
1,871,614
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO

Hannah

Some people want to sell and some want to talk about. Sounds like a talker to me.

Good luck and success.

Lou Ludwig

Jun 28, 2012 04:46 PM #16
Rainmaker
341,559
Elizabeth Bolton
RE/MAX Destiny Real Estate Cambridge, MA - Cambridge, MA
Cambridge MA Realtor

Hi Hannah ~ That stinks.  Our job is to try to bring buyer and seller together - not act as an impediment.  I'm with you on comps - appraisals are a challenge right now - though in my market it's because properties are getting bid up dramatically. We also do counters verbally so don't have the same issue you've got.  Good luck!!

Liz

Jun 28, 2012 05:32 PM #17
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise in NE Philadelphia & Bucks County

Jane   That is what the buyer and I keep saying ..There is a house out there saying wait for me !

Randi   My buyer does not chose to .. I am thinking about speaking to the broker

Lou You have hit the nail on the head .She does talk the talk

Liz .. Property values are falling here  .Especially where this property is located. They were worth more last year then this year .

Jun 28, 2012 07:24 PM #18
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Hannah, that rotten. Having unresponsive agents and even clients makes for no business. Maybe an offer less than the asking but with the contingency that buyers will not pay more than appraised value, regardless of the amount of money they may be putting down. That places the deal back to the sellers and them acknowledging that an independent person (appraiser) will set the final value.

Jun 29, 2012 08:26 AM #19
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise in NE Philadelphia & Bucks County

Ed  I would have liked a written response from the seller . I think we deserved that much respect . There is a form from PAR that I am going to prepare with the first few pages changing the seller response dates . it requires the sellers signatures .It is a response of acceptance or rejection .Either way it requires a response in writing from the seller not an email from the agent

I do like your idea ..

Jun 29, 2012 09:04 AM #20
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