The “On-Hold” Home Negotiation: Is it Really a Family Emergency?

Hurry Up & Wait, or, Maneuvering for Multiples?

A hot, new listing that met all your client’s criteria — location, price, home style & size — just came on the market.

You and your client hustled to see the house the same day, then — after reviewing the Comp’s and touching base with their lender — immediately went back to your office to put together an offer.

Two hours later, you delivered a (strong) offer to the listing agent, representing the Seller.

Then . . . nothing. 

How Much Other Interest?

Later the next day — an eternity in this kind of situation — the listing agent let you know that, due to an unspecified family emergency, the Seller wouldn’t be able to respond for at least another 24 hours.

Which of the following increases the odds that the Seller is acting in good faith, vs. simply stalling to give other Buyers time to see the home:

A. The listing agent switches the home’s status to “Temporarily Not Available For Showing” (TNAS).
B. The listing agent cancels the scheduled Broker Tour.
C. The listing agent is accessible, and keeps the Buyer’s agent apprised of new information as it becomes available.
D. All of the above.

Correct answer: “D.”

Ticking Clock

Of course, Sellers can take as long as they want to respond to offers, and provide Buyers with any reason they want (or none) for the delay.

However, in a business where “the first Buyer is often the best Buyer,” keeping Buyers cooling their heels too long, at least without a good explanation, is a mistake.

See also, “Realtor Conventional Wisdom:  ‘The 1st Buyer is the Best Buyer‘”; and, “Are There Really Multiple Offers? How to Tell.”



from RSSMix.com Mix ID 8230700 http://ift.tt/2vlU38J
via IFTTT

Comments

Post a Comment

Popular posts from this blog

Estimating the Discount for a Busy Street (or Not)

Image
The Art of Comp Selection One of the trickier home features to account for in a Comparative Market Analysis (“CMA”) is a busy street. For a family with little kids, a busy street may very well be a deal breaker — in which case the discount is theoretically infinite. At the other extreme, an investor looking for a rental property may see the location as a plus: free advertising! Of course, not all busy streets are created equal: depending on how far the home is set back; elevation differences; the individual home’s layout; and even landscaping and other topography, and the noise level/loss of privacy can vary significantly. Two Strategies Faced with so many variables, Realtors and Appraisers can always simply choose an average discount — say , 10% off. Strategy #2? Choose as Comp’s (Comparable Sold Properties) only homes that are also located on busy streets. Even better: the same busy street. Then, there’s no need to make any adjustment, because all the home...
Read more

“What’s the Highest Point in Hennepin County?”

Image
There sure seems to be some confusion on that, umm . . . point. I’ve now encountered at least three different properties — none close to one another — that all claimed that status in just the last month. For the record, according to Hennepin County’s website, it’s on Williston Road near High Point Road in Minnetonka — 1,131 feet above sea level. See also , “ Florida’s Tallest Point (and how to get there) .” from RSSMix.com Mix ID 8230700 https://ift.tt/2Pq1ndL via IFTTT
Read more

“Are You a Realtor?” “Why, Yes I Am!”

Image
“There Goes My Realtor!” Admittedly, the intended effect is for clients who see me in and around the neighborhood where I live (by Cedar Lake in Minneapolis) to see my car on the road and say, “There Goes My Realtor!” But, my custom license plate (above) is also a conversation-starter when I’m parked. Like today, in Linden Hills, where a builder who has an upcoming listing saw my car and asked if I was a Realtor. I know what to do from there . . .  from RSSMix.com Mix ID 8230700 http://ift.tt/2glixp5 via IFTTT
Read more