Jody Zink Realtor

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On telling them to shove it…. don’t do it.

by Jody Zink, Realtor on July 23rd, 2010

I must agree with @BradPlocek on this, with regards to sellers.

It happens.  You’re trying to sell your home and you get a lowball offer.

Our homes are very personal to us. I mean, they’re an extension of ourselves!  If someone sends a lowball offer our way, it’s as  if they’ve said, ‘hey, you’re ugly and stupid.’  Instead of getting upset, however — realize, it’s just business.  I know, I know…  it’s easier said than done. Any buyer in the current market, tho–is looking for a the best deal!  And they can.  In the current buyer’s market there’s a year’s plus worth of inventory on the market.  And it’s human nature to take the path of least resistance.  When the shoe is on the other foot, that same seller would likely do the same thing.

Don’t tell the buyer to take a hike.  Responding with silence may encourage a buyer to pursue one of the *hundreds* of other homes on the market.  I’ve seen it happen.  So respond to them.  At least respond with list price.  Most buyers ARE testing the water right now.  Many of them will come up.  And if they don’t, you’re no worse off.

As a result of silence, I know of sellers who’ve  taken $30,000 LESS a year later.  That’s after paying a mortgage, taxes and insurance on a VACANT house for 12 months.  In that case, it was easily a $50,000 loss that might have been avoided if pride had not gotten in the way.  We can learn from their mistakes!

I’ve also seen sellers who at first refused to respond, but after some coaxing did—and wound up putting a deal together!  In the world of negotiation, we call it a win-win.  So keep the dialogue going.  The longer it goes, the more opportunity there is to collaborate, explore all options and find common ground.

From → Sellers