Sellers Flipping Buyers The Bird Doesn't Lead To A Sale
I get it. You didn't like the offer. Your house is something special and worth EVERY penny you're asking and probably a whole lot more, right?
And yet.....you're still on the market for months and months. You haven't achieved your goal, selling your home. You've reduced the price and that didn't get it done. You switched agents and that didn't get it done either.
You need the dominoes to fall down. Showings lead to (hopefully) an offer which (hopefully) leads to an accepted contract which (hopefully) leads to you sitting at the closing table and handing the keys to the new owner.
And yet when you got an offer you decided to let your ego trump achieving your real estate goals. You decided the offer was TOO LOW, it was insulting, don't they know what the comps are???!!! I'm not going to be bothered with responding because this offer could NEVER come together. And that was the end of that offer.
Sure, the buyer COULD come back with a higher offer, but buyers are human too and sometimes when you "flip them the bird" by refusing to counter their offer, they decide that maybe you're just too much a pain in the rear to want to deal with after all.
The buyer KNOWS what your home is worth (we always have that conversation), but here's the thing, buyers, MANY buyers in a market that isn't owned by the sellers, just have to TRY. It's a peace of mind thing, they have to KNOW they couldn't have gotten the home for less than they finally agreed to buy the home for. Almost every time I've had a buyer's offer accepted with the initial proposal, they ask that question, COULD I HAVE GOTTEN IT FOR LESS? Maybe we just nailed the seller's minimum right on the nose, but they're going to wonder.
And thus, the offer that you considered "too insulting" to respond to. Look, we get it if you're in multiple offers or homes are selling in a few days that our offer might get tossed, but our local market isn't exactly being dominated by the sellers, especially as you go up in price point. After all, just how many buyers are financially qualified to spend that level of coin?
So here's a few things to consider:
- The offer is just the STARTING point
- Only the buyer knows for sure just how much they'll pay for your home, so slamming the door shut makes sure none of us ever find out that number
- For some cultures, haggling is the norm. Starting low is NOT an insult, it's just the way things are done.
I stopped caring where an offer starts for our sellers a long time ago. Offers that start at what I might personally think as too low to ever come together, do come together.
What does negotiating cost you? Just a little time for the most part. Frankly if you've been on the market for a bit, you SHOULD know what you're willing to do. There aren't that many negotiable terms to a purchase contract, so literally a few minutes discussion with your agent and you can have a response. A few clicks to apply some electronic signatures and the ball is back in the buyers' court without slamming the door in their face. And NOW you start to find out how serious the buyers REALLY are.
So our recommendation to our sellers will almost always be, COUNTER. Let's do the negotiation tango, we just might get you a SOLD sign in your yard.
Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747
William (Bill) Spear, CRS, Ohio License SAL.2004011109 Kentucky 77938
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Liz Direct: 513-265-3004
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