Sometimes Getting the Lowest Price ...Isn’t The Best Deal.....
I Have seen it happen over and over again.. I try to guide my buyers to make the best choices but they don’t always follow my advice. So what am I talking about I bet your wondering?
Buyer looks at a house falls in-love with it and now it is time to make the offer .....My buyer wants to pay the lowest possible price so they want to make a low ball offer.... I try to explain to them that I ran the comps and that the home is priced to sell but they still insist on trying.
Of course I will make any offer they choose as long as they are willing to come in and we write it up. I don't consider a verbal a offer nor will I attempt to present one. let's be serious if we are serious....
So here we go..my buyer makes their offer on a house priced at $600,000.00 and starts with $550,000 the sellers get offended and counter us at $595,000.00. I reinforce my opinion with my buyers and advice them that if they got the house for $585,000 $590,000 we should move on it. That we should just make a serious offer. No they want to go to $555,000 because the market is terrible and the people should be happy they even make an offer in todays market.
Outcome the seller counters us at $590,000 I tell them to jump at it but no they want to inch up $5,000 at a time until finally they are at $585,000 and they refuse to go to the sellers $590,000. after a few days the sellers agree to take the offer. We go into attorney review here in NJ we use attorneys and while the attorney is reviewing the offer the seller gets another offer.... The next thing we know they cancel our deal and decide to go with the other buyers not even giving us an chance to counter. My buyer now wants to offer the $590,000 we make the offer and they refuse and then goes as high as $595,000 but no the seller refuses... then the agent working for the seller tells me that they just don't want to work with my clients because they assume that they really do not love their house based on their offer and that even though they are the better buyer they prefer to deal with the other couple because they came in strong and they didn't have to play the game we them.
Bottom line my folks loss the house because the sellers saw them as difficult because of their pattern of offers. They didn't even want to deal with them further thinking that they were going to fight with them tooth & nail thru the home inspection etc.
My clients were very upset, one of them was even sobbing to me on the phone why did we lose the house what were wrong with those people.
End of the story the sellers house closed at $585,000 and my buyers were furious....
Lesson here is listen to your agent...After all that is why you are working we them?
I did find them a home almost six months later and wouldn't you know they still did the same thing again. I'm so glad to be done with them because the seller's were right a real big pain in the A- -