Most people don’t buy many homes in their lifetime, so they lack the experience of how it works and knowledge of the many factors involved.
Yesterday was a great example. I prepared an offer for a client, knowing that while it was very possibly not going to be the highest, it was at the asking price. I know what the seller’s agent thinks the property should sell for. They were using a sale from over a year ago. A lot has changed in the past year.
My client, briefly considered not submitting an offer, knowing he didn’t want to pay what the seller felt was appropriate and knowing there are multiple offers. I encouraged my client to make the offer, knowing at what price he would “just was away” and find another property.
I explained to him some of my own experience in multiple counter offer situations. Sometimes not as many offers come in as the seller expected and the competition not that intense. I have had a client respond to a counter offer with their “best and final price”. Then they received a final counter with a specific price. We resubmitted the same offer, and it was accepted. It was a great home on a very large lot that has tremendous value long term.
Another instance involved a buyer coming in with a low offer. I had spoken to the seller to see what kind of offer would get us a counter. I explained the situation to my client, he adjusted his price, still below asking. We expected to receive a counter offer. We did not. The seller accepted our initial offer. What happened? Well, the agents for the other buyers submitted incomplete offers, never a good sign. The seller’s agent felt confident that my client’s lender was solid, and that as his agent I would be able to make sure the deal closed. We closed early.
I had a seller that received multiple offers at the same price. In reviewing the offers one was very poorly written. You kinda need to state how long escrow will be in the offer. The other offers ultimately fell through. And we were left with a qualified buyer, and their agent(the buyers brother) that submitted the poorly written offer. My team took over the responsibilities of the buyers agent when he left the country for an extended period. We closed on time.
All of that to say, while real estate isn’t rocket science, it does require some expertise and finesse to make sure a buyer doesn’t over pay or that a seller doesn’t waste time with buyers that can’t perform. Price maybe the single most important factor, but that are so many others that need to be considered.
Whether you are looking for a home or looking to sell your home, I have the experience to help you consider all the factors other than price.
Joe McMahon
310-714-9703
Keller Williams Beach Cities Realty
BRE#02002043
South Bay Real Estate, Torrance, Manhattan Beach, Redondo Beach, Lawndale, Hawthorne. Homes for sale, Condos for sale