I agree with some of these points. Don't you?
So the story goes.
Realtor shows house to buyer client, client loves house, client lowballs (seriously lowballs) an offer, seller rejects and counters, offering closing costs if they'll be realistic. 1 week goes by, Realtor shows house to same client AGAIN, buyer make another (little better) lowball offer. Seller says X marks the spot and don't bother me with ridiculous offers when we're getting showings and 2nd showings out the wazzoo!
Today 4 days later. Realtor calls AGAIN. Seller still lowballing close to 30K. Now this is a moderately priced home folks-192K not the 3-500K where we get these ridiculous lowballs regularly. Last time, seller told me not to bother him with this buyer if they didn't meet X amount. Oh yes, I'll still call and really tick him off with this last offer. Have had two second showings this week and expecting a real offer tomorrow.
Why do Realtors take their clients into homes that are overpriced for their budget? Are they not doing their jobs of determining their client's comfotable monthly payments and staying within that boundary. Are they just wasting sellers and their buyers time by just "hoping" someone might take their client's lowball? It's very frustrating to the sellers and makes it so hard for us REALTORS knowing that we still have to have that conversation with our seller and present all offers: So here are the rules according to me- LOL
1. Comfortable monthly payment- I mean really, don't you have folks all the time who want to see homes and think they're qualified at a certain amount and their monthly comfort zone is significantly lower??? This is a crucial point. And then don't send them listings in the ranges higher than that zone! It' gets their hopes pinned on buying something they clearly cannot afford.
2. Talk realistically. It's not like there aren't 1.5 gajillion homes on the market. I'm sure there is one that fits their needs and their pocketbooks. Again looking at those higher homes is a waste of time for everyone unless it is an REO and MAYBE you'll have a shot.
3. Don't tell the Selling Realtor that you don't believe the home will "comp" out. Any good Realtor will run the CMA before pricing it so coming in at that standpoint makes it seem as if you think the selling agent is just pulling a price tag out of the hat (and I"m not thank you). That's very rude in my humble opinion.
I'd love to hear if you guys in other markets are experiencing this craziness and if you agree with the "Rules of Engagement"
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Sandy Aichner, GRI, ABR, CDPE, SFR Broker,REALTOR Licensed in NC and SC
RE/MAX Executive Realty
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Sandy thanks for re posting this. Very good information and so true with today's market when buyers are very conservative.
Thanks for the post. I think this is happening in most markets. I know in my market it seems like most people are looking to score a deal.
Showing Listings to buyers who can't afford or even qualify with a decent credit score- is getting to be"par" with some agents. If the buyer doesn't want to talk to a loan officer first to see what they can do or if they show resistance then they are "Time Wasters". I quit that game the first year I wasin Real Estate,and was naive,thus spent a lot of wasted gas $$,and my time. In desperate times people do desperate things.
I do agree with this.
Buyers need to know their limits
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