Quinte, On. real estate agent: Micturate Or Get Off the Pot!!

Micturate Or Get Off the Pot!!

Anybody who has ever sold real estate for a living will have some rather odd stories about people. Real estate, for the most part, is really about people, and as we all know, some people can be a little difficult to deal with.

I recently had a listing. I did a market evaluation for the sellers (I agonize over them), and they liked the work I put into the evaluation and decided to list with me. The sellers are from out of the province, and really didn't know very much about the property they owned. they hadn't even seen the place in years. I think I just came up with a realistic price and they liked the fact that I had warned them that it might take some time to sell, as the property wasn't in very high demand at the moment. Perhaps they appreciated the honesty.

Sure enough, the listing did prompt a bit of interest right off the bat, but only from one prospective buyer, the guy across the street. He'd been eying it for years.

After a flurry of phone calls and requests for more and more information, he decided that the property was priced too high for his liking, so he would take a pass on it for now. He figured that it would eventually come down in price and that it probably wouldn't sell until then. He did leave me with some instructions though, and I was to call him immediately if anyone else made an inquiry on the property or if we received an offer.

On the one hand, I appreciated his interest in the property, but on the other hand, I was a little miffed at him. He did, after all, have the option of putting an offer in at a lower price to test the waters. I believe my clients would have worked with a lower offer. I don't know what his exact thought process was, but I think he was going to wait for a price reduction. I agreed to keep him informed, and other than the odd call from him seeking reassurance that there wasn't much interest in the property, didn't have much further contact.

A couple of months passed, and one fine Friday afternoon I received a phone call at the office from someone; "I'm standing right in front of your for sale sign............". Well this fellow was interested enough to come straight to the office and submit a cash offer on behalf of the company he worked for. The location was exactly what they had been looking for.

We did up the offer and I phoned my clients and scanned and emailed it to them. They were quite happy. I made sure to tell them not to send it back right away (I made sure that the irrevocable stretched past the weekend), and I explained the situation with the fellow across the street and that maybe he might have an offer forthcoming.

Well, I phoned Mr. Ditherer, and much like a kid who has no interest in a toy until he sees another kid pick it up, he wanted me to hold the press until he could submit an offer himself. Full asking price and all cash as well. Wouldn't you know it though, by the time he came to the office, there was already a fax waiting in my fax machine. My clients had signed the Confirmation of Acceptance and had sent it back immediately. They didn't want to risk losing the first deal, they liked the quick closing, they liked the offer, and they liked the absolute lack of any conditions whatsoever. They just wanted it sold, and frankly, they resented the "wait and see" approach of Mr. Ditherer, which to them had undertones of Schadenfreude. I guess the asking price wasn't so unreasonable after all.

Real estate agents encounter this time and time again, people who lose out on properties that they really do want because they are looking for the absolute best bargain possible. After all is said and done, that imaginary price line in the sand, if it's a matter of a few thousand dollars, shouldn't prevent someone from owning a sensibly priced property that they really desire. Chances are someone else will scoop it up.

 

Comment balloon 7 commentsMalcolm Johnston • September 17 2011 12:46PM

Comments

This happens so frequently...I have a client who is like this. She only wants to buy a condo in one building. No matter how low the price is, she always submits an offer lower than list price because she doesn't want to pay full price. I tried to explain that the price is a strategy --- and even though I've submitted information about prior closed sales that proves the list prices are more than reasonable, she is undeterred. She still wants to submit a lower price. Hence, she's missed out on 4 listings. But she wants to keep looking at everything that comes up in that building. >SIGH<

Posted by Pacita Dimacali, Alameda/Contra Costa Counties CA (Alain Pinel) over 8 years ago

If you are hesitant and want to put in a lot of conditions, you should act quickly and not wait until there is another Offer.

Posted by Brian Madigan, LL.B., Broker (RE/MAX West Realty Inc., Brokerage (Toronto)) over 8 years ago

Unfortunately many buyers have to lose a home they really want, and feel the pain, before they learn this lesson

Posted by Chris Smith, South Simcoe, Caledon, King, Orangeville Real Esta (Re/Max Chay Realty Inc., Brokerage) over 8 years ago

Too bad for Mr. Ditherer Malcolm. He should have made his full price offer in the beginning.

Posted by Janice Ankrett, Staging Professional (Janice Ankrett Home Staging) over 8 years ago

Better to have one bird in your hand than two up in the air...

Posted by Joshua Zargari, MJ Decorators Workshop (MJ Decorators Workshop LI staging and home decorating) over 8 years ago

Hi Malcolm. Reading your blog makes me think of a new phrase: "All is fair in love and real estate offer negotiations." Good post.

Posted by E H (None) over 8 years ago

Losing a property over a few thousand dollars is a tough lesson to learn, but it is usually not forgotten. 

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 8 years ago

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