If you’ve ever had a seller turn down a good offer only to sit on the market… this article is for you…
Have you ever been working with a seller who just won’t budge? I mean, you know they CAN come down, they simply don’t WANT to come down.
Of course, that’s their right. However, when they’re dealing with the only offer they’ve had in three months, and nobody else is waiting in the wings, that might be the worst thing they can do in a down market.
So, I wanted to show you an email that I recently sent to a client who was seemingly not willing to budge on an offer that was less than $5,000 away from her price on a $350,000 home.
Just minutes after I hit the send button the seller called me. She wanted to thank me for bringing her attention to the points in the email and told me she wanted to accept the buyer’s offer.
My hope is that some of the content will be useful to you in your negotiations. Here is the exact email I sent to her.
I just got a call from (the buyer’s agent), and the buyers are coming back with a counter offer of $345,000. I know you said $349,950 is your bottom line, and I’m representing you, trying to get you the most money possible. At the same time I want to make sure I’m honest with you about my professional opinion. If you want to sell the home in a reasonable time frame, I would really consider accepting this offer, (Seller).
Here are my thoughts and concerns:
1. How long will it take to find another buyer in this market who is financially qualified to buy, with their home already sold? Many buyers in your price range do have a home to sell because it’s generally a move up range.
2. In the end even when we do find another buyer, are they going to be willing to pay more than this? These buyers have come up quite a bit and are very close. They respect the home, what you’ve done to it and are being reasonable…which seems foreign to most buyers in today’s market.
3. If these buyers walk away because you won’t come down, you have to consider your monthly carrying costs and determine if you’ll actually be ahead if you sit on it for several more months and end up with the same offer later.
4. Will it appraise? This is a concern for all parties. If it doesn’t appraise then the bank doesn’t lend the money and the sale becomes null and void. The only way to keep the sale is if the buyer pays the difference in cash, or the seller comes down in price to the appraised value. In recent years, appraisers have become very, very critical on property values due to the volume of foreclosures. They don’t want the banks coming back to them for over valuing the homes when they’re foreclosed on.
At $345,000 you would walk away with approximately ($345,000 minus commission and closing costs) after all expenses except for your loan payoff.
I know you want to get as much out of it as possible (Seller), and I do, too. The more you make the more I make as well. However, it’s just such a challenging market right now. While things are slowly shifting, it’s going to take some time for the market to recover to a point where it changes from a buyers market to a sellers market and prices begin to stabilize again. And since you hired me to sell the home I just want to be honest and tell you I think this is a fair offer. So, at at least I’ve expressed my thoughts and opinions in case we’re still on the market months from now.
In my experience the first offer is generally the best offer. Time and again I’ve seen sellers turn down offers and kick themselves months later wishing they would’ve accepted it.
Let me know your thoughts. You can email me back or call me at (number).”
Remember, the seller called back almost immediately and accepted the buyer’s offer.
Please let me know if I may be of support to you in your business. I offer individual and group coaching. In fact, I have a six week Expired & FSBO Course coming up in January.
Beginning Thursday January 10th through Thursday February 14th. We will be meeting each Thursday over the phone from 12:00-1:00 EST. The cost is only $149 if you sign up before December 31st, and $199 after.
The course includes a FREE copy of the scripts program mentioned above and signing up before December 31st also gives you another tax deduction for the year.
There is limited space available so if you’re interested in joining us, please quickly email me at firstname.lastname@example.org. The first three weeks we’ll focus on expireds and the second three weeks we’ll focus on fsbo’s.
The course also includes copies of what I mail to both so you can use it as a guide to create your own mailings. We will discuss the scripts, the mailings, the objection handlers, preparing for the listing appointments, the mindset, the follow system and I will share proven NLP language patterns each week designed to give you the confidence you’ll need to make the calls, set the appointments, and take more listings!
Join me and let me help you get off on the right start toward making 2013 YOUR year!
“Christy Crouch is the co-founder of You’re The Difference Sales & Life Coaching, co-author of the highly acclaimed real estate objection handler book, Now What Do I Say? a collection of more than 400 answers to over 70 of the most common questions and objections faced in the real estate industry. She is still an active agent in Virginia, has participated in closing thousands of transactions in her career, was inducted in the RE/MAX Hall of Fame for her production. Christy is in the top 2.3% of her marketplace. Her goal is to share what she’s learned with other agents to support them in having a highly successful real estate sales business while having a happy and balanced life. To learn more about her coaching and products please email her at email@example.com or visit her website at www.yourethedifference.com