Are we hungry for prospective clients that we forget to screen them ending us up with our precious time flushed down the drain?
Unfortunately, we don’t really get the core of their motivation until they make a ridiculous offer.
After working with my clients via e-mail and telephone for almost eight months on sporadic basis, I was ecstatic to hear on the other line the excitement on their tone. The couple delightfully announced that this property might just be the perfect home for them.
I checked quickly online with extreme curiousity the property which triggered their attention. They have been scouting for houses on their own since they have been indecisive as to their wants and needs. They jumped from a residential to a condo. Or from the towns in the Northeast and down to the Southeast.
My excitement was compounded because the house was set in lake community that I am very familiar with. Not only that. It was very rare to find a property in this area with almost an acre of land.
The house was as delectable as a chocolate fudge. It was deliciously adorable. I could not be more descriptive here as that was my personal opinion.
Anyway, my buyers seemed impressed as well. Were they so impressed to taunt them into making an offer?
Oh yes. They did make an offer. But I almost shrieked in disbelief after my auditory senses processed the number they thought the property was worth despite words of advice and sheets of information to guide them with their decision.
This property was a unique one. A RARE find. Hence, I have to pull out sales from neighboring lake communities for comparison. Even a seasonal home would not come closer to the amount they would like to offer for this year-round home. And for the price it was listed for, I was quite sure it would not last long.
Sixty percent below the asking price for a property that was like a gem. Rare and precious being a year-round home in a lake community with approximately an acre of flat level land. It was a home that would only require new roof in perhaps a year or so and a touch of paint on the fascia. The interior was all updated. These were the obvious.
After listening to the rationale behind the offer price, I would not want to hear anymore.
It is time for Adieu without further Ado. The price of gas is still pegged at $4 per gallon and dogs treats and food are not cheap.
I work hard for my buyers to ensure that they find the right home. But I have already learned my lesson. I set a demarcation line as to whom I should relentlessly focus my attention to and for whom I should continually exert due diligence. These are buyers who have realistic expectations of the market trend and who trust me as their realtor.
And by the way, the subject property has a pending contract as I am writing this.
For another agent’s perspective on Low Ball Offers, read this excellent post by John Kavaller of Sullivan County, New York.