My buyers fall in love with a home.
And, then they lose the home by choosing to do the opposite of what I suggest.
I’m not saying I know everything about real estate. And, I’m not saying I can predict the future. But, I have been in the biz since 2009 and I have seen plenty of situations where the buyers are trying to “get a deal” or save a dollar.
I get it. I like to save a buck as much as anyone.
However, right now…today…we aren’t in a buyers market in our area. And, sometimes, when you have found your DREAM HOME, you just have to bite the bullet and do what has to be done make that home yours.
Here are a couple of examples of instances when I have watched buyers listen to my advice, do the opposite, and lose their dream home.
This first example was a few years ago when the market was totally tanked and it WAS a buyer’s market. My buyers were looking at a home priced at $136,000 in their favorite neighborhood. (Side note, this house would sell for over $250K today…). It was a gorgeous house with a gourmet kitchen, a fenced back yard, and even a hot tub out back. It had been on the a market for a while and the listing agent encouraged us to bring an offer since there had not been much activity on the home in a while.
My buyers were absolutely in love. We looked at the home on a Saturday. I advised them to make an offer on the spot contingent upon financing. Now, it was MY mistake not to be 100% certain that the buyers were pre-qualified before showing them the home. Rookie mistake, I know. My excuse is that they are friends of mine and I knew they had money to buy. They hesitated and said they would rather wait and talk to their bank on Monday before making their offer.
I explained that an offer contingent upon financing is just that. They are not at risk of losing anything if for some reason they did not qualify. That is…the only thing they risk losing is the opportunity to buy their dream home….
Come Monday, the buyers went to the bank and got all their paperwork and the approval process started. Meanwhile, on Sunday, just to try to pull an offer out of the obviously interested buyers, the sellers dropped the price to $130K.
Tuesday rolled around and suddenly a new buyer showed up out of the blue and made an offer on my buyers’ dream house. Yikes!
Even though they made a strong offer, the other buyers had cash. And, cash is king.
Ultimately, they lost the house to the other buyer.
The second example of buyers losing their dream home happened just a few weeks ago. As mentioned above, we are now in a seller’s market, which means that buyers no longer have the upper hand to low-ball the heck out of the sellers for deals.
Against my advice, these buyers tried to low-ball the seller on an already well-priced home. The sellers rejected the offer. Then, the sellers reduced the price to try to get some better offers.
Again, this home that had been sitting on the market for a while with no action attracted second set of buyers. A bidding war ensued…and my buyers again lost their dream home to the other buyers.
Afterwards, the listing agent confided to me that if the buyers had first offered my suggested purchase price, they’d be on their way to closing.
I honestly wish that my buyers would listen to me.
I want the best for them. My greatest desire for them is to help them find their dream home.
But, I cannot make the decisions for them.
They just have to trust me.
The moral of the story is this: Find a Realtor you trust…and then trust them!
You’re WORTH it…
Happy House Hunting!