Tuesday, June 4, 2013

Home Buyer Question - What will they take?

"I know what it is listed for but what will the seller really take?"   If a home buyer knew this up front then the offer and negotiation process would be very short.

But this is a question where the answer is almost always an unknown.

Very often sellers do not know what they will really take.   I have worked with some sellers who ultimately accepted a much lower price than they initially would have found acceptable.

It is the old bird in the hand thing....Sometimes the offer in hand is more influential than any discussion about a hypothetical offer.

Sometimes a buyers agent will call the listing agent and ask what the seller will take.  The call could be a fishing expedition or maybe a pre-cursor to a low ball offer.

Buyers (and listing agents) should remember the listing agent has a responsibility to their client (the seller) and should not disclose any information that will potentially harm their client's position.

If I am the listing agent and receive that phone call the conversation will likely go something like....
What will the seller take?   I can't say but I suggest you put it on paper and I will check.  Thanks.
If buyers really want to know what they sellers will take they need to make an offer - a serious offer.

Serious offers get the discussion going and that is what will ultimately lead to the answer to the question.