Ozaukee & Washington County Real Estate: Putting Yourself on the Receiving End of That Offer

Find out more about Ozaukee and Washington County real estate, including the cities of Grafton, Belgium, Cedarburg, West Bend, Jackson and Germantown.

Putting Yourself on the Receiving End of That Offer

A colleague posted a "note" on Facebook the other day directed at buyers and their tendency to make offers that "even put low-ball offers to shame" in this buyer's market. She cautioned them by advising that they might want to mentally prepare themselves for a flat-out rejection.

I could not agree more.

consideration

She's right -- it still is a buyer's market out there. But the building you are bidding on is someone's home. There is an abundance of emotion behind each and every listed property. It doesn't matter if the sale is due to downsizing, upsizing, divorce, death, health issues, foreclosure, job change or job loss. 

So when you're thinking about writing an offer on the house of your dreams remember this: 

  • Starting out by low-balling with no sales facts to support the price is not an effective or smart strategy. All you do is offend the seller right out of the gate.
  • Asking for repairs such as replacing an outlet cover or painting window trim is out of the scope of "defects" as defined in the offer to purchase. 
  • Trying to squeeze every last penny out of the seller will not endear you to them.

Consider how you would feel if you were on the receiving end of your offer.

I'm not suggesting a buyer needs to or should include terms based on how they think the seller will react or what they think will make the seller feel good. But showing respect by including terms that are a true reflection of the current market and the home's condition will get you much further along in the process.

 

 

Peggy Wester
Phone: 262-370-1757
Email: pwester@realtyexecutives.com
Website: peggywester.com
Blog: peggysblog.com


Peggy Wester - Realty Executives Integrity

Comment balloon 4 commentsPeggy Wester • April 07 2011 07:15PM

Comments

Oh so true...and in our area in some price ranges we have such a low amount of inventory that we are seeing multiple offers!!!  Yeah!!!

Posted by Deborah Byron Leffler BzyBee Real Estate Lady! (Keller Williams Realty Boise) over 9 years ago

Listing agents must prepare their sellers for all kinds of offers. They must warn their sellers that some offers are not going to be acceptable, but that those offers are still OFFERS, without which there is no possibility of getting the home sold.

There is no room in the process for feeling insulted by an offer.  Be insulted rather, by those who do not make an offer. They are making a stronger negative statement than those who like the house well enough to bid on it.

An offer is a compliment, not an insult. It might not be acceptable, but it is a starting point.

Posted by Thomas McCombs (Century 21 HomeStar) over 9 years ago

It's nice if the buyers are in the realm of reality when writing an offer.  It is so difficult to present a low offer that is far below anything that has sold in the area.  When the listing agent asks "how did your buyers arrive at this number" I always have to think...hmmm, how am I going to answer that.

Posted by Candy Miles-Crocker, Realtor - Real-Life Real Estate Training (Online Real Estate Agent Training) over 9 years ago

Deborah -- We're starting to see multiple offers on just a few properties here, too. A very, very welcome change!

Thomas -- I agree to a point -- a seller should be grateful when they receive an offer in any market, not just a "buyer's market." In more and more cases, though, there seems to be a feeling of entitlement on the buyer's part. How much can I squeeze out of this seller? I'm not sure how a seller can't become emotional over that sort of strategy.

Candy -- That's it exactly. Yes, it is great to get an offer, but being "in the realm of reality" from the start will certainly help alleviate any hard feelings.

Posted by Peggy Wester, Real Estate Agent Ozaukee & Washington County (Realty Executives Integrity) over 9 years ago

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