Whenever I have a buyer who loses out on a bidding war, I try to get them right back on the horse. Thankfully, there are several houses sitting around that aren’t not selling in the $3 million range, so we made another offer yesterday.
First, I went to the open house and discussed for 30 minutes the state of the market (soft and picky), the good and bad features of the home, the sellers’ motivation, and generally built rapport with the listing agent who I had never met.
His listing of a 5,000sf tract home on a smaller lot has been for sale since April.
I mentioned that people don’t need a house this big. Buyers would rather spend less on a house that still suits their needs without the extra bedrooms, library, wine tasting room, etc. He mentioned that he had comps, and I pointed out that nobody else is coming to the open house. The market has changed.
The list price is $3,598,000.
We offered $3,150,000 with closing in two weeks.
I mentioned in my email that since the sellers had paid $2,100,000 in 2020, that they would experience 50% appreciation in four short years, or 100% cash-on-cash return on their $1 million down payment when they bought it, which is unheard of in the history of real estate.
He called me this morning.
He said that they are willing to counter $3,575,000, or $23,000 below list.
Don’t think that this market is going to get easier. The amount, and the quality of help will be going down further with the new rules. It will make it harder and harder to put deals together.
Get Good Help!
The reason why they only wanted to knock off $23,000?
“We’re getting more calls.”
…..calls from others who are going to do the same thing I did.
0.64%? Your a better man than I if you kept your cool.
It happens so often that live learned to shrug it off and keep moving. We made another offer today on a different house. My buyer has been reading the blog since the beginning!
Keep moving + making offers. Soon they’ll be doubling back and trying to reengage.
We made another offer today on a different house.
We’re opening escrow today!
The listing agent split the difference plus $5,000 closer to us.
My buyer’s response: “Why can’t they all be like that?”
23K ?
Oh. My. Gawd.
Those sellers/agent will eventually call you in a few weeks or months accepting your number but…
I know you’ll tell them your Buyer shrugged it off 🙂
The sad part is they’ll likely sell under 3M eventually.
By the way, your pics are all time!