As a Realtor, when I go on a Listing Appointment with a potential home seller, I go over the entire selling process. I discuss the current market, how long properties have been staying on the market, how properties are priced, how properties are selling as a percentage to their asking price, how to show the house, what companies are relocating to the Austin TX area that would effect an influx of buyers to the market, etc... I try to cover everything I can possibly cover so my sellers are not blind-sided during the process.
That also means that we talk about what happens when an offer comes in. We talk about how buyers will sometimes ask for closing costs to be paid. We talk about seller traditional expenses like the Owner's Title Policy for the buyer as well as a home warranty. We talk about whether or not they have a survey to supply. We talk about the inspection period and what it means for the buyer.
Most importantly, we talk about potential scenarios and what we're going to do when we get an offer. Why is this "most importantly"? Because it's extremely important to know what to do once you have an offer in hand and how you should respond to it. Do you nit-pick the tiny things or do you focus on the main, bottom-line.
Again, why is this important? Because you don't want to scare off that buyer who just took the time to write an offer on your home, right? Here's an example for you. I had a buyer a few weeks ago write an offer on a house. The neighborhood had not had a single pre-owned sale for more than 6 months, as every single sale was a brand new home.
It took the seller 3 days to respond to our offer!! Yes, 3 days!! Does that instill confidence in a buyer? Does that show a buyer that the seller really wants to sell?
From my perspective, it shows that the agent didn't prepare her sellers for an offer. She didn't prepare them with market data. She didn't prepare them with response expectations... When the sellers finally responded, we were a little dumbfounded by their counter. I did prepare my buyers for an unfavorable counter, and also prepared them to walk away if they didn't get the response they wanted, or could work with by countering back. The way the counter was presented back, several days later, my buyers decided to walk away from the house.
Would the buyers have decided to walk during the inspection period? Maybe, maybe not. Would the buyers have changed their mind during their financing contingency? Maybe, maybe not. Would the buyers have been more confident about buying the property if the sellers didn't take so long with their response, definitely!!
If the sellers had responded promptly, the buyers wouldn't have continued to check new listings. If the sellers had responded promptly, the buyers would have been very excited about this property. Instead, after no response the second day, the buyers looked on the MLS for new listings. They found others they liked and wanted to look at. The excitement of this other property had disappeared...
This property has now been on the market 249 days and counting... my buyers made their offer just about a month ago, so even at more than 200 days on the market, the sellers weren't prepared for an offer on their house... so sad...
If you're looking to sell in today's Austin TX real estate market, please contact me for the facts and arm yourself with the information you'll need to help yourself make an informed decision.
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Copyright© 2012 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Sellers - Are You Prepared to Respond When You Receive a Real Estate Offer? * was first published on donnahomesblog.com.