Oh to wake up and go to the office knowing all the while there’s going to be someone waiting there whose primary purpose is tospend the day telling you how great you are.
“You the champ, Champ!”
Muhammad Ali had this in the form on Bundini Brown. Many people have this in the form of their spouses or their family or their friends.
Some even have this kind of constant, sycophantic reassurance from their real estate agents.
“Hold your ground, Mr. Seller! You know what your house is worth. No one else knows what it’s worth like you do, Champ!”
The thing is, as a seller, the last thing you need is a Bundini Brown-like listing agent in your corner telling you what you want to hear no matter what’s happening. You need a dose of reality, no matter how unpleasant it might be.
Case in point, adjusting the numbers to protect the innocent. One of my buyers recently found a patio home listed at what we’ll say was $175,000. Only one listing had sold at that level in the last 12 months (and it was larger), the next closest sales were $160,000 and the most recent sales were at $145,000.
Taking into account the handful of upgrades to the property and my buyers’ own desire, we decided to offer $160,000 and take our chances on an appraisal. The offer was declined outright because the seller doesn’t need to sell and isn’t going to give their house away.
As the agent told me, there are cash buyers out there – cash being code for “no appraisal needed” – and that’s who the seller wants to attract. Never mind the fact that most cash buyers are more likely to try and drive the price down than a financed offer in the belief (sometimes right, sometimes wrong) that they have more leverage.
It’s cool if the seller doesn’t really care if they sell or not … my question, though, is why even have the home on the market if only an offer more than 20% above the last sale of the identical model is going to be accepted? What agent in their right mind would write that offer for a client after viewing the comps?
Sadly, there’s a chance one will be found. Just as there are agents who will put a sign in the yard at any price there are some agents who’ll write an offer at any price. Most who do are more interested in their own commission check than the best interest of their client but that’s another story.
Look, Bundini Brown was damn good at what he did. He served Ali well and Sugar Ray Robinson before him. Boxers need the encouragement before they go get their heads pounded in by another person. Sellers may feel similarly bruised but the reality is it’s better to have someone willing to throw in the towel and concede reality than allow a hopeless fight to continue.
[tags]Phoenix real estate[/tags]