IT'S STILL A DEAL-EVEN IF THE SELLER REFUSES TO DROP THE PRICE $100,000!

It’s Still a Deal-Even if the Seller Refuses to Drop the Price $100,000

In today’s market, everyone is looking for a "real deal". Do I blame them? Certainly not. If I were in the market to purchase property now, I (like everyone else) would be looking for the absolute best deal out there. Why spend more money when you don’t have to? However, I have seen some customers pass up really awesome deals because they felt like the seller should drop his price to an unreasonably low price.

For example, an Atlanta agent called me the other day to make an appointment to show a home that I have listed. The home was originally listed for $425,000 and the sellers (wishing to do a short sale) had lowered the price to $350,000. At this price, the sellers would be taking approximately a $75,000 loss. The cabin could be purchased furnished for an additional price. I explained all of this to the agent and asked her if she had pulled comps of comparable homes in the area. She commented that she had pulled comps and had noticed that the two neighboring homes had sold for over $500,000. Of course, she commented on the fact that she felt like this was an awesome deal.

After showing the customer thirty-something cabins, the customer decided (hands down) that her favorite cabin was the one I happened to have listed. The agent called to tell me that her customer loved the cabin and they would be sending an offer. Yeah!!! She informed me that since it was a short sale the customer was going to start out low. How low? After receiving the offer, I suddenly realized that "low" to this customer was $100,000 less than the asking price. I explained to the agent that the seller had already lowered the price as much as possible (as much as the bank would allow), and the short sale price was already reflected on the MLS sheet.

After explaining this to the customer, the customer decided that she was going to wait because she felt that it really wasn’t a deal at this price. In the meantime, another customer looked at the cabin and decided that it was definitely a deal at this price and he wanted to offer full price to avoid the chance of someone else getting this cabin. As soon as the house went "pending", I received a call from the Atlanta agent wanting to know if this was a solid contract. The agent had informed her customer that the house had gone under contract, and the customer was devastated. She said she couldn’t believe someone was willing to pay full price in this economy (even though it had been dropped $75,000).

Six weeks later, I spoke with the agent who said the customer still had not found a home she liked. The customer just couldn’t find another cabin that she liked as well as the cabin that was now the property of a new owner. Her final conclusion: IT REALLY WAS A DEAL EVEN THOUGH THE SELLER WOULDN’T DROP THE PRICE $100,000.

Has anyone else experienced a similar situation? I would love to have your feedback

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