I paid !!!!!!! for this property and they are
offering this price?
Ask one simple question? "If you inherited the property.....
would you sell it for nothing"?
"I am sorry but what a person paid does not go into the
appraisal process. I wish I could get you exactly what you ask for. However there is a difference between price and value (be
sympathetic not dogmatic). This offer seems to be in the true value range. Can we tell them you will take it"?
The three types of listings (the 3 P’s)
probability – At or below market value
possibility --- Slightly above market
prayer ---- As in you don’t have one Considerably above market
sell a property when you list it.
Do not give
up too quickly on the right price. Fight for it. You are doing your seller and
yourself a great disservice by not having the courage to turn down an
overpriced listing. The only time you should take an overpriced listing
is if the seller is leaving town and there is equity in the house (a
home without equity is a rental with debt). If the seller is moving out of
town; explain the dangers of overpricing but take the listing no matter what.
They have to sell. That house gets less personal when they leave it.
tell you “but I can’t pay you and my mortgage at this price”? What do you do?
Ask “are you able to come out of your pocket to sell this house”? Do they
qualify for a short sale? Do they have a low interest assumable loan
such as VA or FHA?( most realtors don’t know or think about this ; but there
can be built in value especially if rates are higher than their mortgage
rate. If the answer to all these questions is negative; then tell them you are
sorry; that maybe after they have paid down their mortgage or their situation
changes you would be happy to help. Remember
a bad listing is worse than no listing. It robs your time and tarnishes
One of the biggest mistakes listing agents make is...
Giving equal value for square footage on a two story home. Take from 15 % to 20% off the top story (building only). Why? The cost of construction is less because you are eliminating two of the most costly items in construction. The roof and the foundation. Watch for this when calling on expired listings. You can use this to get a price that will sell.
Your home is in a beauty contest and a price war with ----- number of homes.
Go to your MLS and get the current number of active listings and pending sales.
Then get the number of solds within the last 30 days. In my mls currently there are
3025 Actives and pendings and 583 sales in the last 30 days (pretty high rate). Divide
the actives and pending, by the solds 3025/583= 5.19 round down to 5. 1 out of 5
sell each month. Your house is competing with 4 other houses for one of the spots
that will be sold this month. You must beat the other 4 homes in price and condition.
To do that you must price your home well and have it in the best condition
Use this story to get your seller to accept a good offer....
The little puppy with a bone
was a little puppy on the side of the road wet and starving. Another dog came
along and asked if he could help. "If I could only just get me a bone I would be
fine" cried the puppy. The dog said “ I don’t have a bone
right now; but I have 1000 friends and surely one of them will have a bone. I
will notify them you need a bone”. The puppy said “please do that, and
thanks”. After a few days the dog
returns and says “I have great news. One of my friends brought me this bone and
you can have it !”. The puppy looks at it and says “I wish it had a little more
meat on it”. Let me think on it. He puts the bone in his mouth and starts
walking. He comes upon a stream with the bone still in his mouth. He looks into
the stream and behold! There is a puppy with a bone in his mouth that looks
like it has more meat than his bone. He wants the other puppy’s bone. He opens
his mouth, his bone drops into the stream lost forever and the ripples make the other dog
and the bone disappear as well.
You have asked me to bring you an offer on your house. I put out the word and
one of my fellow real estate agents has brought you an offer. We have not had any other
offers even though there may be one out there “somewhere”. We have gone over
the benefits and I believe this is a good offer. Please, don’t be like that
little puppy and lose the only offer (bone) we have on the table. May we go
ahead and tell them you will accept it”?