Ever wonder how much of a deal do home buyers need to get? What is the walking away number? The number that says nobody wants to sell and evidently nobody wants to buy so let’s just forget about the whole thing? If it’s less than one half of a percent, I say everybody in that transaction needs their heads examined. Somebody must be focusing on the wrong things.
When I see some demands from buyers, it doesn’t make sense. For that sake of clarity, I am not talking about any transactions I am personally involved in. Because I’d probably tear out my hair and go screaming into the night if I were. But say, for example, that a home was priced at $400K. And the buyer’s agent, through a series of negotiations and multiple counter offers, gets the seller to agree to a price of $360K.
Before the incident of buyers with agents calling listing agents happened yesterday, I had been rudely awakened at 4 AM. My fault, really, for leaving my Apple Watch on and not muting it on the charger. At 4:00 it went off, screeching with a Hawaii Emergency Alert that Hurricane Lane was approaching. Would the government purposely send out an alert at 4 in the morning if it wasn’t necessary? Must be important. I jumped out of bed.
Wasn’t much of an alert. Check media for an update was the message. I watched a CBS reporter talk about the flooding in High-Low as the reporter next to him lowered his head and whispered: Heeeeeee-Lo. Much of the flooding, raging rivers and landslides were happening inland or on the eastern side of Big Island. Hilo was hit extremely hard.
Not making this up, I actually received a Thanksgiving lowball offer for one of my listings yesterday morning. No introduction to the buyer, no notice the offer was about to arrive. I woke early morning to an email: here is an offer with the accompanying documents. When a Sacramento Realtor receives a Thanksgiving lowball without the usual notification, there is only one thing to do. Call all of the people responsible at oh-dark-thirty. Especially the person who sent the email with instructions not to call.
Sacramento buyer’s agents do not always give the comparable sales to the buyer and, if they do, sometimes agents use the wrong comps. Buyers often base a price decision on what else is for sale and not on closed comps. It is not uncommon. Further, the reasons why agents use the wrong comps are varied. Agents might pull comps that are outside of the property’s radius. Or, there might be too many comparable sales in that particular neighborhood to choose from. Or, perhaps the agents just don’t know the neighborhood very well.
You will call it negotiating your offer in Sacramento, but the seller will call it justifying your lowball. Tomat-O, tomaTOE. I spot all sorts of offers to buy a home come across my desktop. The offers are accompanied by all kinds of reasons, too, but most of those “justifications” are inconsequential. In some ways, it would probably be better for a buyer’s agent not to supply any justification at all. They could just tell the truth. They could say my buyer just wants a discount. But that’s too novel of a concept. That’s not negotiating your offer in many people’s minds.