Realtor Refrain: 'Put it in Writing'

Realtor Broken Record

Like a lot of Listing Agents (representing Sellers) these days, I find myself sounding like a broken record.

As in the following:

"Would your client entertain a really low offer?"

"Put it in writing."

"Would your Seller consider an offer 30% below their asking price?"

"Put in writing."

"Would your client pay $10,000 in closing costs, replace the (functioning) furnace, and throw in the plasma TV in the den?"

"Put it in writing."

Probes and Posturing

If the Buyer's agent and their client won't even spend an hour putting together an actual, written offer, they're not very serious (or, they're simultaneously probing multiple Sellers to sniff out a truly desperate one).

It's also the case that it's NEVER a good idea for a Seller to negotiate with themselves.

Which is why the standard response to any question beginning with, "Would your client take . . .?" is, "I'm sure that they'd accept a full-price offer; anything else, I'll have to run by them once I've got it in writing."

Home Sellers and Buyers' Intentions

Hiding the Wrecking Ball

Does it matter to the Seller if they know that their Buyer intends to do a "gut rehab?" (pretty much what it sounds like).

Sometimes.

There are certainly some home owners who are so psychologically identified with their home -- and think that its condition and appearance are so perfect, just the way they are -- that any suggestion otherwise is construed as a personal affront.

However . . .

Usually it's pretty apparent -- to prospective Buyers if not the Seller -- when a home is need of a total renovation.

Sellers who hear the same feedback, over and over, eventually become inured to the idea that the next owner of their home "may be making some changes."

Lots of Showings

Too, Buyers planning on doing extensive renovation will usually show their hand in the course of doing showings.

A lot of them.

Of course, the purpose of multiple showings -- typically with contractors in tow -- is to determine the feasibility and cost of the project(s) being contemplated (as a listing agent, I encourage this process -- to a point; much better to have no deal than one that blows up after lots of time wasted on negotiation).

Eyes on the Prize

At the end of the day, though, most home Sellers (properly) are more focused on whether the Buyer is able to perform financially, and what price they're getting for their home.

There can even be offsetting advantages when the Seller knows that the Buyer intends to do a major renovation (or more).

So, a home that might otherwise get picked apart on inspection instead can get a "pass."

There can be exceptions to that, though.

I handled one deal, the sale of a 19th century Victorian, that almost fell apart when it became apparent that the Buyer planned to do a tear-down.

The issue?

Both the owner and the Buyer wanted the home's gorgeous (and quite valuable) leaded glass windows.