Sabotaging Your Sale
As I sat on an Open House for a colleague last Sunday, doing my best to extol the virtues of this charming home with great potential (and it could be a charming home and yes, it does have great potential) I was amazed at how easy it is for some Sellers to sabotage the process. This home had been on the market as an overprice FSBO (For Sale by Owner) for more than a year when a sharp co-worker brought in a potential buyer. Although the buyer fell through, he was able to convince the seller that perhaps, it was time, to let a professional step in.
That being said, it's always difficult to take over from Sellers who are sure they know more than you. It's been an uphill battle for my co-worker ever since! With a credit at escrow, he convinced the Sellers to paint and polish the badly damaged wood floors. However, they stopped short of painting the whole house, didn't clean up the garden which is knee-high in weeds and refused to stage the home, adding intrinsic charm and character, most buyers have come to expect. They came back on the market at a price that is still too high and are now in heavy competition against other more polished, nearby properties. Worse of all, they have refused to inspect the property or to make available their disclosures about the house unless a buyer steps forward.
"What do you know about the pest?" a savvy perspective buyer asked me, looking at the sagging sun room and the rotting windows. "Nothing," I replied. The seller didn't order a pest inspection . "How's the foundation he asked?" viewing the cracks in the basement? "I don't know," I answered. What can you tell me about the electrical system or the condition of the roof?" he pressed. "Nothing" I said, embarrassed by my lack of knowledge. "I would encourage you to investigate fully if you are interested." "How much are inspections?" he asked. "Inspections run from $150 for a roof inspection up to $500 for a home inspection (finally a question to which I knew the answer!) "I don't think so." he said as he walked away.
Relaying this story to a friend and client, he said, "Why don't sellers recognize that anything they can do that alleviates risk for the buyer is a smart decision?" "Yes, reducing stress in a competitive market makes sense," I agreed, "but they didn't want to spend the $1,000.00 it would take to fully inspect the property." We are about to put his home on the market and he and his wife have already begun the process of inspections and are prepared to correct any flaws up front. They recognize what my colleagues Seller has not. Preparation and Disclosure are tantamount to a positive net result! What's more, they are, what we like to refer to in the business as " highly coachable." They listen and value my opinions and more importantly, act on them!
More than fifty people came to the open house on Sunday, even though it has been on the market for several weeks. Strategically placed signs, a hot local market, and aggressive advertising has kept buyers coming. But lack of information, an overpriced home, and rigid Sellers have kept them going just as quickly. Sabotaging your own sale leaves everyone spinning their wheels and fails to meet the goal. If your goal is to sell your home quickly for top dollar, listen to your Realtor, respect the market conditions and what they are telling you, and inspect and prepare your home fully in order to compete!
That being said, it's always difficult to take over from Sellers who are sure they know more than you. It's been an uphill battle for my co-worker ever since! With a credit at escrow, he convinced the Sellers to paint and polish the badly damaged wood floors. However, they stopped short of painting the whole house, didn't clean up the garden which is knee-high in weeds and refused to stage the home, adding intrinsic charm and character, most buyers have come to expect. They came back on the market at a price that is still too high and are now in heavy competition against other more polished, nearby properties. Worse of all, they have refused to inspect the property or to make available their disclosures about the house unless a buyer steps forward.
"What do you know about the pest?" a savvy perspective buyer asked me, looking at the sagging sun room and the rotting windows. "Nothing," I replied. The seller didn't order a pest inspection . "How's the foundation he asked?" viewing the cracks in the basement? "I don't know," I answered. What can you tell me about the electrical system or the condition of the roof?" he pressed. "Nothing" I said, embarrassed by my lack of knowledge. "I would encourage you to investigate fully if you are interested." "How much are inspections?" he asked. "Inspections run from $150 for a roof inspection up to $500 for a home inspection (finally a question to which I knew the answer!) "I don't think so." he said as he walked away.
Relaying this story to a friend and client, he said, "Why don't sellers recognize that anything they can do that alleviates risk for the buyer is a smart decision?" "Yes, reducing stress in a competitive market makes sense," I agreed, "but they didn't want to spend the $1,000.00 it would take to fully inspect the property." We are about to put his home on the market and he and his wife have already begun the process of inspections and are prepared to correct any flaws up front. They recognize what my colleagues Seller has not. Preparation and Disclosure are tantamount to a positive net result! What's more, they are, what we like to refer to in the business as " highly coachable." They listen and value my opinions and more importantly, act on them!
More than fifty people came to the open house on Sunday, even though it has been on the market for several weeks. Strategically placed signs, a hot local market, and aggressive advertising has kept buyers coming. But lack of information, an overpriced home, and rigid Sellers have kept them going just as quickly. Sabotaging your own sale leaves everyone spinning their wheels and fails to meet the goal. If your goal is to sell your home quickly for top dollar, listen to your Realtor, respect the market conditions and what they are telling you, and inspect and prepare your home fully in order to compete!
posted by Julie at
8:21 AM
1 Comments:
All GREAT thoughts, Julie! Now I know what I will be scheduling in the coming week :)
Thanks,
Cici
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