The Ocean Between Buyer and Seller

I remember the good ol' days when the discrepancy between the Buyer's offer and the Seller's asking price was measured by mere thousands of dollars, signifying 1%-2% of the property's value. That disparity was like a little puddle of water we used to quickly and easily jump over and put the deals together.Today I presented an offer to the bank for $165,000 less than the original asking price, a 34% reduction in value. Ouch! My advice: "Take the offer!" With 20 other properties competing for the same buyers and only one sale effected within the neighborhood within the last 6 months, we are lucky to get this offer.Have I succeeded in convincing the bank to take the offer? No, not yet! I've sent them my reports for the neighborhood. I've made a very compelling argument. Tomorrow I am going to take pictures and shoot video showing my seller (the bank) other similar homes in the neighborhood that are offering just as much for less money (other REO's).I hear the same thing from my bank clients that I hear from my other sellers: "But I need to make this much..." Dear Seller, your needs will not be met in this market! Your wants, needs and must haves, are completely irrelevant to the Buyers!Dear Seller, I DO care about you and your property! I FEEL your pain! My commission is significantly reduced when the price is slashed. But if we don't get the job done now, we might not get a similar offer again. EVER!!! We might join the legions of other vacant homes just lingering on the market and deteriorating from the elements. The longer a property remains in that state, the harder it is to sell it, and the less money it will garner.Aah, the good old days of the puddle... Now we have oceans to brave, stormy waters between Buyers and Sellers...Mirela Monte, Your Myrtle Beach Real Estate Connection
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Comments

  • Good post! Our market is pretty strong and sellers are still able to get appraised values. We are seeing a lot of investors who are buying to hold with positive cash flow and a 5-7 year exit strategy
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