After touring the property, my buyers decided they wanted to make an offer. I called the "listing company", that redirected me to the owner. Turns out the owner has asked their daughter to handle the sale of the home. I call the daughter and tell her that I emailed an offer to her agent and to please call me with questions and to confirm that she received. She calls me back and begins to explain that she looked at the offer on her phone, but noticed the price, which she thinks is too low, and begins to explain the history of the property. Her parents purchased is as an investment ten years ago, they had several great tenants, a couple bad, decided they wanted to sell, it has been on the market forever, etc.... I explain to her my client's offer: price, closing date, desire for an inspection, financing, and desire for a home warranty. The response: "that sounds good.... I don't know what a home warranty is though." I proceed to explain, send links with options and information. She calls me back to following day. "So, we talked about it and.... did you know that we replaced the carpet, fixtures, stove, toilets, etc... and because we did all of that, we just feel... we want to offer $195,000."
After thanking her for the information and tell her I will be in touch once I speak with the buyers.
They receive the counter offer and decide to make an offer on another property in the neighborhood. Secretly I am cheering because I know that with no guidance from an agent this would have turned into a very complicated deal, with the brunt of the work falling on me.
If the seller had hired a Realtor up front would the property have been on the market so long? Probably not.
Would my buyer have thought it was worth less because it had been on the market for 100+ days more than any other house in the neighborhood? Probably not.
Would they have already known about the improvements made to the property prior to making an offer? Yes.
Would the seller have had a professional negotiator working on their behalf? Yes.
All of these factors added together mean a faster sale and for more money for the seller. I know the price tag of a full commission might seam like a lot, but after trying to sell a home for 6+ months yourself, it becomes stigmatized that something is wrong with it and it isn't worth what you are asking.
For more information on reasons not to do a "For Sale By Owner" visit: 5 Reasons You Shouldn't Do a FSBO
If you are thinking about selling your home, feel free to call, text or email me for a valuation of your property and to learn more about what a Realtor can do to help you sell your home!
Licensed to sell real estate in Virginia.
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