I’d Be Hard-Pressed to Procure a Ready, Willing and Able Buyer For Your Over-priced Home!!
I recently wrote about four reasons why it, perhaps, isn’t your agent’s fault, if your home is not selling. I’ve received several comments, even from my own sellers who actually made valid comments about other homes in their own neighborhoods, proving to me that they just ‘get it!’ I also received an invitation to present my marketing plan to a potential new seller.
In a discussion with the potential seller this week, he asked the question, “What if my home doesn’t appraise when we DO have a buyer? If the buyer won’t pay any amount above the appraised value when we get to that point, I won’t be able to sell my home!” I’m thinking, ‘do we need to discuss a short sale?’ but, in review of his financials, he’s in great shape to sell his home and still walk away with quite a bit of equity.
However, it’s not about equity, it’s about principle to this seller! This seller has a pre-determined figure set in his head as to how much he can will sell his home for and he is committed to taking no less than that amount. His suggested list price is over-inflated and well-above market value. Regardless of the comparables reviewed with this man, he is insistent.
I asked him, “When you’re negotiating the next home that you are going to purchase, are you okay paying above market value even though your lender won’t approve a mortgage for any amount above appraised value?”
He paused, then said, “Well, I’m counting on you to be able to negotiate with the buyers and get this thing sold at MY price–its MY home and I’m selling it at MY price.”
I love listings so, this was very difficult for me to say but, I said, “I’m so sorry ___, I would be hard-pressed to procure a ready, willing and able buyer for your over-priced home. In fact, at this time, it will be impossible. I’m going to have to respectfully decline.”
Sellers, please note when listing and selling your Charlotte homes:
- Even if your neighborhood is declining, if the price is right, it WILL sell.
- Do your homework; research the comparable homes in your neighborhood and listen to your agent’s pricing advice – you’re paying for his or her expertise, whether or not you agree with it. The market data doesn’t lie!
- Banks have much tighter lending requirements and they are sure not to loan more money than a home is worth. Not to mention, a buyer, in their right mind, is not going to come to Closing with cash out-of-pocket just to purchase an over-priced home! They’re looking for a DEAL, not a home that has been marked up for seller profit!
If you are thinking of listing your Charlotte home for sale, taking all of these factors into consideration is critical to the success of your sale. Remember, you wouldn’t ‘over pay’ for your real estate purchase; why would you expect your buyer to do so?