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Old 06-26-2009, 01:40 PM
 
166 posts, read 791,545 times
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then backing out once it is time to put it in writing OR getting cold feet right before signing the contract.

29 showings so far, 2 lowball offers, one was a contingency offer which we were on the verge of accepting, but then the buyer decided to sell his home first before committing to us, and then this new offer - talked about the offer, agreed to the deals, their agent told us she is going over to sign the papers last night, then said could not do it last night, will do it this morning, and then called back to say they have cold feet.

Great feedback on the house, it has been on the market for 29 days...but this is so depressing.

Sorry, just wanted to vent.

Beth.
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Old 06-26-2009, 02:33 PM
 
28,461 posts, read 79,147,597 times
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29 showings in 29 days!!! THAT IS RED HOT MY FRIEND!

Two offers in just over 4 calendar weeks? You are right in the "sweet spot" I would think.

Do you have an agent? If not I suspect you need to do a bit better PRE QUALIFYING people. You aren't selling a used water mattress here, this is A HOUSE, and people that are prepared to make an offer ought to have SOME ONE to hold their hand and help them realize that if the like a place enough to make an offer they ought to have THEIR HEAD ON STRAIGHT and have their finances in order too.
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Old 06-26-2009, 03:37 PM
 
166 posts, read 791,545 times
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Yes, we have an agent, and he is being amazing...

So you think that many showings is a good thing? This is a first time that I am selling a house, and the fact that offers are coming in and then slipping away is making me nervous...we have till October since our current house is being built and won't be ready before then.
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Old 06-26-2009, 04:16 PM
 
28,461 posts, read 79,147,597 times
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If the agent you have can keep the pace of showing up, and works just a little bit on getting the prospective buyers a bit more aware of the inevitability of "cold feet"/ buyer's remorse I am fairly confidant that you will do fine well before October barring some sort of extraordinary reversal.

The selling process definitely will wear you down too, with emotional highs as smiling prospective buyers are glimpsed leaving your home, and lows when only poor or incomplete offers are received, but the fact that many people are looking and at least two liked it enough to sorta present an offer is very encouraging.

Make sure that you communicate with your agent on a regular basis, either via email of telephone -- if they know you are "on top" of the whole situation it will help them to be sure to respond to other agents and get your OK for showing and other changes that might be needed.
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Old 06-26-2009, 06:31 PM
 
Location: USA
4,980 posts, read 9,007,232 times
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The economy is bad.
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Old 06-26-2009, 07:33 PM
 
Location: Not on the same page as most
2,505 posts, read 5,906,154 times
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Quote:
Originally Posted by mcbeth01 View Post
then backing out once it is time to put it in writing OR getting cold feet right before signing the contract.

29 showings so far, 2 lowball offers, one was a contingency offer which we were on the verge of accepting, but then the buyer decided to sell his home first before committing to us, and then this new offer - talked about the offer, agreed to the deals, their agent told us she is going over to sign the papers last night, then said could not do it last night, will do it this morning, and then called back to say they have cold feet.

Great feedback on the house, it has been on the market for 29 days...but this is so depressing.

Sorry, just wanted to vent.

Beth.
Hey Beth,

It is really hard selling a house these days, and it sounds like you are off to a fantastic start. Hang in there. If you need a little tea and sympathy, come on over to Crazy Camp #5. There are realtors, buyers, sellers, and other friends who just come to chat. So if you need a shoulder, please stop by.
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Old 06-27-2009, 09:39 AM
 
Location: Philadelphia
244 posts, read 696,948 times
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I do not even tell my clients about verbal offers. When an agent calls with one I say write it up and send it over. After the initial offer is sent I will then negotiate but verbally but not until that first offer is sent over in writing. There is no need to get my clients hopes up for an offer that is not coming.
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Old 06-27-2009, 09:49 AM
 
Location: Marion, IN
8,189 posts, read 29,896,095 times
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Quote:
Originally Posted by byoak View Post
I do not even tell my clients about verbal offers. When an agent calls with one I say write it up and send it over. After the initial offer is sent I will then negotiate but verbally but not until that first offer is sent over in writing. There is no need to get my clients hopes up for an offer that is not coming.
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Old 06-27-2009, 09:56 AM
 
Location: Hermoso y tranquilo Panam√°
11,874 posts, read 10,418,403 times
Reputation: 47191
Quote:
Originally Posted by chet everett View Post
29 showings in 29 days!!! THAT IS RED HOT MY FRIEND!

Two offers in just over 4 calendar weeks? You are right in the "sweet spot" I would think.

Do you have an agent? If not I suspect you need to do a bit better PRE QUALIFYING people. You aren't selling a used water mattress here, this is A HOUSE, and people that are prepared to make an offer ought to have SOME ONE to hold their hand and help them realize that if the like a place enough to make an offer they ought to have THEIR HEAD ON STRAIGHT and have their finances in order too.
Wow! That is a lot of showings in such a short period of time and 2 offers to boot! I know it's frustrating when buyer's get cold feet (buyer's remorse) and since you indicate you have a great agent the only suggestion I would have is to just have them encourage the other agents to get an offer drafted, no verbal anything, even if the offer is lowball or whatnot. That way there's no back and forth on the telephone and easier to weed out the people who are going to be flip-floppers, and there's a whole lot of them out there.

I flat tell our sellers what my philosophy/strategy is when buyers start asking 'will the seller accept this' or 'will the seller do that' is tell them 'Like life is negotiable . . . so let's put in an offer and see what the seller says'. The whole point is to generate 'signed' offers. Then the buyers who aren't serious or just whatever go away at that point (commitment time), which reduces everyone's stress levels. Good luck and like Chet said sounds like you're one of the fortunate ones located in a hot spot.

Last edited by JustJoy; 06-27-2009 at 09:59 AM.. Reason: typo
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Old 06-27-2009, 11:14 AM
 
Location: Central Texas
20,887 posts, read 41,550,965 times
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That really is great activity you're getting!

I agree that an offer isn't an offer until it's in writing. If an agent calls me up and asks me how much my client will take, I'll tell them (as is my fiduciary responsibility unless the client has told me that I can say otherwise): "I KNOW they'll take asking price. If your buyer would like to make an offer, put it in writing and I'll present it."

I've been burned with something verbal, not in writing, before, and don't plan to be so again or, more importantly, have my clients burned.
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