Saturday, February 11, 2012
I am entering the second weekend of negotiations on a condo in Cape Canaveral. If last weekend is any indication of how this one will go, the listing agent will suspend all communication until the work week starts for her again on Monday. This particular agent, during her five day work week, is quite forthcoming with her immediate rejection of my client's offers and his detailed substantiation of the same on her very over-priced listing. She has been combative and critical of our offers even though they have been solidly supported by recently sold comparable properties in the same building. She has refused all our requests for any substantiation of her asking price and counter offers. The buyer's mind is open to any evidence to support the seller's (and the agent's) opinion of value. [Note: there is none.] Her personal commentary comes immediately upon receipt of an offer or counter-offer before she relays the offer to the seller of the property. Her chip-on-the-shoulder attitude is very likely to prevent the sale of her client's condo even though the buyer is willing to pay more than what the comps suggest is a fair price. I doubt if her client knows that she doesn't work weekends or that she is speaking for him. Bad agent. By the way, she closed one property last year. False confidence.
Sellers, sometimes the reason your property doesn't sell is your agent's fault. The listing agent matters if you hope to sell reasonably fast and receive fair value for your property. If you have an unrealistic opinion of your property's value, feel free to list with anyone. It's not going to sell.
On another subject, sellers, when you accept an offer, it is prudent to get the contract signed and delivered as fast as possible. The buyer's right to cancel period doesn't start until you've signed the contract. We had a closing last week that was still within the buyer's right to cancel period on the day of closing because the sellers took so long to get around to signing the contract that they had verbally accepted. Not smart.
"The art of politics consists in knowing precisely when it is necessary to hit an opponent slightly below the belt." ___Conrad Adenauer