I had lunch with my good pal and Realtor Extraordinaire Phil Faranda the other day. As I gobbled some crazy good pizza Phil lectured me (kindly, as it were) that I need to be blogging again.
In between chomps on the pizza I responded.
GULP. “Been there done that Phil. I used to blog on tcurranmortgage a LOT.” BITE. CHOMP. GULP. YUM.
“Do it again,” says the JPhilip man.
So he got me to thinking. Not just about Pizza, but about blogging again. Then he drew me in ever so craftily when I responded in a rather lengthy way to his posting on his Facebook blog. You can read for yourself how my pizza-enabling-pal became my new blogging-enabling-friend. And I quote: “Trevor, you just wrote a blog post! See how easy?”
I did it again this morning. Got on my soapbox and came real close to ranting and raving in reply to one of Phil’s eloquent and passionate blogs about our interesting business we all work in.
Am I back to blogging BIG-TIME? Since I’m crazy busy in my new role as Director of Business Development for a busy mortgage company, I truly don’t believe I have the time, but I’ll try to come back here to tcurranmortgage.com more often and enlighten y’all with my thoughts and information on mortgages, real estate and the homebuying experience.
Hey Phil, here’s a re-cap of a bunch of articles I done blogged “back in the day” about the negotiating process. These are the lessons I’ve learned over my 20 year career as a mortgage professional and the distillation of the advice I have given (and continue to give) my HomeBuyer clients:
And, in a more-detailed response to Phil’s FaceBook posting this morning about the Seller who didn’t counter-offer, an excerpt from a rather old blog entry here on tcurranmortgage.com, Negotiating An Offer In A Changing Market. The excerpt from that article is posted here to further illuminate Phil’s point that a Seller should ALWAYS counter-offer a Buyer’s offer no matter how low it is. Phil says that Buyers are so hard to come by that, when you have one in front of you, you (The Seller) must react with more than a “NO” to a lowball offer.
My personal spin on that is the Seller isn’t really serious about selling the house. See more below.
Serious Sellers. Oh boy there are a lot of houses on the market. Don’t let that fool you into thinking they are all ready for the taking by smart Buyers like you.
Assume there is a percentage of Sellers out there who are not serious about selling their homes. They still think it’s last year and the prices are still mega-millions. Note to Sellers: the market has changed!
You want to discern who is serious about Selling and who is standing there thinking their homes are cash cows waiting to be milked by an unsuspecting Buyer. Note to Buyer: that’s not YOU!
Some folks don’t need to move. The job is not relocating to Arizona; it’s not time to retire; they don’t need to buy a bigger house to accommodate the elderly Mom who is moving in with them. Some folks just have this idea they can sell their home and make tons of money. That’s not “serious about selling” in my book.
You can ask a lot of questions to get at the “truth” behind a Seller’s motivations to sell. You may not get answers to your questions, or the answers may reveal nothing of the Seller’s intentions, or, worse, you may be lied to.
In my long experience I have found the best way to get at the secret of whether or not a Seller really wants to/needs to sell a home is to make an offer.
The person who doesn’t respond to an offer probably thinks he’ll just sit tight to get his price. That’s fine, but if the house isn’t worth that price anymore, then you, educated Buyer, will be moving on to greener pastures.
If your original offer is seriously low, and there is no response, try raising it. If still there is no reaction—a counter offer from the Seller is what I consider a reaction—then this Seller probably isn’t serious.
Time for you to move on. There are plenty of houses out there. Keep going until you find a Seller who really is serious about selling their home.
These are just basic suggestions to help you chart the mysterious waters of a cooling market.
You really must be out there looking, looking, and looking some more, making offers, and making more offers in order to develop a good sense of where the market is going and how you can achieve your goal of homeownership.
Thanks Phil for dragging me back here! Let’s see where it goes from here…
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