When is it Time to Say Good-bye to your Seller?
Sellers, buyers and folks who I come to meet and get to know me, know that I’m professional, patient, calm and collected. I’ve walked the walk and talked the talk at listing appointments and showings. I’ve stopped taking overpriced listings - yes, I’ve had overpriced listings in the past. I keep in contact with my sellers, answer the phone and give them regularly an up-to-date market status for their respective neighborhoods.
I’m excited when I meet with prospective sellers, who are motivated to sell and have the luxury of owning their home free and clear – yes, no short sale or foreclosure to deal with. Most of my sellers are elderly folks, who are or looking into assistant living or moving back to be close by their adult children. These senior citizens have worked and lived so hard for what they own and are very proud of it; they are meticulously and take care of maintenance issues right away. Understandably, they are overwhelmed and are upset when they are losing their independency. Not to mention explaining to them that we are experiencing a declining real estate market and the value of the homes have dropped tremendously from the years of the real estate boom.
A couple of years ago, I’ve had a signed listing agreement and the lady of the house asked me if I would tear up the contract because she was not ready to move, she even offered to pay me for my time and expenses I’ve incurred so far. I agreed, tore up the contract and asked her just to remember me when she is ready to sell her home and left without taking a dime. A year later the homeowner called me back and I marketed the house for her.
When the homeowner passes away it is a trying time for the adult children or heirs to take care of the selling their parents home, especially when the siblings can’t agree. Recently, I’ve received an offer on the house – the house has seen traffic after we lowered the price, an offer a little low but there is always time for a counter offer. When I submitted the offer to my sellers, I also submitted a market report for their respective neighborhood and explained the current trend in this neighborhood with bank owned and short sale properties, advising on the aspects of taking care of a vacant home, etc. I sensed from the communication that the siblings could not agree on a counter offer therefore would not counter back to the buyer. I reemphasized the importance to counter back, finding out the motivation of the buyer, even if it means to counter back full listing price.
The very next day, I had no alternative but to withdraw the listing agreement for the lack of support and said good-bye to my seller and wished them the best. This is the first time, in my over 10 years of experience, this happened to me and I was totally blindsided by their action.
What would you have done?
Copyright © 2009 http://www.servinglakelandfl.com | All Rights Reserved |
When is it Time to Say Good-bye to your Seller?
Petra Norris
CDV TransAtlantic, Inc.
Licensed Florida Real Estate Broker
PO Box 92050 - Lakeland, FL 33804-2050
Telephone (863) 619-6918
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
Petra, just recently I was in a similar situation and had to withdraw the listing. Until they come to an agreement and communicate with each other, they are essentially not ready to sell with you being stuck in the middle. All the best!
Petra: it really stinks to have this happen and it is so hard to let go. I congratulation you for doing it
Petra, Sounds like you made the right choice for your business, Also sounds like there was not a meeting of the minds with the siblings and no relationship with you. They might be on the market for awhile before they realized that the market is going to set the price.
That's a really tough decision to make. But I think you did the right thing. Sounds like an inner communication on behalf of the sellers and you can't waste you're time if they're not ready to make a decision.
You were in the middle of their inability to make a decision, probably motivated by the needs of some of them to get a higher price than the rest of them wanted. When there are too many people involved and some in more need than others there is seldom an easy route. Hopefully when they can agree on something, they will call you back.
Never hesitate to fire sellers when they will not cooperate with you. They just drain your energy and divert your attention from more productive activities. Move them to the FIDO status (Forget It, Drive On).
Follow me on Twitter: http://twitter.com/roykelley
Thanks for sharing your insights with me today. Keep up the great blogging
I've been through this. Had an offer on a home where the sellers would have to bring a check to closing, $25,000. The couple was seperated, the wife refused to sign off, the husband finally convinced her that this was $25,000 that he would pay and they would both be off the hook. A week later she agreed, to late....
Oh my, how frustrating. I am not sure what I would have done, but it sounds like you did the only thing you could. I would be so torn, but I do have one question for you. Normally, if a seller passes away, wouldn't this have gone to probate for a judge or executor to decide. That is the way it is here in Nevada. I am wondering if laws are different in Florida...
Silvia - It's very frustrating, especially when you had a great relationship with the owner.
Janice, Mary, Paul - thank you for the support, I was beginning to over-analyzing my decision.
Ed - I hope they come to an agreement soon, but it does not look that way now.
Roy - you right about draining my energy, though I'll never forget and certainly learn from it.
Eric - Your welcome! I'll try my best
Frank & Jodi - what a bummer, there is such an abundance of inventory you would think that the seller would think about a decision they may later regret.
Christianne - The owner took care of the affairs (will) before passing away. If there is no will it would go through probate.