Buyer Considerations – What If You Were The Seller?
Most buyers have been conditioned to place a heavy emphasis on price. How often have you heard a buyer say, “I’m looking for a steal”? In most areas, the “steals” that were available a few years ago are all taken now, but many buyers are still being unrealistic with their offers.
An effective way to address this issue is to encourage your buyer to look at the situation from the seller’s perspective. Here’s an example of how this can be done:
“Mr. and Mrs. Buyer, I can appreciate you wanting to get the best price possible, but if you were the seller, based on all of the recent closings that have occurred in this area, would you be willing to accept the offer you’re making?”
Your buyer may respond by saying, if the seller is desperate enough, they will consider the offer. Don’t let this response deter you. Insist that your buyer answers the question by asking it again:
“Some sellers may be desperate to sell, but if you were the seller, would you accept this offer, or possibly even be a little annoyed at someone trying to steal your property?”
Also ask your buyer:
“If you were the seller, under what conditions would you be motivated enough to take a substantial loss by selling for a lot less than your home is worth? How many sellers do you think are that desperate? The real estate market has significantly improved, and the rate of foreclosures is the lowest it’s been several years.”
“Also, do you think it’s likely that the seller will accept such a low offer when their home is one of the best ones available in the area?” (Remember, this is the home that your buyer wants. If they have good taste, it must be a desirable property.)
Considering the situation from the other perspective will likely make it much more difficult for your buyer to justify unreasonable offers.