The Offer - Part 2 - The Asian Investor
Phil Leng at www.philipleng.com
The new listing had been up for 3 weeks.
(Really now? If it has been up for 3 weeks, is it actually a new listing anymore?)
I got a call from an agent, Yen Shaw.
"My buyer is very interested in this property. I think he might be ready to make an offer. Do you have any offers on the table at this time?"
I explained that No, I did not have any offers, however, we got one the first week end, and there was a family who had also come through that first open house that had expressed real interest in the property. They had gone on vacation, but had told me that they would like to make an offer when they got back. Also we were getting 3-5 showings a week, so activity was strong on the listing.
A few days later. "Any offers yet?"
"No, nothing since we last talked."
"OK. My buyer is very qualified. Very strong. And he is really interested. But he wants a good deal. All my buyers want good deals these days. Will your seller negotiate?"
(Was she really asking me to violate my fiduciary duty to my seller?) "We priced it well. I am not going to give my sellers money away over the phone. If your buyer is interested, have him make an offer."
Two days later the offer came. With explanations and apologies from the selling agent. "My buyer is an asian investor. He wants a really good deal."
It was low. Really low.
I scanned it and sent it over to the seller. He and I talked just after he had gotten it. "Let's go over each part of the offer."
"I don't like it", was his response at the end. "Is this the best we can do?"
"You have three options when you get an offer. You can accept it as written. You can counter. And you can reject it out of hand. Usually we counter, if the offer is not what we want."
"It is substantially lower than that first one we got."
"Yes it is."
"Explain what happens if we counter."
The decision was made to not counter. That would tie us up for a couple of days. What if a better offer came in meanwhile? Also, the offer was so low, what if the buyer tried to work toward splitting the price between the listing price and the original offering price? That prospect did not please the seller at all.
I called the agent. "We really appreciate your effort. We hope we can put a deal together. If your buyer is interested, please come up in price so we can begin negotiations."
That buyer walked away. He would come back later...
Would there ever be an Offer - Part 3?
Keller Williams Realty