Amie Clark, Home Buyer in Scott, LA

Any advise on dealing with a seller set on a price that is well above the comps?

Asked by Amie Clark, Scott, LA Fri Mar 30, 2012

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14
Looks like you have good comps at hands. Make sure to print them out, highlight the items the other homes have that are better such as square footage, granite countertops, and so on. A cash offer is a great incentive, if that is not possible, show the seller you are pre-approved and can close escrow quickly. If none of that helps, you can either wait until they realize the house is overpriced, time WILL tell, or move on, there are plenty of fish in the sea. Hope this helps!
1 vote Thank Flag Link Sat Mar 31, 2012
Most situations where the home is priced beyond current market IS a seller's issue. As a seasoned agent I work hard to find the reason a seller is set on an unreasonable price and show them the reality of the market conditions in their area,home condition and age. We all tend to value our own home at a higher value because of emotional ties to the home. Selling your home needs to be presented as selling your home not the memories tied to the home.
Seriously, agents are not the enemy...we are not playing games and want the best outcome for our sellers and for our buyers.
0 votes Thank Flag Link Fri Apr 20, 2012
I'm so disgusted with buying a house. We have a great down payment, own our present home and have excellent credit. It just seems like a "big game" and the buyer doesn't know all the rules (my husband and I are "real estate stupid". We just want fair market value (that is why we decided to do this now. Why can't people be upfront from the beginning as to what a house is worth?
0 votes Thank Flag Link Tue Apr 3, 2012
please dont send me other houses thank you
0 votes Thank Flag Link Tue Apr 3, 2012
the seller may be upside down on his mortgage, meaning that he owes more than what the house is worth and therefor may not be able to sell at your perceived value.

there are many houses available - shop elsewhere
0 votes Thank Flag Link Mon Apr 2, 2012
please dont send me other houses thank you
0 votes Thank Flag Link Sat Mar 31, 2012
Yep....present your best case.....if they can't accept your justified logic, move on! Too many agents bend over backwards hoping that buyers will eventually "see the light" and take your advice. This road is often a long, expensive one and one that often ends in frustration & disappointment.

Here's a thought.....if all agents adhered to a standard of being able to say, I'm sorry but I can't take your listing under these terms....don't you think they would eventually get it!

As a real estate authority no one should sell themselves short......no, should be in our vocabulary.

Bill
0 votes Thank Flag Link Sat Mar 31, 2012
Make your offer based on your financial position and supported by comps of the neighborhood.

The seller may simply be upside down on his mortgage
0 votes Thank Flag Link Sat Mar 31, 2012
Walking away for now makes sense.......keep an eye on the house for any reductions............if you're working with an agent, ask if he or she can find out just how motivated the sellers are.........sometimes patience can pay off with an overpriced home.

Good luck!
0 votes Thank Flag Link Fri Mar 30, 2012
Don't try to buy their home?
0 votes Thank Flag Link Fri Mar 30, 2012
Thanks. We offered a little more than the comps but it still did not make her come near what we offered. The answers really helped. Will walk away for now.
0 votes Thank Flag Link Fri Mar 30, 2012
Make an offer no higher than the comps. (In fact, don't pay more than the comps, even after any negotiating.)

You can accompany your offer with the comps or other data you used in coming with with an offer lower than the seller's asking price. Your Realtor can advise you further on that.

Hope that helps.
0 votes Thank Flag Link Fri Mar 30, 2012
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
You can lead a horse to water....
0 votes Thank Flag Link Fri Mar 30, 2012
Walk away! Show the seller that you are not so desperate (even if you are) for listings. Same seller will blame you for not getting it sold in the first month.
0 votes Thank Flag Link Fri Mar 30, 2012
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