Don’t Throw the Baby out with the Bath Water
Buyers I need to talk with you candidly and explicitly…don’t throw the baby out with the bath water when you are making offers on homes. You’ve just made a poor offer on a home even worse by making an offer that is so low because that is all you can afford to pay. And by the way, your Real Estate Agent is largely to blame. Yes, really.
To the point Real Estate Agent:You have a mortgage pre-approval letter you have shared with your real estate agent?
Buyer: Yes, but I would never buy a house for that amount that I was pre-approved for.
To the point Real Estate Agent: You put in an offer on a house that is listed for the amount on your Mortgage pre-approval letter though?
Buyer: Well, yes but all houses are overpriced and I figure that 10% comes off the top.
To the point Real Estate Agent: Did your agent guide you through the comparable pricing of solds on similar homes in recent months to formulate an offer?
Buyer: Hmm, she let us establish an offer price…no we never saw any documentation for what similar comparable homes had sold for recently.
To the point Real Estate Agent: Did you know as a buyer your Real Estate Agent should do that for you prior to making an offer to guide you?
Buyer: No, she said decide what price we want to offer on the home (plus all the additional items such as riding mower to include with the offer) and then she did the paperwork and we just signed it.
Well this to the point Real Estate Agent is here to tell you that it rarely works well this way because the baby is still crying in the bushes and the water is long gone. This Real Estate Agent would like to educate your Real Estate Agent and you, the buyer, in how to better approach an offer…
First, make an offer on a house you can really afford. Don’t expect to have sellers accept an offer that is way under the comparable solds for similar homes. Second, find a Real Estate Agent who knows their business and won’t leave you heart sick when you keep losing out on homes with your current offer strategy. It’s leaving the sellers feeling somewhat ill too. Third, you, the buyer, should be a good consumer and ask the questions as you would on any other large purchase, get the data and then make a better guided decision…. with a more knowledgeable and guiding Real Estate Agent.
Knowledgeable Real Estate Agents don’t throw the baby out with the bath water.
Ginny Lacey Gorman is your go to real estate agent for homes for sale in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of local information and businesses well. Waterfront, oceanfront and coastal RI homes for sale are her specialty. If you are looking for someone to guide you through the home selling or buying process, she is a licensed real estate agent who sells RI homes in this real estate market, just call Ginny at 401.529.7849.