I love thinking. It’s one of my favorite things about this job.
I put on a new listing a few days ago. We pushed the pricing envelope a little.
We didn’t get any showings the first day, which is a good sign of how far we pushed it.
The second day we had several showings scheduled.
We got an offer from the first showing. It was for less than the full amount. Another sign we were pushing the asking price a bit. It was still a really good offer though.
My sellers asked about countering for full price. We really didn’t have much to lose by asking, so I said sure. I had a few things running through my mind though. I was thinking about how soft the market responded to this house at this price. I was thinking about how the buyer’s agent is somebody I know. She is a great agent. She knows that in this market, you have to make your best offer right off the bat…and their offer was below the list price. I was thinking to myself “What can I do to motivate these people to pay full price and not weaken our position to negotiate later?” I was afraid they would stick with their original offer and wait and see if we even got another offer. If we hadn’t gotten another offer, they would know that their offer was at least the best one we had or why would we be countering it? I also know the buyer’s agent would have asked if we had multiple offers. By saying no, it would be further proof that their offer was still the best and maybe the only one we would get. The buyer’s may have said no to our counter.
So, the only thing I could do was create a situation where they had to respond to our full price counter offer BEFORE the remaining showings happened. Once the last showing happened, we didn’t have anything to motivate them if we had not gotten another offer.
Then all the sudden, a thought popped in my mind. I asked my sellers if I got the buyers to go full price, would they be willing to sign off on it immediately. They said yes.
I then told the buyer’s agent that if her people would go full price, I would cancel the remaining showings and my people were holding their phones in their hands right now ready to electronically sign off on the deal.
A few minutes later, it was all done. The sellers are happy. The buyer gets a house in a tight market. And I get to work with an agent I trust and respect.