06.05.2012 Tuesday Talk Always Negotiate with all Offers!

by qinfovio 19. June 2012 16:53
Good afternoon,
 
If you are familiar with smaller project of sub-division, you will find some pocket of opportunity as an investor around Monterey County .
I will need to do more research concerning the construction cost.
 
Price and value of land have dropped at a price where it might be profitable to build again and sell it at a profit.
 
My main question is can you build a home around 1500 sf for $150,000.00? Let me know if some of you
has some information that I can use.
 
                                                        _____________________________
 
Our primary job as a Realtor is to protect our clients as sellers or buyers so they can get the best deal.
 
I have experienced this many times on my own but I have a very good story to share with you that changed my attitude
and try to be more flexible and be at the finishing line.
 
                                                        ________________________________
 
I was representing a seller selling a home in Seaside in 2007 when the market was just changing. 
 
We received a good offer around $820,000.00 and part of the offer was to have seller to clear termite inspection and
to pay for section 1. As I am always very cautious with the section 1 that could be very high sometime, I suggest to limit
our cost to $4000.00. We went ahead with this buyer, they did their termite inspection and it came back at over $8000.00
 
Buyer did not want to pay the extra $4000.00 and walked away. On our side, we told ourselves that we will get another buyer.
 
It took us over 4 months to find another buyer, we sold for $60,000 less.
 
My seller has to carry a note for the buyer for an amount of $196,000.00.
 
Later on this buyer/new owner lost his house in foreclosure, never pay back the note to my seller.
 
And later on my sellers lost their home because they did not received  $196,000.00
 
The bottom line is with the $4000.00 that we try to save end up to cost to my seller their own home.
 
                                            ___________________________
 
Why am I sharing this story with you? I am seeing more and more Agent try to over protect their clients
with our short sales and taking the very high risk to loose the deal at the cost of their clients.
 
What I also learned from this lesson, as a seller's agent, don't kill the deal, be more flexible and be at the finishing line!
 
I am seeing more and more transactions not getting through for few thousands of dollar or stupid act from agents that want
to follow the contract by the letter. You cannot do that with most the short sales, REO.
 
Do not hold the funding of the loan because you request a walk through of the property and to be vacant prior to funding.
 
The hardest past of the transaction has been done, just work it out and put it into writing.
 
 
Thanks and I will see you next week!

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