Let’s continue on the income properties discussion with a look at responding to offers as a seller.
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Marcia Edwards: and I’m Marcia Edwards, residential broker with Windermere Real Estate. We want to talk a little bit about the shifting market and how to navigate this as a seller. You’re going to have some people that are a little fearful that they’ve reached the top of the market, so they’re going to come in a little low on some offers.
Bob Nelson: Yes. Now we’re talking investment property specifically on this one?
Marcia Edwards: Could be either, actually.
Bob Nelson: Okay. Okay. Yes, buyers are always that way. “Oh my gosh, I don’t want to pay too much for it.” Think of what things were selling for 20 years ago and if you were trying to save a little bit, look what you missed by not getting in the market. Tremendous upside. Yes, we have ups and downs. Just don’t sell on the downturn. Hang on. It goes back up again.
Marcia Edwards: And sellers need to recognize that buyers do want to get a deal, so at least some percentage of them do. So you’ve got to have a conversation with someone that may not be most complimentary, most firing and hand over what you want, but they may have the capacity to do so. So in the process, you need to respect the opportunity.
Bob Nelson: Exactly. So, as I receive an offer, and it may be lower than what I would like to see as a seller, the first thing that you do is say, “Thank you very, very much. I’m attracting the attention of known, willing buyers. Now all we have to do is attract the attention of known willing buyers that will pay a little bit more.” But it’s certainly better to have one offer than no offers.
Marcia Edwards: That’s right. And it is a conversation starter. So I would encourage you, first out of the gate, I have seen sellers who say, “That insults me, that offends me, or that’s just too low. I’m not going to write anything back to them, Marcia.” That does not give us the tools we need to get where we need to go to get you what you want.
Bob Nelson: In some instances, if you know the buyer’s modus operandi, if they always come in low, but they don’t go away, it’s nice to know that in advance and on occasion being quiet and not responding, it may be a proper thing. In a number of instances, it’s not.
Marcia Edwards: I would encourage you to listen to your consultant in this case because oftentimes people just think that the strategy is to stonewall the buyer.
Bob Nelson: Yes.
Marcia Edwards: This may be, in a shifting market, the best or only opportunity of the person who was able to do what you want to have done, so they may be willing to pay the most, but if you never ask for it, you won’t ever have that conversation and find that out.
Bob Nelson: You know, it’s interesting. You’re absolutely correct. Consult an expert in the field.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30pm on KPNW for the “Real Estate Today” radio show.