Why Do Sellers Reject Offers?
Why do sellers reject offers? So many reasons. Let’s focus on a few key points. There are a variety of reasons that offers are not countered and usually, it is because of a combination of factors that negatively affect an offer. Multiple inconsistencies spell out a warning of murky waters ahead.
Price, of course, is an issue. A low down payment, depending on the type of property and value. Good faith deposits tell a seller how serious a buyer is and the level of commitment. Available cash on deposit shows cash reserve funds. Contingency timelines can make or break an escrow. Inspections, of course, are always advised but how well has the buyer’s agent educated her buyers on the as-is condition? Are the buyers expecting repairs?
Agents sometimes ask for retrofit, and that tells you upfront expect some issues as retrofit is not acceptable to many sellers. It is easy enough to counter out items. The problem is even when you counter out the obvious risks, it is still possible an agent may tell the buyer they can expect the seller to do repairs or get a seller credit, etc. Guess what? The seller said no repairs and she meant it. The buyer cancels as the buyer’s agent has set impossible expectations. It happens, as crazy as it sounds.
After you have closed so many transactions in your career, the way an agent writes an offer exposes the story. An agent’s communication style, the way he or she takes feedback, are the agents defensive? A user-friendly agent will help close the escrow, not insert minefields to blow up the escrow. When you work hard to be the best Sacramento real estate agent for your client, it means always sharing everything you observe with them.
Newer agents are ok to work with if they are humble enough to admit what they don’t know everything. If they try to bully their way through a transaction without the knowledge needed, it quickly becomes a nightmare. They ask for unreasonable concessions and extensions. Once we are in escrow, of course, you try to hold the sale together for your seller.
A difficult escrow is very hard on everyone, especially the seller. Dealing with a difficult buyer’s agent and a nervous nellie buyer can feel like you have used a roll of duct tape to hold an escrow together. We go to any lengths to protect our clients and try to close even the most difficult escrows.
When things go awry, the seller can always serve a 48-hour notice to perform. This notice says comply or this escrow could be canceled. By the time this notice has been served, you can assume it is a last-ditch effort. The seller has lost patience and faith in the buyer and says: I quit. When an offer and a buyer’s agent show you too many red flags at the start, a rejection may be the most direct route. It is time to wait for a stronger offer.
It is kind of like dating, both parties start out on best behavior. If the first date is horrible and you want to kick him to the curb, it is very unlikely an ongoing relationship would improve with time. Cut your losses early when red flags appear. Get out before time, energy and precious resources are invested. Sellers reject offers because they are saving themselves a headache when a perfectly good offer will come along.
If you want to list your home and have confidence that offers are well-scrubbed and vetted, contact Weintraub & Wallace Realtors with RE/MAX Gold at 916-233-6759.
— JaCi Wallace
Roseville Real Estate or Redondo Beach
Where to live, Roseville or Redondo Beach real estate? My good friend Melissa is selling her house in Roseville and looking for a house to buy in Redondo Beach. Going from her birthplace in Northern California to Southern California is a big move. People move for so many reasons. In this case, So Cal is where her adult sons live so it makes total sense for her to live in close proximity to family.
With the ocean breeze sailing through the air one has to wonder, what’s not to like? It is going to be a huge change but sounds like an exhilarating one. After retirement from a job, a moving to a beach town is what most people only dream about.
She is so excited; but what about the total sticker shock? Seeing housing prices ranging from $500 to $750 per square foot in the beach cities, is it worth it? The price you pay for perpetual 72-degree weather, ocean breeze blowing through your hair and beautiful white sand beaches to walk barefoot sounds like heaven to me.
There is little need for air conditioning in your home or in your car as the weather is so good. More than 70 percent of the homes built are constructed with no central AC. Utilities will not be as costly as Sacramento when we routinely experience July and August temps, which can reach 105+ degrees.
The first step for a Redondo move is to sell her home. In Roseville, she has a large two-story with a big back yard. This type of property could require a price tag in the multi-millions. So scaling down is a must for affordability. Most of the properties in the ocean city are townhomes ranging from 3 to 6 units in a row. Price tags upwards of $1,000,000. High-cost HOAs are common and most are built 3 stories high (3 staircases) to enjoy the ocean views.
Stay tuned because once she moves down there, she’s invited me to be her first house guest. The ocean is a great place for a Sacramento Realtor to visit, but I wouldn’t want to move for many reasons. “Home sweet home” means different things to people. Living in Roseville real estate or moving to Redondo Beach is an EZ choice for Melissa.
Our passion at Weintraub & Wallace Realtors is to help our clients achieve their dreams of home and lifestyle. If you’re looking for a change, call us to buy or sell. We partner with RE/MAX Gold Real Estate. Call us today to start your journey at 916-233-6759.
— JaCi Wallace
Agents Writing Offers That Don’t Cut The Mustard.
Agents writing offers that don’t cut the mustard seems to be the norm lately. What the buying public doesn’t know, all agents do not know what they are doing. Often when a buyer’s agent writes a very poor quality offer, the buyer thinks it is a good offer. She doesn’t understand when the offer is rejected. Why? Because her agent told her it was a great offer. When they lose, it is sour grapes. the listing agent is the scape-goat to blame. Listing Agent must have double-ended it? Not so. They had an agent friend who they let win? Not so. The simple truth, the buyer’s agent failed to write the highest and best offer.
How to write offers to win, is a skill learned over time by writing hundreds of offers. When an agent closes 100 buyer side escrows in Sacramento this proven results performance will give you, the buyer, confidence that the agent possesses the expertise and skill required. Our full-time Buyer’s Agents talk with buyers every day from our lead generation platform.
Stay tuned to part two of this discussion with our next blog. If you are searching for an agent who can write offers that win, call Weintraub and Wallace Realtors. We are partner powered by RE/MAX Gold, the largest independent Real Estate brokerage in Northern California. Contact Weintraub & Wallace Realtors today we write offers that do cut the mustard and we throw in a bag of chips. Call us at 916-233-6759.
- — JaCi Wallace
Hello Sacramento Summer
Hello, Sacramento summer and temps of 95 degrees plus. The heat is upon us. Keeping animals watered and plants hydrated as well as our drinking water every hour is so important. Working outdoors in the heat today I started feeling very tired with a serious lack of energy. I realized I was dehydrated so I immediately stopped at the store and bought a couple of bottles of water and began to drink. Within 30 minutes I felt like my old self.
Sacramento is known for hot temperatures thank goodness the evenings include delta breezes. The hot temperatures did not stop open house traffic. We had 3 team open houses today and all had good traffic, over 50 groups. 95 degrees buyers are still out looking. Dedicated home shoppers will look no matter what the temperature. When we say hello Sacramento summer that means good news as this signals home-buying season.
This is a great time to buy or sell a home so don’t delay call Weintraub & Wallace Realtors today with RE/MAX Gold, at 916-233-6759.
— JaCi Wallace
What Do You Think My House Is Worth?
Just off the top of your head, Ms. Realtor what do you tell me what my house is worth? This is a question that so many people ask. Here is the answer. How can I know what a house is worth off the top of my head? An asset that is worth several hundreds of thousands of dollars or more can just be evaluated in an instant?
The fact that an appraiser comes out and measures your house takes photos inside and out. Then often a lengthy evaluation report of data is completed and a narrative study about the market. The appraiser uses the subject property and interprets data with comparable sales, upgrades and improvements. Other factors can be deferred maintenance and neighborhood factors. If an appraiser is doing 6 appraisals a week, then an appraisal can take 8 hours to complete.
Over improvement in a home can also be a negative factor. A seller looks at how much money they have invested. The problem is this if in an area the highest sale is $ 499,000. The 2500 square footage is the highest and the subject is larger with many upgrades. Then the owner feels the extra square footage should be priced at the overall square foot price.
The upgrades and improvements should conform to the area. The extra footage is not generally calculated that way. The extra footage may be about $75 per foot; this is what I have seen in the last 3 appraisals. This $75 is an estimate only as it could be lower or higher. If the most expensive property in an area is 3000 square foot and the subject is 4000 square foot that extra 1000 feet may be priced lower than the 3000 per square foot price example.
The idea here is to be concerned of anyone tells you they can give you an instant evaluation value. Some online services give an instant analysis however that evaluation is often off by quite a bit. Always ask to see the actual evaluation worksheets. Just off the top of your head, what do you think my house is worth? Ok, I can’t give you an accurate professional answer.
If you would like a professional opinion of value please call Weintraub & Wallace Realtors with RE/MAX Gold at 916-233-6759.
- – JaCi Wallace