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Dealing with Seller’s Remorse
Dealing with seller’s remorse is an interesing piece written by Elizabeth for another publication. It is true that seller’s remorse happens and they cancel listings. Without motivation a seller may put a toe in the water but will not dive in. Enjoy…
— JaCi Wallace
Real estate agents are used to working with buyers who sometimes freak out when they realize they have actually purchased a home. Sure, looking at homes, writing offers, negotiating, it’s all fun and games until the time comes when a seller says, “Heck, I’ll take your offer.” That’s when the panic sets in — which, by the way, is a normal reaction for a buyer.
But what happens when it’s the seller who pulls a 180 and gets cold feet about selling? Sellers are prone to feeling remorseful as well. Especially sellers who have lived in the home for a long time and have trouble picturing themselves living elsewhere. Often, before the ink is dry on the contract, a seller will begin to wonder, “Oh, my goodness, what did I just DO?” They feel like they can’t part with the home. Do sellers have to sell if they change their minds?
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If you are considering selling your home call Weintraub & Wallace. As a top Sacramento Realtor team with RE/MAX GOLD we will help you through any seller’s remorse. We can be reached at 916-233-6759.
— Elizabeth Weintraub
Should a Sacramento Listing Agent Know the Seller’s Bottom Line?
No reason to share a seller’s bottom line with a listing agent.
Should a Sacramento listing agent know the seller’s bottom line? Well, you know, if you have to ask the question, generally the answer is no. I’m just a bit more vocal about it. When I hear sellers headed that direction, I ask them to please stop. Because I don’t want to know their bottom line. It’s none of my business, actually. When we settle on a list price for a home, it becomes my job to get that price. Let’s not muddy the waters or cause more confusion by talking about how much less we will take.
Besides, it might never come to fruition. If I believe I can get the price we list at, that’s the price I tend to get. My goal is to deliver a full price offer (or better). If I spend my time considering the seller’s bottom line, it is possible I could slip up. Not intentionally, mind you, but I do multi-task at times. If I don’t know it, I can’t blurt it. And I don’t want to know it anyway. It undermines the premise of a listing agent. My fiduciary is to my seller.
I talked with a seller yesterday in El Dorado Hills who tried to tell me they would be willing to underprice a home. That tactic doesn’t necessarily work very well in a market of strong inventory. There are more homes for sale in El Dorado Hills than in other neighboring communities. Although I asked her to please let’s just focus on the price she wants, the seller continued to talk about taking less for her home. She seems very eager to get rid of it. Makes me wonder what’s wrong with it. Plus, it makes me hope she ends up listing with me over somebody else who might take advantage of this situation.
I don’t want to know the seller’s bottom line. The bottom line to me is the sales price. Buyer’s agents ask me all the time how low will the seller go? Like, if I knew I would squeal, which I wouldn’t. Or, if I would be so stupid as to venture a number. Which not only violates the fiduciary relationship, making it against the law, but geez, such an extremely ignorant thing to do. I have no idea what a seller will or won’t do. Even if they tell me, I don’t know because I am not inside their head.
Another seller yesterday owns an over-improved property in a neighborhood of mostly 1970’s homes in Citrus Heights. His home burned down a couple of years ago and he rebuilt all but one wall. It’s basically a brand new home in an area with zero new homes. He sounded like he hoped he could get an extra $100K for this home. But I have my doubts about that. People want to buy a home in a neighborhood of similar homes. If a buyer wanted to pay $100K more for a home like his, they would do it in a neighborhood of comparable properties.
In this particular case, the seller’s bottom line is probably way too much. A lesson he won’t learn until it’s been on the market for half a year. Maybe it’s better for another agent to invest that time. I don’t mind being the second agent. Sometimes, I will accept overpriced listings if the seller is reasonable. But in this case, I don’t know if the individual in question is a good risk for me to undertake. I can envision him developing frustration because things aren’t working out the way he imagined. I’ll take blame for my own mistakes but not for somebody else’s. Besides, my own are much rarer.
