In an earlier blog I wrote about embracing change and removing blinders, and in yet another blog the handling of multiple offers. See: You’re Costing Your Clients Thousands .
Both are useful references for today’s blog on “the reverse offer.”
AN INTERESTING PHENOMENON:
A phenomenon that today’s real estate market has exposed is one in which a buyer views a home numerous times while giving their realtor every indication that it near perfectly meets their needs. Yet for unknown reasons, although fear is probably one of them, the buyer continues to stall and “noodle” on the idea of writing an offer. This situation offers quite a different conundrum than the multiple offer. It causes frustration among sellers, anxiety among buyers and a feeling of helplesness on the part of the realtors involved as they attempt to determine how they can best service their respective client’s needs.
DIFFERENT METHODS FOR DIFFERENT MARKETS
What the listing agent may consider in this type of scenario is what we refer to as a reverse offer. A reverse offer is when the sellers’ agent makes a formal proposal to the buyers’ agent, consisting of a price and terms that the sellers are willing to accept for their home. This will sometimes serve to get the buyer “off the dime” and the negotiating process underway. We have actually had transactions successfully close after utilizing this strategy.
WHY DIDN’T I THINK OF THAT?
The answer is simple. We become so accustomed to doing things the way we’ve always done them that it stifles creativity. See post Embracing Change . There could be no other reason that such an easy and minor adjustment to our thinking should seem so foreign. Some readers of this blog may remember an infamous commercial in the 70′s that advised, “Try it, you’ll like it!”
What do you think, could this strategy work for you and your client? Please let us know.