I had a listing that I just closed on today (YEAH). Cute little colonial house built in 1917. The buyers agent called me to get some more info on the house customers. Told me that his customers are from France, saw the listing online and loved it. They are flying in from France specifically to buy the home. Great! Another example of the power of the internet.
While the buyers agent was showing the house he asked if my sellers could meet them there to go over some potential issues with the home before they made a decision to submit an offer on the home. No problem, my seller meet with them and went over questions and concerns that they had. They buyers told my sellers that they loved the house. The potential buyers liked the house so much they said good bye to the house as they left.
I then receive the offer and the terms were great but the price came in close to 25% below asking price?!?!? My sellers couldn't believe it! The buyers agent then tried to explain to me what was wrong with the house to justify the offer. When I told him my sellers wouldn't go for that, he was, to say the least, a little upset, and told me he was advising his buyers not to meet the sellers terms. In the end, the buyers meet my sellers terms and we had a closing today.
If you are going to submit a low ball offer on a home, don't tell me that your buyers are flying over from France specifically to buy the home. Do not have the buyers and sellers MEET so they can see for themselves how much the buyers LOVE the home.
I dont' think it is ever a good idea for the buyers and sellers to meet until after the closing. Too many things could potentially go wrong for either side. Had my sellers not meet these buyers, I really think that they would have been more flexible on the price. I know the buyers are happy with their new house and my sellers are happy they sold the home but I don't think the buyers agent is so happy that we would not come down on the price.
Contact Kari A. Battaglia, licensed Realtor® in Venice Florida at 941-270-1851 to list your home, answer questions or to help you in your search for homes for sale in Venice Florida. I currently serve customers in Venice Florida, Englewood Florida, Nokomis Florida and Laurel Florida communities. I also have Tennessee properties available in the Chattanooga area. Call me to receive a list of Tennessee properties available for sale.
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Hi Kari,
Your blog title had me smirking, but you bring up some very good points here!
I hope you'll remember me if you learn of anyone moving to "The OC" and I will do the same!
Best regards.
Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors
www.MichaelCarusoRealEstate.com
Kari: When I first read the title of your post... I quickly disagreed with your opinion that the buyers and sellers should NEVER meet. Then, as I read the post... my opinion from my first knee-jerk reaction... and came to agree with you. You just never, ever know what might happen having the buyer and seller meet... especially before any offer is made. Thanks for sharing...
Michael - Thanks, I am glad to make someone smile. I will definitely keep you in mind for the OC.
@ Michael: Putting all of your desinations, asking for referrals, and putting the link to your website in the comment section of someone else's post... is considered "comment spam" and is against Active Rain Community Guidelines. You might think it is no big deal, but what if EVERYONE did that. The comment section would look like a total mess.
Hi Kari,
Hum, not so sure I'm in agreement at least for me. Last week my offer were accepted just because the buyers met the sellers. We were one of 6 offers, 2 at the same over-asking price. Mine had 75% down but the other was all cash. The sellers loved my buyers and decided to accept their offer instead of the all cash buyer.
I've had similar experiences like this before and in reality almost every single time it's worked out for the best.
Karen - I use to feel the same as you but just too many things can and most likely will go wrong.
Hi Linda - Glad it worked out for you and this time it worked out for my sellers too!
Kari, great post, I am glad that things were worked out. I also agree that the buyers should only meet the sellers at closing!
Congrats on a successful sale and getting the most for your clients. I suppose the buyers did sorta tip their hand by flying all the way from France for a showing!
Kari, what an interesting perspective. I am sre there are as many pro examples out there as "con" examples... and vice versa... human beings are unpredictable...
You post makes a separate but equal point: this is an example of why buyers and sellers need real estate agents.
We talk about and wrestle with all the disclosure aspects of our job -- and there are real rules to remember.
But you put buyers and sellers together for a few minutes and one or both will quickly give away the whole negotiating farm.
Kari,
I completely agree that buyers and sellers should never meet before settlement. The problems that can crop up are unexpected, and far too many.
Rich
Kari - I agree, it is best to wait until closing for buyer and seller to meet. This could have very easily fallen apart as a result of this pre-offer meeting. BA should be happy that it worked out and her clients purchased the home they wanted at a price they were willing to pay.
Hi Kari
I feel that it a good business practice to keep the buyers and sellers apart until closing.
Good luck and success.
Lou Ludwig
I'd be willing to bet that the other agent is not unhappy at all since the higher price meant a higher commission, and since the Sellers bought the home, they must be happy, too. Now if the other agent maintains monthly contact with the Buyers, I suspect all will be well, if it's not already.
Hi Kari, I totally agreed with your blog title because I have had sellers and buyers meet in the past and it was not a good thing at all. I highly recommend that don't meet until after closing. Great blog post, thanks for sharing.
Thank you everyone for all of your comments and suggestions!
Kari, you are really right. Err on the side of caution. In many instances it would be okay, but why take the chance? It is also definitely preferable and best if each agent is there. This week we had an unpleasant experience at a house with a seller which would have been avoided if his agent had been there with us.
Sharon
Sharon - I agree with you and sorry to hear about your recent unpleasant experience. I know of another instance last week where a Realtor I know had their sellers meet with the potential buyers. Both the seller and buyer were head strong men. Needless to say the deal was lost within 2 minutes. Another example of why buyers and sellers should not meet.
I've had two fail sales because of buyers meeting sellers, we didn't even have an offer in when the problems started happening. They buyer and seller started talking politics and what would have been a sale turned in to a war of the front steps of the house. The wife really wanted that home and was mad at the husband for not wanting to put an offer in, he said he wouldn't give that idiot a dime!
