You’re Not All That
You’ve met them. Those people that the minute you meet them you know they think they were born to bless others with their presence. They think they can do nothing wrong and you are stupid if you think otherwise. Don’t you just want to tell them, “you’re not all that”? Yeah, it goes the same for some people in the real estate market. They think that their $20,000 under asking price, cash offer, first day on the market should make Sellers run to sign the papers and ask if they want all their furniture too.
We have a great real estate market in the Nashville area. Over the past two years, I have taken many calls from real estate investors from other states that heard that Nashville was a great market and a great place to invest. They are looking for a “deal”. Well, those days are gone for now. Prices have risen, and Sellers are smart. I have had to explain to more than one person that while cash is great, if it doesn’t accompany a strong offer in other ways, it just might be “prince” instead of “king”.
Certainly, there are circumstances where a cash offer makes most sense but if the offer price is a lowball offer, most Sellers will say, “No, thank you”. Think of it this way, if you are a Seller and your house is on the market for 2 days. You get two offers. One is for full price, is contingent on the Buyer’s 90% conventional loan and they are pre-approved by a reputable lender. The other offer is for $15,000 below asking price but is all cash. In most cases, Sellers would take the risk to make $15,000 more. However, the offer may have included things like no appraisal, or no inspection, in which case, the Seller may want to consider value and condition of their home prior to making that decision.
I try to get my Buyers to be reasonable in their offers. It is never a good idea to offend or make a Seller mad with the spirit of negotiation in mind. Some people know it’s not personal while others take it very personally and are very offended by a lowball offer when a property is priced well and a Buyer is just out fishing for deals. Life and real estate is about compromise – negotiation. If you start off offending, chances are not good that you will come to a resolution and an outcome that you are hoping for.
So, just because you have cash and think your *you know what* doesn’t *you know what*, doesn’t mean that you will get that house. They may just tell you, “you’re not all that”…in the nicest way possible, I’m sure 😊
Michelle Froedge is a residential Realtor and Principal Broker in the Greater Nashville and Williamson County areas of Tennessee. “Mom” to four-legged fur baby, Tyler, Auntie to Zelamie, she is a vegetarian and sings in her spare time. Michelle has lived in Nashville and Franklin since 1997 and has been selling homes since 2004.