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Just Listed + Instant Offer = False Security

 

Just Listed + Instant Offer = False Security

 

Just Listed, Instant Offer, False SecurityBelieve it or not, "Just Listed, Instant Offer, and False Security" happens more often than you would imagine.

 

When a seller lists their home and receives an offer almost immediately, they should be careful to control their thoughts and emotions. The instant offer can cause a false sense of security due to an inaccurate belief of the home selling process.

 

1. Sellers often suddenly believe their home is under valued. Forget the fact that they looked at the sales data and read the Comparative Market Analysis -- and that they know that their property is priced fairly.  

 

2. Sellers suddenly believe their home is better than any of the competition. It may be, but then again -- it may not. That is simply a matter of opinion. Clearly these buyers like it, and that's a good thing, right?  Don't give them too much time to fall out of love with it. Seriously, people are fickle!

 

3. Sellers suddenly believe that they are in no hurry to sell. Listing agents may find that their seller will not return phone calls or emails, and getting them to sign or initial anything is like pulling teeth. I've even had a seller say TWICE in one week, "I'm so sorry, we were getting ready for a party and just don't have time to mess with this right now."   EEK! When you do find the time, you may find that you no longer have a buyer.   :(

 

4. They become cocky. I once gently reminded a seller that it was not in their best interest to wait several days to respond to the buyers offer. When they asked why not, I explained that buyers sometimes simply move on to another property. The seller's replied "That's fine with me, I really don't care. I'll sell it to the next buyer."  OH MY. Ask any agent and they will tell you "I've seen a seller get an offer within the first couple of weeks, run their buyer off, and then never get another offer during the term of the listing." Whose cocky then?   :(    Whatever you do.... don't get cocky.

 

Instead of letting your "Just Listed, Instant Offer" end up as false security, why not look at it as "Just Listed + Instant Offer = I'm blessed. This doesn't mean you have to accept any offer, just don't ignore theirs. Respond in a timely manner and show them that you respect and appreciate the fact that they really like your home. Regardless of what they offer, THAT is first step on the path toward a successful meeting of the mind.  

 

Just Listed + Instant Offer = False Security

 

 

This has been brought to you by YOUR Huntsville / Lake Livingston Area real estate professional. Before you buy or sell, call Joni Bailey at (936) 650-9017. I look forward to earning your business and exceeding your expectations. Broker Associate with Berkshire Hathaway Home Services - Anderson Properties. Mike Huff, Broker.  BerkshireHathaway Hom Services is a member of the franchise system of BHH Affiliates, LLC. Each office is independently owned and operated.

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TEXAS REAL ESTATE COMMISSION INFORMATION ABOUT BROKERAGE SERVICESJoni Staples, Broker Associate BHGHRE-AP (936) 650-9017

 Copyright (C) Joni Bailey     (936) 650-9017  www.LivingLakeLivingston.com

 

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Comment balloon 47 commentsJoni Bailey • January 02 2015 07:22AM

Comments

Joni,  This is so true.  Sellers should in fact just be thankful that the timing worked out in such a way that someone saw their home as soon as it was listed and liked it.  They do get cocky and begin second guessing the process instead of celebrating the success.  Nice point!

Posted by Belinda Spillman, Colorado Living! (Aspen Lane Real Estate Colorful Colorado) almost 4 years ago

Joni

Your insight is right on point . . . . an instant offer can cloud the sellers thinking.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 4 years ago

Joni,  We see this a lot.  Unfortunately, many times, the seller rejects the offer and increases the list price on their home.  Not a smart move at all.

Posted by Erin Bates (CMG Financial and Expansion Marketing Services) almost 4 years ago

If it's a good offer -- take it!  I often say "Your home sold in 3 days because my clients were looking for 3 months!"  LOL

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 4 years ago

Joni, Excellent post and so many right on the money comments included. Sellers should always respond in a prompt manner to any offer including low ones with a counter offer. The idea the home was priced incorrectly is also off the wall. Just because they got an immediate offer is only the starting point of what can be a long journey with maybe no light at the end of the tunnel when they get there. This must have happened recently to you and i am sorry this stuff took place. 

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) almost 4 years ago

Joni Staples .....I agree totally ....You say it perfectly ....Sellers just be thankful they had an agent that priced it where this would happen!

Have a great weekend!

Posted by Rob Thomas, Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro (Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954) almost 4 years ago

Joni I have seen this more often than I care to remember.  Sellers should be excited they got a quick offer instead of getting cocky and thinking they are in complete control.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 4 years ago

Sometimes it can take up to four times to get the right offer even just initially.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) almost 4 years ago

Joni -- PERFECT advice in the last two sentences.  Always respond quickly and be grateful for the offer.   You're right. Getting an instant offer is being blessed!

Posted by Barbara Altieri, REALTOR-Fairfield County CT Homes/Condos For Sale (RealtyQuest/Kinard Realty Group, Fairfield and New Haven County CT Real Estate) almost 4 years ago

Joni Staples I like your second equation - Just Listed + Instant Offer = I am blessed! (And we should train our sellers to think that way, too.)

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) almost 4 years ago

Joni -- I think you have discovered the formula for successful selling

 

 Just Listed + Instant Offer = I am blessed! 

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) almost 4 years ago

Joni, what a great way to look at the issue.  "I am blessed" definately has a much better ring to it than "false security".  So many people start second guessing when something "good" happens.  I keep reminding people that it only takes 1 buyer, and who knows when that one person may come along.  If you pass up the first, you may find yourself waiting a very long time for the second.

Posted by Kathi Jozaitis, Your San Ramon Valley Realtor. I'm here to help! (Golden Hills Real Estate Services) almost 4 years ago

Belinda: Exactly! Don't get mad, get glad! :)

Thank you, Lou!

Erin: I have had that happen, too! It's just CRAZY when they do that!

Carla: AMEN!!!!

Bob: I'm just trying to get back into blogging tips for buyers and sellers. Especially now as many people will be getting ready to put their home on the market soon, and waterfront buyers are already looking! Smart sellers will beat their competition to the market and list in January or February. 

Rob: RIGHT ON!

George: That is exactly what happens! They think they are in the drivers seat and their home is a Maserati! HA!

Laura: Maybe so, but you'll never know if it is the right buyer if you don't answer their offer. :)  They may agree to your counter.

Barbara: I think so! 

Praful: I do my best. I know you do too. Happy New Year!

Joan: HA! Thanks!

Kathi: I have seen that very thing happen many times. Later they wish they had taken the first offer when they end up taking less later.

 

 

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) almost 4 years ago

Joni Staples - Sellers should be blessed that they found a realtor such as yourself and priced the house correctly to sell. 

Posted by Les & Sarah Oswald, Broker, Realtor and Investor (Realty One Group) almost 4 years ago

It is odd how the human nature is to question the decisions that are working for us Joni Staples .

Posted by Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366, General Contractor, Dry Rot and Water Damage (Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366) almost 4 years ago

Joni clearly you ar preaching to the Choir here, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) almost 4 years ago

Joni

During the housing mess I sold a home to a friend of mine for a good price for all. It was on the market just days.  I went to the sellers who were elderly and told them they could have a long closing to accomodate a move to a retirement home etc. etc. (unusual in this market to meet with the sellers as a buyers agent) but the sellers agent was a friend and we thought it would be helpful.

Once the contract was signed they got very upset with their agent because they sold it too quickly and that agent now is not happy with me because they are not happy with her.  I smile. In a nice way.  Human nature!!!

Posted by Marcia Hawken, Naples Luxury Specialist (WILLIAM RAVEIS ) almost 4 years ago

Yes, if they get a strong offer right away, sellers should definitely consider it!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) almost 4 years ago

Joni... I've seen this happen. So when I'm listing a home I think will sell quickly I review these things with sellers upfront to warn them not to fall into the trap of false security.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) almost 4 years ago

This is spot on Joni! I have had sellers reject solid, fair, and clean offers because they received it too quickly and thought that they could get more.

Posted by Nicole Doty - Gilbert Real Estate Expert, Broker/Owner of Zion Realty ZionRealtyAZ.com (Zion Realty) almost 4 years ago

Yes I have had a seller question whether they should take a quick offer. It is a double edge sword. Happy New Year.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) almost 4 years ago

People don't realize that often your first offer is your best offer.  If nothing else comes in after a couple weeks, you might go back to that original offer and find that they bought something else.  Then you end up reducing your price. 

Posted by Rob Arnold, Metro Orlando Full Service - Investor Friendly & F (Sand Dollar Realty Group, Inc.) almost 4 years ago

Joni Staples an excellent discussion of this timely topic that we all deal with at some point and hopefully blessed sellers get to deal with!

Posted by 1 ~Judi & Don Barrett & Chassy Eastep - Integrity, BS Ed, Integrity Real Estate Services -IDABEL OK (Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745) almost 4 years ago

Sarah: Aw... THANK YOU! :) 

Tom: Exactly!

Laughing OUT LOUD, Endre! I was writing to sellers. ;)

Marcia: See.... it happens all the time.... smh...

Kat: I'm thinking they should at least acknowledge it.

Nina: And it is so frustrating when we do that and they still fall into the trap. Crazy...

Nicole: It's just nuts! 

Debbie: It's a blessing to me.

Rob: That happens more than people know.

Judi: Right on, sister!

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) almost 4 years ago

Instant offer should also translate "this buyer has been out there and may have missed a few things due to multiple offers, they are primed and ready to get into their new home."  Buyers typically don't make an offer on the first home they see, and submitting their offer as soon as a home hits the market should also translate, "they are trying to get in first and not miss another one."  Maybe that's not always the case, but it's a better approach to the instant offer than, as you say, becoming cocky about it.

Posted by Kate McQueen, Tailored service for your real estate needs! (CB&A Realtors) almost 4 years ago

     In our business it's damn if you do and damn if you don't!

If you get an offer in a day or two the Seller says "we priced it too low - we're giving it away."

If you don't get an offer in three weeks they say "why haven't you sold this house yet?"

Don't you just love it! 

Posted by Marie Story, Broker Associate, Pinecrest (Miami) Specialist (Coldwell Banker - Pinecrest (Miami)) almost 4 years ago

This is good information for home sellers. The first offer may be the best one that they will receive and they should be grateful for a quick sale.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) almost 4 years ago

Joni Staples We have experienced that on both ends of transactions and it will definitely 'bite' the sellers and also give buyers a very negative opinion on going back if the seller wants to negotiate beyond the list price.

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (Realty National) almost 4 years ago

I was taught the first offer is the best offer.  It doesn't mean they have to accept the firsr offer but at least it gets the ball rolling. The instant offer can be just that, then seller may regret if they don't consider because it may be a while for another one to come.   I like your saying. 

Posted by Andrea Fulmore, You get More with Fulmore! (Keller Williams Preferred Realty) almost 4 years ago

Joni

Having an instant offer on a listing can make things very interest in the sellers thing . . . . The sellers needs a professional to help guild them in making a good decision.

Good luck and success.

Lou Ludwig 

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 4 years ago

Hi Joni, Congarts on the feature. I wanted to stop by again and ak how is your grandson? I hope he is recovering. 

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) almost 4 years ago

Kate:  It can mean that, too, however we do not see multiple offers as often as you do where you are at. GREAT point! Thank you!

Marie: 99.9% of the time, yes, I do! HA! :)

Right on, Roy!! 

Sandy: You're right. 

Andrea: Exactly! It doesn't mean that they have to accept it. 

Lou: That's what we're for! :)

Robert (Bob) Gilbert : Thanks so much! Lucas is doing well. He is supposed to have a feeding tube done next week. It is one step at a time. :) God is GREAT! 

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) almost 4 years ago

Excellent post. Always a fine line. Often the first bid is the best one, but not always. A bid on the first day is a good sign and often means others maybe coming too. If seller gets cocky I usually tell them to wait 48 hours especially if I think other bids may be coming.  If other bids come in we work out a plan and stick to it. I usually advise going to “highest and best” offers after one or two weeks. If it doesn't sell during the first few weeks, then I prepare them and explain their property will sell but it may be on the market for a while. 

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) almost 4 years ago

The old adage of the first offer is usually the best sometimes rings true, but sellers never under stand that

Posted by Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com (Real Estate One) almost 4 years ago

Great post Joni and one worthy of being featured.  That first offer may also be your best offer.  Listen to your agent and understand the value of your home.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 4 years ago

Joni, I had a great listing and another agent brought us a quick great offer. As it turned out it was bogus. I did sell that house to another client however.

Posted by Mike Frazier, Northwest Tennessee Realtor (Carousel Realty of Dyer County) almost 4 years ago

Yes to this post and dynamics of the human nature gone wild. We forget that getting in and or out of the transaction effectively and efficiently has value as well...Beware of the hand that cannot let loose of the cookies in the cookie jar

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) almost 4 years ago

Good morning Joni,

So glad to read this post because it is so true! I've seen sellers get cocky and it's the worst attitude to adopt. Being thankful for that "instant" offer and treating it with respect, is always the best bet!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) almost 4 years ago

You are correct that an insant offer can arouse a sudden sense of security.  The house if probably special.  Not being responsive it inconsiderate no matter what the situation.  Sometimes the first offer is best best and only one.  Sellers beware.

Posted by Frank Castaldini, Realtor - Homes for Sale in San Francisco (Compass) almost 4 years ago

This happens so often, especially where the seller thinks you under-priced their property. It is a blessing to receive multiple offers. Price+Condition+Timing = Success. 

Posted by Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker, RVA Home Team - Winning with Integrity. (RVA Home Team) almost 4 years ago

Joni, I had something similar to this happen just a couple of months ago. We received an offer on a listing and even though my sellers were responding in a timely manner, they didn't respond soon enough and the buyer backed out.

A couple of months went by until we received another offer. 

Posted by Troy Erickson, Your Chandler, Ahwatukee, and East Valley Realtor (Diverse Solutions Realty www.ChandlerRealEstate.weebly.com) almost 4 years ago

So happy to see this one featured Joni! I once had a seller who got an offer the first day and he thought something was wrong because it was priced too low so he didn't listen to me, and well... the buyer walked because they couldn't come to an agreement and the house was on the market a longer period of time than it should have. The Seller came back to me after the sale and said, "I should have listened to you, instead of what the neighbors told me."

You always give trusting and good advice. Buyers and Sellers should listen to you!

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) almost 4 years ago

Hi Joni, excellent post and so true. Some sellers really do get cocky and when the home inspection shows problem...then there are problems.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty, Martha Hilton, Broker) almost 4 years ago

It's certainly an interesting phenomenon to get an offer so quickly after listing the property.  Those 4 emotions you listed can come one after another or as one package deal.  Makes it a little harder to calm down your sellers.  

Posted by Kevin Mackessy, Dedicated. Qualified. Local. (Blue Olive Properties, LLC) almost 4 years ago

Too many times the first offer is the best offer and when it comes too soon as you said if they get too cocky they may wind up sitting on their house for too long if they don't consider that offer very carefully.  Great post Joni!

Posted by Debbie Walsh, Hudson Valley NY Real Estate 845.283-3036 (Shahar Management) almost 4 years ago

Some buyers also have a unique reaction when their offer gets accepted fast, "oh no I believe we paid too much!".  LOL

Posted by Pete Xavier, Outstanding Agent Referrals-Nationwide (Investments to Luxury) almost 4 years ago

See comment #41. That happens more than people realize! It's a gamble. If the seller is okay with gambling, well then.... BUT Most are not!

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) almost 4 years ago

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