We just received a nice testimonial from the sellers of the above home in Roselle, a northwest suburb of Chicago.
A terrific team - have already recommended them to both friends and family in the greater Chicago area.
You might be thinking, isn't Roselle a bit out of your area of the southwest Chicago suburbs? It is, and we won't always travel but these were acquaintances and they trusted us to sell their home even though they weren't in our "backyard." In fact, we got them an offer right away but they weren't quite ready at that time.
Then, as it happens with many sellers when they turn down an offer, it took a while for the 2nd one to come in. It was similar to the first offer and they realized that the market was talking to them. Two different buyers, same offer. They realized they weren't going to get exactly what they wanted.
Different buyers with same offers happens more than you'd think
This has happened with other listings where sellers turned down one offer and another one comes in exactly the same. Of course, it's under asking price or the sellers would have accepted the first offer. When you get different home buyers that are making the exact, or very similar offers, this is telling you that the price is what the current market will bear.
Sometimes it takes a couple similar offers to make sellers understand that buyers and their agents are going over the comparable listings and this is the conclusion they're coming to as far as home value. Sellers can ask whatever they want for a property and many agents will list it, hoping to at least get an unrepresented buyer to work with, knowing the home will never sell. Some agents will walk away in the hopes they will be remembered and called back when the seller comes down to reality.
But buyers have their bottom lines, and few will cross those even for a house they love. In most cases, the buyer viewed the home because it does fall into their price range and they can afford it. Maybe it's at the high end and compares with lower priced homes, but the buyer loves something about it the others didn't have. What they love might not qualify as thousands more than the others, though.
Appraisers have the final word
Please note, we had no problems with the appraisal of the above home. Once they accepted the 2nd offer everything went smoothly. But for those sellers who want higher then the rest, there is going to be a final hurtle to pass, and that is the appraisal. Unless a buyer is paying cash, the house will be appraised. Some agents or attorneys write in an appraisal clause to the contract stating that if the property doesn't appraise the buyer(s) can pull out and get their earnest money returned to them.
If I have any inclination that a property won't appraise I add an appraisal clause, and it has helped several of my buyers. My clause states that if the seller chooses to reduce to appraised value then the purchase will go through. If they don't, then my buyer can walk away and get their earnest money returned.
Many attorneys can get the buyer's earnest money back without a clause if a property doesn't appraise. But our contracts do not specifically call for that. FHA offers have an addendum signed by both parties that the property must appraise or the buyer can declare the contract null & void and get their earnest money back. However, if the seller won't budge & the buyer really wants the property and has the additional cash needed, they can make up the difference.
Sellers must put themselves in the buyer's shoes. Would anyone want to pay more for a home than it's worth? Unless there is a compelling reason, most would not.
I got off track with this post but went with the flow of the story on this particular sale.
Call us first even if you think you're out of our area
We will go out of the area for referrals and other situations, so even if we don't work in that area we can refer you to a great local agent. It's easier for us to list a home out of our area than work with a buyer that will require multiple showings, but we are working with a buyer right now that is looking in and near downtown Chicago, so we do make exceptions. Give us a call at 708-536-8200. See more testimonials here.