How to
Are you a Shadchan?
Coaching
Disputing a property’s value in a short sale: turn a no into a go
During a short sale, there may be various obstacles, with misaligned property values ranking near the top, but it doesn’t have to be a dealbreaker!
Coaching
Short sale standoffs: how to avoid getting hit
The short sale process can feel a lot like a wild west standoff, but there are ways to come out victorious, so let’s talk about those methods:
Coaching
Short sale approval letters don’t arrive in the blink of an eye
Short sale approval letters may look like they’ve been obtained simply by experts, but it takes time and doesn’t just happen with luck.
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Ruthmarie Hicks
June 12, 2009 at 8:46 pm
One thing is very true…my “junk” might be another person’s treasure. I just had a listing like that. UGH! I could never live in a place like that! But some people love that look – all a matter of taste. Unfortunately, I live in one of the most EXPENSIVE areas in the country. My first three years, I’ve dealt mostly with “entry level.” There is little “falling in love” for this group of buyers because even now – many have to settle for “potential” that looks like junk – to ANYONE with eyes! In fact, I think that’s why working with buyers has been so difficult. The look of disappointment and disbelief that their money didn’t stretch further has been a very, very hard sell. I had to get people to “picture” what a kitchen with peeling wallpaper from the sixties and a vinyl floor that was half torn up would look like AFTER they gutted it.
Now that prices have dropped a bit – its a little better – but it is still astounding how little you get for your money in this area.
Jim Little
June 12, 2009 at 10:30 pm
Missy, I have always been a believer in going back to the basics, and this post is an excellent example of that. With disclosure rules, issues of having shown a particular floor plan often only to have EVERY prospect saying the same thing about the kitchen, etc… it can be so easy to forget the wisdom you have posted today.
Elaine Reese
June 12, 2009 at 10:51 pm
When I bought my current home, my agent knew the specific criteria I wanted, and only showed me those homes. Nothing hit my hot button. Then we drove by THE HOME. I said I wanted to see it. I took 3 steps inside and told him I wanted the house!
I had some out-of-town clients once who gave me basic criteria, then the wife finished it off by saying, “I want to walk in the front door and go ‘WOW’. I found them a great house with a full view of a golf course through a wall of windows that was the view at the front door.
How NOT to do it: Got feedback from an agent with a buyer’s broker. He said buyer really likes/wants the home, but he told her it was too big for her. He said it was “his duty” to keep her on track with what she “should” buy, not what she “wants” to buy. So he’s going to not allow her to buy the home she wants. If I were her, I would fire him.
People have to be able to see themselves living in the home – having coffee in the morning – relaxing on a Sunday afternoon – celebrating the holidays, etc. It’s such an emotional decision.
Missy Caulk
June 13, 2009 at 8:16 am
RuthMarie, Ann Arbor is now affordable for buyers, prior to the downturn the first time home buyers had to move further out. Now those outer area’s are suffering the most.
Jim, thanks for your kind remarks, I love to see the lights come on when they emotionally attach to a house, ready to make it a home.
Elaine, this happens often. It has been said many buyers have a wish/dream list but when they find one it doesn’t matter. I had a client a teacher who wanted to be in the country but one day after finding nothing they liked. I suggested looking at a specific neighborhood home I had been in. They fell is love. They are still there 4 kids later. So much for the country. That buyer agent needs help in closing the home.
Steve Trang
June 13, 2009 at 1:18 pm
There is a whole lot of truth to this, and not knowing this secret cost me dearly in the beginning part of my career. I would often interject things I thought were wrong with the home, or that the property may be overpriced. In the end, the buyer wants what the buyer wants. Our job is not to sell. Just show the buyers what they want to see.
Dan Connolly
June 13, 2009 at 5:23 pm
I totally agree with this approach, I tell people not to bother writing anything down. When they find the right house they won’t be able to forget it. I tell them to wait for bells and whistles and if something feels wrong, we don’t need to get out of the car.
Keeping quiet about personal taste issues is very important. One time as I was pulling into the driveway I said “Oh I am sorry if I had known this was the house, I wouldn’t have brought you here. They said “what are you talking about? we love this house!” and they bought it, insisting on offering full price.
Another time when silence is golden is when they object to something. (like the living room is too small) Frequently if you react with dead silence, they move on and don’t mention it again, and if you talk about it, you force them to entrench themselves in the feeling.
Missy Caulk
June 13, 2009 at 10:53 pm
Steve, all of us make mistakes at the beginning, that is how we learn.
Dan oh yea…silence is golden. Learned that one too.
Lisa Sanderson
June 15, 2009 at 6:36 pm
Usually after showing a couple of homes to people, I can hone in on what’s gonna move them. After awhile you get good at the match-making thing. And occasionally, you can nail it over the phone and find them ‘the house’ on the first time out. I love when that happens.
Ken Brand
June 15, 2009 at 9:30 pm
So, you’re saying it’s not Rocket Surgery, it’s love making…or rather match making?
I couldn’t agree more, people, emotion, desire and attraction + conversation not “selling”.
Yes, it’s a great business for the Shadchan.
amen.