When you quit hitting your head against the wall.
This post applies equally to buyers looking to purchase a short sale as to the agents who are writing the offers.
Recently the phone rang with a frustrated buyer. They wanted to fire their agent so they can work directly with the listing agent. Why? Seems they had been making offers on Northern Virginia short sales and kept losing out. Immediately alarm bells went off in my head. Are you offering significantly below the list price? Yes of course I want to get a deal.
Sigh. Once again a buyer who isn’t up to date on our local Northern Virginia real estate market. Here’s a simple graph that should help explain why an offer below the list price will backfire.
Something to note is in many months the short sales are getting a higher list to sales price ratio than the “regular” sales. Since many short sales are already priced below market buyers are jumping on them quickly and willing to pay close to the list price to buy them.
The only reason to get mad at your Realtor® is because they haven’t given you the information you need to make an informed decision about how to put together a winning offer. The MLS data says it loud and clear. Quit pounding your head against the wall and you’ll be successful in getting the home you want under contract.