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A friend of mine took a listing on a country property about 5 months ago. The negotiations regarding commission and duration were tough, but my friend held out for 5% and 6 months and got it. He did budge on the price, the seller wanted $1,150,000 minimum and my friend told him the truth, It’s not a million dollar property. Close, but not a million.
So…Broker’s tour, advertising, multiple open houses. After 6 weeks or so he talks to his client and tells him it’s not a million dollar property, but close. And urges his client to lower the price to where it will sell. The client says wellllll, I won’t lower the price, but bring me an offer, any offer.
after 3 months the agent starts announcing that the seller is asking for an offer, any reasonable offer , but he won’t lower the official price. He does this at every broker’s meeting and after 7 more weeks pass he gets an offer for $950K cash and a 30 day close. No contingencies. Sweet, right on the money as far as price and no contingencies. The seller says no deal, he wants $1,150,000.
It isn’t a million dollar property now and barring significant inflation or major improvements it won’t be one for a long,long time.
