Recently, some clients decided to put an offer in on a home and of course (as it seems to be in our market these days!), there was another offer.
Here we go.
Multiple offer situation.
We came in with minor changes to the offer but it needs some work and these are first-timers so they are being conservative with their hard-earned money.
The suspense was killing them but finally! I got a call back from the agent. This is not a new agent. This is a top performing team in our area with a fine-tuned professional offering in real estate. Her answer was...
"They can't sell this house. They can't afford to. I don't know what they were thinking in listing at that price but they would have to sell at $3000 more than what it's listed at to break even. Unless your clients don't want help with closing costs and want to up their offer by $5,000". Uh...no...
After the basic questions are done, one of the questions I ask is for their payoff information. That way, when we meet at their house, I am able to give them a Seller's Net Sheet and an idea of what they can expect to bank after standard fees and their loan is paid. This question was an oversight, apparently.
My clients had the same response I did..."What!?"
So, just make sure that prior to that listing appointment, you ask that question and make sure they can financially afford to sell their house!