Here’s why you shouldn’t trust obscenely high offers.
Everyone knows our real estate market is booming right now and favoring sellers, and buyer’s agents—not all of them, but some—are trying a new tactic to secure a listing on behalf of their clients. On some level I can’t blame them, but if you’re a seller, you need to be aware of this tactic.
You see, these buyer’s agents are making obscenely high offers on homes (e.g., $50,000 over asking price) so they can lock them up for their clients, all the while knowing full well that they won’t appraise at that high of a value. When the appraisal inevitably comes in low, the seller has to renegotiate the price.
“Remember: If a deal looks too good to be true, it probably is.”
Well, guess what? You don’t have to renegotiate. You’re free to walk away from the deal, relist your home, and find another buyer. You can renegotiate if you want, but remember that you have other options. Remember: If a deal looks too good to be true, it probably is.
As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’m happy to help.