You can't hold a grudge for too long in this market
Insulting offers? Get over it already!
Back on Jan 22, I made this comment:
"I presented an offer a few days ago on behalf of my buyer clients. It was a reasonable offer based on all market factors and comparables. The listing realtor said his/her sellers were insulted." Despite hurting their feelings, they still made a counter-offer which my buyers were willing to accept because they really, really wanted this house. I advised that it was not worth what the seller wanted, the deal stalled and we started looking elsewhere.
This listing realtor was the famous and prominent "Do you know who I am." Yes, he actually said that to me. I didn't reply, as I thought to myself, yes, I know you're the realtor who has listings on the market which have been there for a year without selling.
Wouldn't you know, he calls me a week later and wants to re-open the negotiations.
To make a long story short, my buyers saved thousands of dollars(more than enough to pay my commission), and got their dream home at a fair price.
Despite being arrogant and full of himself, the listing realtor humbled himself on behalf of his clients in order to put a sale together. Two years ago, getting a call from a listing realtor to re-open negotiations was unheard of. Sellers who were insulted were able to hold their grudge because there always seemed to be another buyer circling.
On the opposite end of the spectrum, I recently dealt with a buyer's realtor who went the extra mile with me in order to pull a deal together. What initially looked impossible, ultimately was a win-win for everyone. We were a long ways apart on price. The buyers had to sell a million dollar house in a tough market. My clients were out of the country. It seemed on the verge of falling apart a number of times. It's amazing what can happen when everyone has a good attitude, doesn't get too insulted, and maintains themselves in a professional and respectful manner.
Times have changed. Sales are down more than 50% from two years ago. If you're a seller, and you get a low-ball offer, don't take it personally. Instead, encourage your realtor to do everything possible to keep the ball in the air.