Lancaster County PA Realty Check: "How Much Will the Sellers Take?"

"How Much Will the Sellers Take?"

House Price?Periodically I get this question from buyers:  "How much do you think the sellers will take for this house?"

It's a legitimate question, but not one that necessarily can be answered precisely by a REALTOR.

The short, flip answer is:  "Well, the seller has already made public that they will accept the asking price for the home!"

To understand the deeper answer, you must know a little more about agency relationships.

If the real estate agent is representing the seller, he or she is obligated to keep certain information confidential.  The reason the seller is selling, may be one of those pieces of information.  What the lowest price the seller is willing to accept, is another confidential piece of information.  In fact, it's quite possible that the Listing Agent doesn't even know and hasn't been told what the seller's bottom line is.

While the agent representing the seller must disclose anything to a buyer that he or she knows about regarding physical defects of the house, the confidential information must stay confidential.  Don't forget, the Listing Agent is representing the seller.  The obligation of the Listing Agent is to obtain the best price and terms for the seller, in the shortest possible period of time.

If the buyers are working with their own Buyers Agent, the buyers agent owes their loyalty to the buyer.  However, since the seller's bottom line is confidential, the Buyers Agent will not have access to that information, either.

Therefore, the Buyer Agent must use knowledge of the housing market, the neighborhood, and his or her experience in negotiation to suggest the best negotiating strategy.  This is one of the greatest values that Buyers Agents bring to their buyer clients.

If you would like more information on how an Accredited Buyers Agent can help you save money and reduce your risk, please call (717) 951-5552 or email brian@FindLancasterHomes.com .

©BrianSchulman2008

Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA.  To learn more, visit http://www.FindLancasterHomes.com/

 

Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA.  To learn more, visit http://www.FindLancasterHomes.com/

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Comment balloon 6 commentsBrian Schulman • May 19 2008 06:17PM

Comments

So well put Brian...do you mind if I use this in my packets?

Posted by Joan Mirantz, Realtor, GRI, CBR, SRES - Concord New Hampshire (Homequest Real Estate) over 10 years ago

Brian, I get asked that question very often....

you've addressed this situation extremely well with this post.

Jo

Posted by Jo-Anne Smith about 10 years ago

You spelled it out perfectly, Brian.  You should definitely have a printout of this to share with new buyer clients.

Posted by Jeannie Kontis about 10 years ago

Thanks for the compliment, Joan!  Yes, you may use it.

Posted by Brian Schulman, Lancaster County PA RealEstate Expert 717-951-5552 (Coldwell Banker Residential Brokerage, Lancaster PA) about 10 years ago

Jo, it's a question I get a lot, too.  I thought a behind-the-scenes explanation might be useful for buyers.

Brian

Posted by Brian Schulman, Lancaster County PA RealEstate Expert 717-951-5552 (Coldwell Banker Residential Brokerage, Lancaster PA) about 10 years ago

Thanks, Jeannie!  Perhaps I will make a print version of this post as part of a "new buyer client" packet.

Posted by Brian Schulman, Lancaster County PA RealEstate Expert 717-951-5552 (Coldwell Banker Residential Brokerage, Lancaster PA) about 10 years ago

Participate