The Anatomy Of A Nothing Burger Offer...

The Anatomy Of A Nothing Burger Offer...

 

 

Have you ever received a big fat nothing burger offer with no meat in it? I did recently and mentioned it on Margaret Rome, Baltimore Maryland post today. 

 

Our listing is luxury home with a lot of amenities that  I don't run across often - all in one property including a guest home, a pool house/second guest home, RV garage with AC, 3 car  extended garage plus much MUCH more. The home hadn't been on the market long. With these type of homes buyers are either well qualified in advance or they're paying cash and have a proof of funds.

 

The potential buyer viewed the home multiple times. It's a multi-gen family including a grandmother, son and his wife and a few kids. The son and his Mother viewed the home first. They came back a second time and Grandma just wasn't sure she wanted to sell her home so they did nothing. Fast forward a week or so and they wanted it to view it a 3rd time. Grandma had changed her mind on selling on moving but now wanted to move in with the kids and take over the guest home.

 

The agent emailed me their 'offer' and wanted me to convey to the sellers that he was a top agent.  Not sure what that had anything to do with the offer but , uh ok, sure. The offer was low but we could have negotiated that out most likely.  But their offer was contingent on both the son's home and mothers home closing escrow. And then on page 8 of the offer - there is was - a most unusual request. The agent had deleted the sellers right per contingency addendum to continue showing the home and if they received another acceptable offer they could give the contingent buyers 5 days to remove their contingencies. Plus add to the above, we did not receive the proper prequalification that our AAR contract requires. Were the buyers really qualified at this point? No not at all.

 

 Things to consider....neither home was on the market yet so who knows if they'd price it to sell OR if it was in good condition and show ready now or would it possibly take while to get ready for sale. Normally buyers have an  accepted offer already in escrow and the inspection process was over and agreed to before they make an offer.  Most sellers will not  even consider taking a newly listed property off the market for who knows how long UNLESS the buyers home is already under contract and through the inspection period.

 

Add all this up and it was a nothing burger offer with no meat and no  trimmings. It didn't take the sellers long to say no thanks and we don't want to counter either.  There wasn't anything to counter without due diligence being done first by the buyers. I did respectfully let the buyers agent  know that the sellers would be open to another offer once both their homes are in escrow and through the inspection period, along with the proper prequalification as well. We'll see if that comes about. One thing is clear the buyers must get committed FIRST, get both homes sold and be properly qualified before making an offer to these sellers.

 

The Anatomy Of A Nothing Burger Offer...

 

 

 

Phoenix Property Shoppe
  

 

 

Anna "Banana" Kruchten
Designated Broker & Owner
CRB, CRS, GRI, CNE, SFR, CDPE, WLS


Phoenix Homes For Sale

 

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Comments

Good day 

Thank you for sharing your information with us 

Have a great day.

09/03/2018.  

Posted by Anthony Acosta - ALLATLANTACONDOS.COM, Associate Broker (Harry Norman, REALTORS® ) 12 months ago

In this market it is funny to me people are still trying to steal a property from  the owners.

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 12 months ago

What a great Blog Anna Banana Kruchten CRB, CRS 602-380-4886.  Really hard to imagine the buyer's 'top agent' would think the seller would even consider their Offer/Contingencies, and the fact they were not even properly prequalified.  It's laughable, seriously, that a luxury home with many amenities would agree to what they asked for - that agent must not have realized he was working with another 'top agent'!

Posted by Allie Angeloni (Long Realty ) 12 months ago

Great post Anna Banana Kruchten CRB, CRS 602-380-4886  I hope buyers are reading this . Why would the seller take their house off the market for this offer ??????????  Hopefully they will be smart enough to put their house on the market and also get qualified by a mortage banker .

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 12 months ago

Hello Anna - a clever post title and a great marketing piece too.  Very smart.  Of course!

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 12 months ago

Anna , I have never heard this terminology but must admit LOVED IT: a nothing burger offer:)) As to two properties need to be sold... well I wonder if they will ever sell one or both? Hard to fathom what we run across in our daily adventures as listing agents. This  post just reminded me of  when new agents tell me they became agents because of the "easy money" ...Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 12 months ago

I read the reblog before reading your post...and my comment.

"Fred Griffin I thought this sounded familiar..then realized it was an Anna Banana Kruchten CRB, CRS 602-380-4886  story I heard earlier today. Good reblog and thanks for the mention."

 

I do love how a comment can lead to an entire blog post. You are the best!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

I think when there is a little too much "creativity" written into a contract, like the unusual requests given on your page 8, it does some offers in.  

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 12 months ago

Making offers with a sales contingency are usually best done after the house to sell is nearly sold!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 12 months ago

Good morning Anna. So this top agent didn't understand, or ignored, the process and wasted a lot of time for nothing too. Good luck with the listing.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 12 months ago

Is marijuana legal in Arizona?  This "top" agent surely must have been smoking something when she wrote that offer up. 

Posted by Carol Williams, Retired Agent / Broker / Property Manager (Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals.) 12 months ago

Hannah Williams 
Amazing - here he was a really important real estate agent as well. Hmm ... Nicely written and reads ike an exciting short story!
All the best - Lynn

Posted by Lynn B. Friedman, Concierge Service for Our Atlanta Sellers & Buyers (Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...) 12 months ago

Hi Anna - In our market we are now seeing sellers willing to take contingent offers when the buyer's home is not even listed yet.  We are in flux and our market right now is somewhat flat.

Posted by Lynnea Miller, Premier Real Estate Service in Central Oregon (Bend Premier Real Estate) 12 months ago

That IS crazy!  Being a "top agent", he should know better than to expect a seller to swallow that.  There were too many strikes.  No pre-approval.  Strike one.  Not just one home to sell, but two?  Strike two.  Trying to eliminate a kickout clause from the seller and expecting to hold the seller hostage until they sold both homes? Yeah.  Strike three.  I hope that you find a buyer long before that agent comes back to try again.

Posted by Karen Feltman, Relocation Specialist in Cedar Rapids, Iowa (Cedar Rapids/Iowa City, IA KW Legacy Group) 12 months ago

I still say it's a starting point and sellers should be encouraged to counter not just price, but terms that are agreeable to them. Maybe it won't work, but you never know.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) 12 months ago

I received a "nothing burger" offer a few months back on a property I was representing. It was a multiple offer situation with two more favorable offers. This one came in with a house to sell that wasn't yet on the market, heavy seller-paid closing costs and less than list price. Needless to say, that offer came in dead last. Oh, and it was a hot price range that sold in less than 5 days... If you really want the property, the offer has to reflect it.

Posted by Pat Starnes-Front Gate Realty, 601-991-2900 Office; 601-278-4513 Cell (Front Gate Real Estate) 12 months ago

No Pre-Approved .. Neither home in Contract or sold? What could possibly go wrong??? Great post, Anna ....
Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) 12 months ago

Thank you very much for sharing this experience and your story.

Lots of wishful thinking by this agent and his clients.

Posted by Roy Kelley (Realty Group Referrals) 12 months ago

Top agent, huh?! Not as top as the Top Banana, who has the 'upper hand' in this scenario! LOL

Seriously, what on EARTH was he thinking? WAIT! I don't think he was!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 12 months ago

That's rough.  We want you to take your property off the market, while we try to sell two of our own properties, AND we don't want you to be able to show it to anyone else while we struggle with that.

Yeah... uh.... nah!

Posted by Alan May, Helping you find your way home. (Coldwell Banker Residential) 12 months ago

Good evening Anna Banana Kruchten CRB, CRS 602-380-4886,

Good grief..this is a top agent???  Can't imagine where he came up with his requests..not going to happen. Glad to see this post featured.

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.750.6899) 12 months ago

A local listing agent took an offer on a high end home here with ONE home to be  sold, but the listing stayed on the market. It was a harder to sell home so that was good strategy. I noticed it's now sold.

Posted by Hella M. Rothwell, Broker/Realtor®, Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea 12 months ago

Hi Anna

Well that clever title drew me in and I knew you would have an intriguing tale to share. Oh my, those red flags waving in the Arizona breezes. One has to wonder if the buyers would consider a similar offer on their own properties, should that ever happen!

And the claim about top agent! Yep, that made that offer legit and worth consideration!

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) 12 months ago

A person really wants to be authentic what theyvoffer so that there’s no misunderstanding. You seem to have a good grasp on this. Thank you for posting :)

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 12 months ago

So many times in life, So many things are worth more consideration than we give to them, I suppose Jeff Dowler, CRS

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 12 months ago

Oh yes, these types of offers seem to come and go even in this market, they want everything and offer nothing. No pre qual, no proof of funds and a home not even on the market Anna Banana Kruchten CRB, CRS 602-380-4886 

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) 12 months ago

Wow....I can't believe your sellers would go along with that offer. Crazy!

 

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) 12 months ago

Top Agents dont write offers like this.  Ding Dong

Posted by Debra Leisek ( Bay Realty,Inc Homer Alaska) 12 months ago

Clearly, we see all kinds of buyers, sellers and agents out there!

While you can't fault the buyers for asking for such, clearly their agent didn't take the time to explain to that what they were truly asking form the seller (setting the right expectations within the market) or the buyers just didn't care (greedy bastards!) 

Negotiating is not begging or trying to kill the other guy. Its all about finding a solution all sides can live with. That buyer and buyer's agent we're clearly poor negotiators. 

Posted by Stephen Turner, The BIG Guy of NEW HOME SALES (Gemcraft Homes (TriCorner Realty)) 12 months ago

I have seen offers that I thought had no chance get countered and ultimately accepted by all parties. I would have bet nothing would havve come of it. Love the post and your point, Anna.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 12 months ago

This "top" agent would be better off learning the business before making any other offers . . .

 

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) 12 months ago

HI Anna- it reminds me of the old commercial for a burger-can't remember which chain but it was "have it your way...have it your way." I guess that's how they wanted it. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 12 months ago

A less experienced seller's agent wouldn't have seen those potential pitfalls. Your seller was lucky you were in their corner.

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates) 12 months ago

My guess is the "top agent" remark was to try to make you and the sellers more comfortable with the nothing burger? Yikes. That sounds like a whole lot in favor of a buyer and not much for the seller.

Posted by Marney Kirk, Towson, Maryland Real Estate (Cummings & Co. Realtors) 12 months ago

Hmmm, that top agent seems to have a different idea of a workable offer than I would have had.. so glad your sellers have you and that they are savy sellers!

Posted by 1~Judi Barrett, BS Ed, Integrity Real Estate Services -IDABEL OK (Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745) 12 months ago

Hi Anna: My "Nothing Burger" offer came in the week before Labor Day---the offer was all cash--no contingencies and they wanted to do the inspection right away--they did that and nothing was a problem--The problem came when their agent called me to set up anther appointment--the buyers wanted to go back in with their builder...Making a short story even shorter: They also brought their friends in to see the property before they signed the contract and, as is normally the case, no friend EVER wants to see their friends happy in a house that is in the best location with the biggest yard etc, etc.....I have never had a sale happen when a buyer brings in their friends "Just to get their opinion"..It was thumbs down immediately!! Note: This was the 5th house they had "Lost" over the past year---As non-buyers, I guess they have it down to a science. Find a property, the best value in the area; make an offer that is accepted and go through all the machinations of a deal---Then bring in the friends!! Their agent had seen them throuogh ALL 5 lost deals! I dont know about you but this has become "silly season" for the real estate market here--nothing seems to stick!!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) 12 months ago

Sometimes I wonder... what was the other agent thinking??  How could they think you would consider it?  K

Posted by Kathy Schowe, La Quinta, California 760-333-8886 (California Lifestyle Realty) 12 months ago

In the current market, buyers who have a home to sell need to at least have it listed, at a minimum. 2 homesale contingencies? That’s asking a lot, a whole lot!

Posted by Melissa Spittel, "Achieving Results Together " (Coldwell Banker Residential Brokerage) 12 months ago

At least they gave you a goofy story to tell.

Best success in finding a real buyer for that luxury estate!

Posted by Marte Cliff, Your real estate writer (Marte Cliff Copywriting) 12 months ago

I hope that the "more to this story" is that you have now sold the listing?  Your "top agent" may not be sharp enough to educate his buyers on how to get those other properties in escrow and not lose out on this replacement.  I think you can turn a lose-lose into a win-win here.

Posted by Preston Porter, Excellent Service, Expert Advice (Porter Realty, Inc.) 12 months ago

So this offer came from 'a top agent'....Eyeroll!  Perhaps the buyers were being insistant on giving you this 'nothing burger' of an offer.  What a waste of time.  

Posted by Mary Hutchison, SRES, ABR, Experienced Agent in Kansas City Metro area (Better Homes and Gardens Real Estate-Kansas City Homes) 12 months ago

That is the craziest offer!  Not pre-approved, let alone pre-qualified; homes to sell; homes not on the market. Zip, zilch, nada, NOPE!  Good thing you are representing your sellers! 

Posted by Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN (Value Added Service, 602-620-2699) 12 months ago

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