Boise Home Sellers: Contingent Offers

Contingent offers are usually a losing proposition for Boise home sellers.

If you’re a seller and you accept a contingent offer, you’ll feel warm and fuzzy for about a week.

That tingly feeling will start to go away when you realize you didn’t really sell your home.

Contingent offers do, however, make hesitant, unsure buyers feel good for considerably longer because they know they didn’t really make a firm commitment.

They just “kind of” made an offer that gives them a way out if everything doesn’t go perfectly.

When you accept a contingent offer, you’ve effectively taken your home off the market.

Yeah, I know, your listing agent (who also wanted to “feel” like she had your home sold and get you off her back) told you that you could continue to market your home with a “72-hour bump clause”.

But the truth is that most buyer agents will not show your home once there’s a contingent offer because they don’t want to waste their time showing a home that “might” be sold.

Even worse, when you accept a contingent offer you’ve relinquished control over selling your home to your contingent buyer because you can’t close until they sell and close their home.

Ask yourself these questions before you accept a contingent offer:

  • What if your buyer’s home never sells?
  • What if your buyer sells their home to yet another contingent buyer who also must sell their home before they can buy your buyer’s home?
  • What if the buyer’s home is overpriced?
  • What if the buyer’s home doesn’t show well?
  • What if the buyers don’t CARE if their home sells?
  • What if the buyers decide to sell their present home FSBO?
  • What if the buyers have Brutus (their guard dog) inside their home and agents won’t show it?
  • What if the buyers list with their niece, Susie, who’s brand-new in real estate?
  • What if the buyer’s listing agent is a part-timer who can’t take calls while at their “real job”?

The bottom line?

A real buyer is a buyer who doesn’t have to sell their present home before buying, has totally-underwritten pre-approved financing, and NEEDS or WANTS to buy a home now!

Buyers who must buy contingent upon selling their present home are seldom real buyers.

 

Top 10 Futile Boise Real Estate Practices

Here’s my list of the Top 10 Futile Boise Real Estate Practices I see every day.

10) Office tour of new listings.

9)   Empty flyer boxes on signs.

8)   “Hurry, this one won’t last!” in MLS (with 101 days on market)

6)   Full graphics on an agent’s SUV, proclaiming they’re #1.

5)   Bus bench ads.

4)   Grocery store shopping cart ads.

3)   Newspaper/real estate magazine ads.

2)   Recipes in real estate newsletters.

And, my favorite!

1)   Handing out note pads and refrigerator magnets

(I love listing homes with another agent’s magnet sign on the seller’s refrigerator!)  :roll:  

 

Boise Real Estate: Telling The Truth

When I was growing up in Indiana, my (strict) parents taught me to always tell the truth.

I quickly learned the consequences of being less than truthful.

My way of practicing real estate is directly connected to my upbringing.

I have long practiced what I call “transparent real estate”.

I reveal everything (good and bad) to my clients so they can “see through” their transaction with full disclosure and all facts on the table.

If you ask my clients, they’ll tell you that I’m more of an advisor and educator than the traditional Realtor® who’s focused upon “closing the sale” or “getting the listing”.

This approach offers many benefits for both my clients and myself.

From my own personal perspective, it’s a lot easier to work with clients who are fully-informed, motivated, and capable than it is to spend my time trying to convince unmotivated prospects to act.

My clients hear both the positive and negative aspects of their proposed transaction without enduring the usual sales persuasion tactics.

If challenges arise during the course of the transaction, I share my concerns with my clients instead of concealing problems and pretending that everything is just fine.

It’s liberating to tell my clients the truth, educate and advise them, and then leave the decisions up to them because it removes the burden of persuasion from me.

Perhaps best of all, it allows me to face myself in the mirror without wondering if yesterday’s client will figure out the truth before closing.

Allowing my clients to “own” their own decisions also relieves me of the burden of having to convince them and keep them pumped up until closing.

And, it tends to result in a very high percentage of closings vs. sales falling through.

 

 

Choosing Your Agent: Friends & Family

When it comes to choosing your agent, it’s easy to feel obligated to use the services of an agent who’s a friend or family member.

Loyalty is important, but it’s usually not a good idea to let loyalty override choosing an experienced, competent, skilled agent to buy or sell a home.

That’s especially true if the friend or family member is new in real estate or a part-time agent with minimal experience.

There are multiple conflicts of interest that can arise when you entrust the success of the largest financial transaction of your life to a friend or family member.

When you work with a friend or family member, it’s very difficult for the agent to provide guidance for personal, confidential, financial decisions.

Conversely, it’s also challenging for the client to hold a friend or family member accountable for the level of service expected.

If you’re considering buying or selling a home and using the services of a friend or family member, your best response may be “I don’t think we should mix friendship (or family) with business because I want us to remain friends”.

 

Should You Replace Your Smoke Detectors?

Kidde Smoke Detector

I’ve seen a lot of confusing information about replacing smoke detectors over the past year or so.

Specifically, I’ve seen many articles stating that smoke detectors more than 10 years old could become unreliable and should be replaced.

Color me skeptical, but I wondered if this information was nothing more than clever marketing by the companies that sell smoke detectors.

So, I asked one of my home inspectors about it and he sent me an article with details about replacing smoke detectors.

That article said there was no conclusive proof that smoke detectors fail after 10 years, but it also stated that no one really knows how long the typical smoke detector will last.

To my amazement, the article also mentioned that the #1 reason for home fire deaths was disabled smoke detectors.

It seems that people apparently disable them to avoid listening to the dead battery warnings!  😯

Then, I went shopping at The Home Depot and Lowe’s and discovered that most newer smoke detectors have sealed lithium batteries that are guaranteed to last for 10 years.

That means (if they really do last for 10 years) that I should never again have to deal with a smoke detector screeching at 2:30 a.m. because the 9V battery has failed.

That did it for me.

I bought new smoke detectors and will have them installed this week.

I bought Kidde® hard-wired detectors with battery backup for $27.97 each.

You can also buy combination smoke detector/carbon monoxide detectors that cost a little more, but I already have a carbon monoxide detector and didn’t need that feature.

I’m looking forward to not having to change any more of those 9V batteries; especially the one that’s 16’ high at the top of my vaulted Great Room ceiling!