Whether I represent the seller, buyer, or I am a transaction broker for my flat fee MLS service, I am a "professional messenger", not Superman
My story today is about why some buyer's agents, don't get their jobs. Seems too many buyer's agent seem to believe that when they offer advice to their buyers about making an offer they seem to put the superman cape on and go on a mission of making offers that are unrealistic and are not in the best interest of their buyer.
Just last week, an offer came in on one our flat fee MLS listings where I do the negotiating. We call this type of listing an Professional ADDvantage™ listing because I represent the by owner MLS seller from contract-to-close.
This Realtor, a buyer's agent, called and said an offer was coming. I said great! I quickly asked the agent how much the offer was for. She replied $710,000. I quickly looked at the listing on our system and noticed our listed price was about $770,000. I then asked the Realtor what she thought the "BPO" (which stands for Broker's Price Opinion or fast sale value) was for this listing. She replied $740,000. The reason I asked this question was to catch the buyer's agent "off-guard" and attempt to find out some valuable information to pass along to my Professional ADDvantage™ seller.
This BPO statement means if the sale was a short-sale (which it wasn't) you would pursue offers around $740,000 to present to the seller because ultimately the lender decides on whether or not to take the deal. A short sale takes anywhere from 70-110 days to close. Straight-sales (listings that are not short-sales), such as this listing, have more value because a buyer can close and move-in as fast as 20 days if a cash buyer or 45 days if a mortgage contingency. My point is this buyer's agent opinion of value was $740,000 but we were unsuccessful getting this deal done even at $740,000 because I believe too many buyer's agents paint unrealistic expectations for their buyer's about value. Value is in the eyes of the buyer, not the buyer's agent!
While I am predominately a flat fee MLS listing broker, I do work with many buyers throughout Florida because our website GetMoreOffers.com has become a prolific website for buyers. I am successful working with buyers in many cities, not just Tampa Bay where my office is located. I have short-sales pending in Miami for over $3,000,000, short-sales in Orlando for $250,000 and $310,000 and many more. I know my responsibility to these buyers and sellers. I am an "expert messenger". I list properties, I show properties, and I unlock doors and listen to my buyers. And yes, I know value. A CMA (comparable market analysis) is not the only way to gauge value.
Ultimately, very deal must get through appraisal. Whether I represent the seller, buyer or I am a transaction broker for my flat fee MLS service, I am a "professional messenger", not Superman.
Call me anytime, 9:00am-6:00pm 7 days a week. 727-942-2929 or 1-877-232-9695.