Strategies for Overpriced Offers

[*]I would like to know how to expose whether a created pressure through "I have so many inquiries... I did not expect that" corresponds to reality. I have experienced cases where after the above statement the listing was switched off after an hour and the property went away on the first viewing day. BUT I have also experienced that despite the alleged flood of interested parties the house remained online for another four months - most recently at only 70% of the original price.

Pay attention to congruence – in personal conversation including body language. Involve someone else (partner) who observes. It’s great if you have someone with you who masters “tellreading.” Sometimes it just goes well for someone else. That’s how it is.

[*]Another example: How can I tell during the informal bidding process if this is really the last round? I have had the case where after the supposedly last round, there was another call offering the chance to make a final improvement. Then there was once again a very last opportunity to top the offer. That’s when I dropped out.

I would have too, because that’s not a fair game and I’m not a show gladiator.

[*]Do brokers agree to it if you offer them that a price reduction they achieve for me does not reduce their commission?

That would be very unprofessional; I wouldn’t want to work with someone like that.

[*]How do the "brokers" from the banks’ real estate departments generally operate? It is noticeable that their brokerage offices write particularly careless, brief, and sloppy listings, but of course always with the maximum permissible commission rate. Do they possibly have other interests? Are they selling properties from their "non-performing" loans?

Brokers don’t generally behave in a certain way. Outside of buying/selling houses I have met about 50 brokers. There was almost everything among them.

[*]What other goals might brokers have during the sales process besides "as fast as possible" and "as high a commission as possible"?

The brokerage business has been shaped over the years by different market conditions. Those who work sustainably are interested in customer satisfaction. At the moment brokers have the problem of rather empty shelves. They also find it hard to get sales properties. Usually there are further challenges. There are levers at play in dealings with a broker.

And as already mentioned: the seller still decides on the sale. Never forget their interests.

Just some inside information: We once sold an apartment. The homeowners' association was unpleasantly close-knit and narrow-minded. We chose a Chinese buyer from the interested parties, who bought apartments one by one to rent them out. He didn’t care about the community, and we enjoyed the shocked astonishment of the community that now a "foreigner" and, as they say in Bavaria, a "Kinees" would have a say. When selling the townhouse, also through an agent, we did not choose the highest bidder, but a young couple whom we believed fit into the neighborhood and who gave us credible financial information right at the first meeting. It's also nice when you feel the financing is secure. Another time, decision speed and agreement on a handover scenario mattered. The agent selected the interested parties based on these criteria.

My five cents. Don't fret about the broker's mindset. It must and can be completely irrelevant how the broker ticks. And if he pulls out the old trick, there are xyz many interested parties, if not you, then the next one, to create pressure... so what. As a buyer, I need to know what I want, how much I want to spend, be firm yet polite, be committed, not a feather in the wind, then I am to be taken seriously and on equal footing. That includes that I familiarize myself with the market, what is worth what? What adds value, what detracts? (old roof, new windows, good location...) If I can't manage that, I hire a broker myself to find something for me.

I would like to know how to uncover whether the pressure created by "I have so many inquiries... I didn't expect that at all" corresponds to reality. I have experienced cases where after the above statement the listing was taken down after an hour and the place was gone on the first viewing day. BUT I have also experienced that despite the supposed flood of interested parties, the house stayed online for another four months – finally at only 70% of the original price.

Stress is subjective, only knowledge of people helps here.

The old lady who has been buying the same cheese for years finds 3 applicants already too many.

Or floods of interested parties do not have to be of high quality, sometimes quantity is annoying (eBay classifieds car sales "What's your last price" faction).

The beautiful island of Nordaney was, at least in the past or occasionally. There was someone here... but only sporadically active.

I believe the island somehow still exists among us ;) But he is not a typical broker, is he? As far as I know, he handles commercial real estate for a bank.