Sarasota homes for sale often hit the market, blindsiding uninformed (or stubborn) buyers not savvy to (or realistic about) today’s Sarasota real estate market.
Sarasota homes for sale sell at "bargain" prices!
Mario B. does not have the patience to get the “screamin’ deal” he envisions….
…and demands!
A couple months ago, Mario contacted me off my website after checking out a number of my videos. He wanted to buy a vacation home on Siesta Key (Sarasota).
Rather, he wanted to steal a “screamin’ deal” on the Key as he described. He didn’t care so much about the property as he did about the “deal.”
Click Read More below now for Mario’s (and my) valiant attempt to carry out “mission impossible.”
MISSION IMPOSSIBLE IS NOT AN OPTION
For a couple weeks, I tolerated Mario’s uninformed strategy for (trying to) acquire a vacation home on the Key:
- Mario incorrectly believed banks are giving away “good” properties. Banks, dear reader, are NOT giving away properties. It’s beholden on buyer and realtor to CREATE better deals out of good deals. To score a better deal, I know which techniques to utilize. Mario simply thought offering the debt owner (bank) 30% of list price was an effective strategy. Short answer: NO, it isn’t!
- Mario refused to understand short sales. If you (as a buyer) want to score a better than good deal, you must understand the distressed property sales process, including short sales and reo’s (that is, bank-owned properties). Mario demanded a response from the list agent and/or debt owner within 2 business days of submitting an offer. Even on REO’s the response time can exceed 48 hours.
- Mario thought cash is king! Paying cash, Mario thought was enough grounds to justify his lower than lowball offers. Repeatedly, I tried explaining to Mario (most) banks believe money is money, whether it’s a cash buyer or a financed buyer. As a realtor, I prefer cash buyers since I know how challenging it can be for a “vanilla” buyer to get financed today, by no fault of his/her own. Even vanilla buyers can fall-through.
- Mario cared not one iota about market value! Mario had convinced himself he would purchase a 2.1MM dollar beach-front property for $600,000.
After 3 weeks, I was done trying to help Mario.
I had had enough. Mario did not want to buy according to market reality. Mario did not respect my time, knowledge and experience working distressed properties in (and around) Sarasota and Orlando.
Mario’s agenda defied reality. For 3 weeks, I mistakenly thought Mario’s persistence stemmed from ignorance. That once I educated him (complete with evidence) he would re-define a “screamin’ deal.”
I was wrong!
At this time, I could lament about 3 wasted weeks researching MLS, conferring with friends about deals in their pipeline, calling list agents, crunching numbers & driving Mario around.
On the other hand, I can celebrate a lesson learned after -only- 3 weeks.
For 16 years, I taught and coached high school kids. Most people correctly believe teachers & coaches receive little pay (for the value they provide). Yes, I agree. However, I made the choice to teach and coach.
And I LOVED those 16 years. I didn’t waste my time.
Neither did I waste 3 weeks working with Mario. I learned not to believe I can make a buyer out of a treasure hunter. Mario is a treasure seeker. I don’t doubt real estate “treasures” exist in and around Sarasota. I prefer to work with buyers willing to be realistic about the market and respectful of my time, knowledge & experience.
Please call or email me about buying or selling in or around Sarasota. Do me a favor, scroll down below to leave me a comment or question about Mario’s vacation home-buying strategy. If you’re a real estate sales associate, how do you work (if you do) with people like Mario?
image: www.realtown.com/10/2008/
Sarasota homes for sale are NOT just bargains because they’re priced 30-40% off 2006 prices. Hardly. Instead, they’re bargains because Sarasota’s quality of life remains better than ever. It’s the same place it was when prices soared 30-40% higher. In fact, it’s absurd (to me at least) to hear some people (even realtors) pitch properties based solely on today’s prices compared to ’06 prices. That’s absurd! At least Mario knew that. 
{ 1 comment… read it below or add one }
My wife and i have been saving up money to pay for our home purchase and then take advantage of today’s low home prices and even lower interest rates (lowest ever). Thanks for all your info on home buying.