Home Sellers Make 'Reverse Offers' to Prospective Buyers
Home sellers craft enticing proposals to lure buyers who may be on the fence.
VALPARAISO, Ind., March 11, 2009— -- Homeowners Pat and Steve Christoff are eager to sell.
They originally listed their tidy tri-level home with a wooded back yard in Valparaiso, Ind., for $225,000. But, after 14 months on the market, and $40,000 in price reductions, they admit it's time to try something new.
"You have to think outside the box," said Pat Christoff, who has grown weary of waiting for a buyer. She and her husband have brought in real estate agents Jeff and Grace Safrin, who are about to try something radical.
"There are certain circumstances where we will utilize what is called a reverse offer," explained Jeff Safrin.
Instead of waiting for an offer, the sellers pounce -- and present prospective buyers with an offer they, it's hoped, can't refuse.
"It's like a marriage proposal," explained Grace Safrin. "In a traditional marriage proposal, the man proposes. Well, this is untraditional. The woman proposes. The seller writes a proposal to the buyers, inviting them to buy their home."
The Safrins have used this tactic six times in the past few months, making three sales as a result.
"It's a 50-50 shot," explained Jeff Safrin.
That offer usually includes a lower price, and other incentives such as appliances and closing costs.
Pat Christoff had never heard of a "reverse offer" before. "I was like, 'wait ... aren't they supposed to offer us money?'"
"It's a new approach. We'll give it a try," said her husband, Steve. "If it works, fantastic. It only takes one buyer."
Enter the Brouwer family. The young couple has three children, and after years in a rental home, they seem ready to buy.
"It's a beautiful house," said Candace Brouwer, inspecting the living room, "and it's in a nice neighborhood. Good school districts over here."
This is the Brouwer's second look at the Christoff's home in two days, but they have yet to make an offer.
"It's a strong market out there," Candace Brouwer explained. "There's a lot of houses right in the same price range. You have to do something different if you want your house to sell."
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