The Offer That Broke the Listing's Back
Part of being a good Buyers Agent means representing the buyers in a purchase. For any real estate agent working with buyers, we all know that sometimes buyers can have unrealistic expectations.
This post is about an offer that broke the listing's back.
A property came up on the market as a new listing. It was in the exact location the buyers were looking in, had the amenities they desired and met the other wants/needs. So I sent the listing over. The buyers agreed it was a tour-worthy property.
They liked it! We toured the property three times and they decided to write up an offer.
Now, the history of the property . . . it had been on the market over 6 months. It had several price drops and then the listing expired. It was relisted with another brokerage with the new price . . . and that's when it popped up on my radar.
The history showed that in the 6 months it started off as an over-priced listing. The new listing agent priced it right, IMHO. It was getting activity now. It showed well, and again, the price was right.
When the buyers made their offer . . . the sellers didn't like it. Even when I mentioned that this was priced well and they shouldn't be so focused on the list price but rather their closing costs. They were expecting the sellers to come off list and pay closing costs. I wrote up the offer per buyers' instructions.
The sellers countered. And before we could even respond to their counter, the sellers did something I've never experienced in all my years as a licensee:
They pulled the property OFF THE MARKET!
The listing agent notified me: The sellers were pulling the listing off the market!
They had had enough! From having the property on the market over 6 months, reducing the price, engaging a second agent, receiving the offer from the buyers . . . they were done. Even though they countered, they pulled it without further option for the buyers to counter or engage in further negotiations. The sellers decided they would rent the home and they would hold on to it. In the years to come, when the market appreciates at 3-4% per year (which is the norm for the area), they will be the ones to see the appreciation.
Inventory is down about 25% in my market. This property matched the buyers wants/needs to a tee. They lost this house because their offer broke the listing's back! The sellers didn't even want to negotiate. They were DONE. Unfortunately, he buyers' offer was their . . . last straw!
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EBA Portland ~~ 100% BUYER REPRESENTATION ~~ 100% of the Time
EBA Portland, LLC is an Exclusive Buyer Agency serving the Metro Portland real estate market since 1999. If you’re a Buyer in the Metro Portland area (including: Beaverton, Tigard, Hillsboro, Lake Oswego, Downtown Portland,) and contemplating a purchase, talk with a Buyer’s Agent . . . better yet, talk to an Exclusive Buyers Agent. Exclusive Buyers Agents do not work for listing brokerages or Sellers. An EBA’s fiduciary duty is: 100% BUYER REPRESENTATION . . . 100% of the Time.
| Carla Muss-Jacobs 503-810-7192 Carla@carlahomes.com |
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