Selling a million-dollar home — or higher — isn’t easy.
Really amazing homes inspire people to see it in person — even if they can’t swing it.
This is why Joan Herlong & Associates Sotheby’s International Realty has a long-standing policy designed to protect their sellers’ time and privacy.
“Before an agent can show our listings priced at a million dollars or more, we require 24-hour notice, and the listing agent attends all first showings,” Herlong says. “The buyer agent must also provide Proof of Funds, or lender pre-approval, confirming their buyers don’t have to sell in order to buy. Our sellers are confident their home is only being shown to serious, qualified buyers, not tire-kickers.”
It’s not necessarily a Sotheby’s International Realty requirement. But it’s been Joan Herlong’s requirement for almost 20 years, ever since she wasted more than a year showing million-dollar homes to a couple who finally admitted they couldn’t afford anything even close to that.
During those wasted months, not one high-end listing agent had asked her to provide financial documentation up front, either, not one.
“But it was my fault,” says Herlong. “The buyers were a personal referral from past clients. I’d made the classic mistake of assuming they had the same buying power as their friends — but I never did again.”
Why would anyone want to look at homes they can’t afford?
“To keep up with the Joneses, to talk about all these pricey homes you’ve seen,” says Herlong. “It’s like attending a fashion show where you can’t afford the clothes — no one knows but you.”
More than 1,500 properties have sold in the past 12 months that listed for at least $1 million, and Herlong says “looky-loos” still abound.
“Again, it’s why Verification of Funds is so important,” she says. “A lot of agents are afraid to ask for it, but a legitimate buyer is never offended when asked to verify their funding; they expect it for their home, too.”
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Via GreenvilleJournal.com - Real Estate News
