U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-06-2008, 06:06 PM
 
Location: Sacramento
60 posts, read 175,757 times
Reputation: 38

Advertisements

What was the most ridiculous or worst offer you ever received?

During the peak of the market, in an area with an average sale price of over $360k, I listed a heavy fixer on a third acre for $240k.

Among the eight or so offers I received that week was one for $95,000.
With 100% financing.

Tempting, but the seller accepted $227k cash.

So c'mon, let's hear 'em!
Reply With Quote Quick reply to this message

 
Old 04-06-2008, 06:31 PM
 
Location: Columbia, SC
8,844 posts, read 17,437,561 times
Reputation: 6194
Most of our homes listed properly sell within about 3-5% of list price and we are still in that frame.

Mine was a listing for $125k and the offer I got in late summer of 2007 was for $62,500 with lots of contingencies in it. I started the phone call with "I just got the worst offer I've ever seen but by state law I'm required to present it to you." The property later sold for 119,900. Oh, and I won't share what my seller told me to tell them for a counter offer:-)
Reply With Quote Quick reply to this message
 
Old 04-06-2008, 06:51 PM
 
28,906 posts, read 45,194,930 times
Reputation: 45811
I had my house listed for $315,000 in a gentrifying, very popular neighborhood. So it was the kind of place where, three blocks one way, you had run down neighborhoods, but go three blocks another direction and you had million dollar homes. I had seen what other homes had sold for, and felt my price was realistic.

So one realtor calls me up and offers me $190,000. This guy calls me up and starts our conversation with, "You're crazy if you think you'll get close to your asking price. I've looked at the comparables in your market and this is the best offer you're going to get."

I replied, "$190,000? Don't even bring it over. You'll be wasting my time and yours."

So what does the guy do? He brings the couple over with the offer, unannounced, at my door, and tries to be the big wheeler dealer. So, I have three people in my yard, all arguing with me, telling me how I was on major drugs to want my asking price. Now, to make matters worse, the couple was from New York City, and thought they could aggressively bargain me. I remained calm, and simply said, "I already told you that you're wasting your time."

Then they knocked on the door again, and offered $200,000. I simply shut the door on them. They stood in my front yard for about 15 minutes and finally left.

A week later, I got $295,000.
Reply With Quote Quick reply to this message
 
Old 04-06-2008, 09:01 PM
 
Location: Barrington
41,818 posts, read 31,705,675 times
Reputation: 14075
$1.00 in 2005.

Some cultures love to negotiate.
Reply With Quote Quick reply to this message
 
Old 04-07-2008, 01:36 PM
 
Location: Chaos Central
1,122 posts, read 3,608,293 times
Reputation: 893
$60,000 under, $1,000 down, and $5,000 back at closing. Still good for a giggle
(Sorry, not a realtor...but it was a good one)
Reply With Quote Quick reply to this message
 
Old 04-07-2008, 09:30 PM
 
Location: Sacramento
60 posts, read 175,757 times
Reputation: 38
I once showed my listing to a couple who had responded to an ad. Afterward, they said they did not have an agent and wanted to consider buying the property... just not at that moment.

Lo and behold, a couple days later I receive an offer from them through a non-REALTOR broker who is a friend of theirs. He doesn't actually work in real estate, but he has a license, and he didn't actually find them the home, but he'd like the commission nevertheless.

The offer itself is the best part. It was written on five-year-old outdated forms, had no fewer than a dozen separate errors (the most hilarious of which required my sellers to pay for a well inspection... a WELL!?), had an added clause stating the the agent would receive his 3% commission, and... (drum roll)... he forgot to have the Buyers sign the contract (nice closing skills)!

Legally, since he is not a MLS participant, I would not owe him any commission at all if he did not include it as part of the purchase agreement.

However, I am not the kind of person to get indignant over such scumwads, or waste my valuable time taking legal action over a procuring cause dispute... I sent him a very nice letter stating that if he were to send me an offer on current association forms, correctly filled out, and signed by the Buyers, I would be happy to consider his offer with my Seller and pay him 1% commission for his trouble.

He never responded and we sold the home to someone else.

I should note, in case anyone is wondering, that I was not obligated to present this abortion of an offer to my Seller because it was not an actual offer.

I know I started the thread with the "40% of asking price" offer but then I just remembered this one. Probably I had intentionally repressed the memory.
Reply With Quote Quick reply to this message
 
Old 04-08-2008, 01:42 PM
 
Location: Barrington
41,818 posts, read 31,705,675 times
Reputation: 14075
[quote=Sacramentan;3387884]
The offer itself is the best part. It was written on five-year-old outdated forms, had no fewer than a dozen separate errors (the most hilarious of which required my sellers to pay for a well inspection... a WELL!?),

Our standard board contracts require the seller to pay for well and sewer inspection. The well inspection in reality, is nothing more than testing the quality of the well water.
Reply With Quote Quick reply to this message
 
Old 04-08-2008, 04:14 PM
 
Location: NJ/SC
4,286 posts, read 13,112,370 times
Reputation: 2578
Good story Sacramentan.

Recently I had a buyer put an offer on a $429,000 property of $350,000. He also did not want to get a pre-qual. letter and wanted to close in 90 days. Asked for the piano, which is a family heirloom and a few other things that were not offered. He would not negotiate except through his 21 year old daughter via email. Went on for several days and finially wore the seller out and got a contract for $370,000, totally everything in his favor. Decides he still wants to negotiate after it was on paper and this goes on a few more days. Decides he does not want an inspection (30 year old house) and after four weeks under contract sends me an email that he could not get finanacing and wants out of the contract.
Reply With Quote Quick reply to this message
 
Old 04-08-2008, 04:15 PM
 
Location: Salem, OR
13,740 posts, read 31,550,338 times
Reputation: 12105
Quote:
Originally Posted by middle-aged mom View Post
$1.00 in 2005.

Some cultures love to negotiate.
I LOVE this one. $1.00. That is great...

See this one is so low, you can't help but laugh and have a good time because it is so beyond insulting.

I give that buyer and their agent some serious kudos for writing that offer. That takes guts.

And yes I agree that type of negotiation is inherent in many cultures.
Reply With Quote Quick reply to this message
 
Old 04-08-2008, 04:56 PM
 
3,490 posts, read 7,211,416 times
Reputation: 3947
I've had my share of low ball offers, but my favorite was during the peak when sellers were pricing their houses thousands higher than the last sale.

I had a seller who got a full price offer and wanted to counter back over asking. The greed was amazing!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top