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Ha! Had not thought about the flipping possibility! Not probable in this case but certainly possible. Thing is this guy has been "looking" with his realtor for a *few years*....maybe they're in cahoots?
Some people are just CHEAP!! LOL We all know people like that, but it's hard to come across a stranger that is that cheap in a real estate transaction. I'll bet his realtor is tearing his/her hair out by now. Ha ha!
He probably figures that if he keeps lowballing like that, some day a seller will accept his offer and he'll walk away with a terrific deal.
I would have countered just like you did. It's worth a shot, just in case he might come back with a more realistic offer. But he didn't, so time to wave bye-bye to this optimist and send him on his way.
And by the way, you don't have to waste anyone's time. You can say no in less than 10 seconds.
When we finally bought the house that we live in, we gave the sellers the price as our first and best and last and take it or leave it offer. They took it. The end.
We got a house at a reasonable price, and they sold within a couple of weeks of listing with 93% of what they asked for.
Ironically a more expensive home than the dude with all the *pride*. But it was worth the price.
I finally got an offer on my house but it was $100K below the already low asking price. Realtor agreed it was a ridiculous offer. I countered but buyer came up only $5K. Told realtor I'm finished this buyer unless he comes up with a *reasonable* offer. Why do people do this, trying to get something for nothing? They wasted time and money of several persons involved. Glad this happened early in the process instead of just before closing, but I'm still angry. Anyone else have this happen?
Buyer made a offer on what He felt the house is worth. You don't like it reject it. To you its lowball. To him it's not. So you go on looking for a buyer and he goes on looking for a house
Do you know for a fact what your house will appraise at?
We just bought a new house.
Lets use the asking of $150k, {a sorta reasonable list price, though the house was a little small for that price}. We offered $115k-with seller concessions. The seller countered, at about $140K with concessions first, then decided and came back and "gave" us the property for $118K no concessions if we wanted it{take it or leave it type}.
{we were willing to go to the $118 as our next price though we hoped for concessions in order to put more $$$ down}.
The property appraised at $125K.
Point? Some would say the $115K was a "low ball offer" on $150k. BUT the property only appraised at the $125K!no where near the $150k asking!
So HAD we paid the $140, we'd have paid too much! And since we ARE financing, it IS important it appraise right! We are in a considered "stable market" emphasis on buyers market though.
~IT NEVER HURTS TO ASK at a lower price, and often the asking prices are often inflated to give the seller room to come down,anyway. Unless its a hot sellers market.
~ some are afraid of paying TO MUCH for a property.
~It WILL cause problem if the appraisal doesn't match the sales price, even if not financed.
~If one is to flip it, it will behoove them to to offer low price.
We made a "low-ball" offer on a duplex based on what the other side had sold for just a few months previously. This side had lower square footage and a smaller yard. The owners were "insulted" so their very overpriced (by $50,000) duplex is still on the market (and still overpriced by $50,000).
Contractors do it for the heck of it. It doesn't waste all that much time, but it's annoying. Your agent should tell you it's a lowball before telling you there's been an offer. It's hard not to get angry. Some agents work with them to add some mind-f to the approaches. I kept getting letters from an agent who'd say so and so was dying to buy my house. I said go ahead and show me his offer. She did, and supplied a ridiculous comp to justify it. It was nearby but on a slope so steep you'd fall over if you accidentally looked at your feet. Their view was a glimpse of the sunset through a tangle of power lines. I spent hours writing a sarcastic comparison of the comp and my house and sent it to her, along with a picture of my view, and she never bothered me again.
It was nearby but on a slope so steep you'd fall over if you accidentally looked at your feet.
Sets quite the picture. Very funny description.
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