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Responding to a lowball offer with the original listing price stated is responding to the offer.
It's not a matter of ego, but of price.
It depends on the framing of the response, but yes, reiteration of the list price is a form of negotiation.
"Shove it, Bozo!" is not negotiation.
Quote:
Originally Posted by fluffythewondercat
It’s a response but it’s not a negotiation.
I have replied with, "Thanks for forwarding your clients' offer. We hope we can work it out with you. I have spoken with the sellers and they are satisfied that list price reflects current market value, so at this point they are unwilling to move on price."
That is much more mature and professional than no response, without compromising the sellers' position.
When a client tells me, "Don't even answer," I tell the buyers agent, "My client has instructed me that there will be no response."
Most sellers are more poised and mature than that, and I can easily convince them to go with a version the first reply above.
They hire me to create and maintain engagement, not to run a Real Estate Gong Show.
It depends on the framing of the response, but yes, reiteration of the list price is a form of negotiation.
"Shove it, Bozo!" is not negotiation.
I have replied with, "Thanks for forwarding your clients' offer. We hope we can work it out with you. I have spoken with the sellers and they are satisfied that list price reflects current market value, so at this point they are unwilling to move on price."
That is much more mature and professional than no response, without compromising the sellers' position.
When a client tells me, "Don't even answer," I tell the buyers agent, "My client has instructed me that there will be no response."
Most sellers are more poised and mature than that, and I can easily convince them to go with a version the first reply above.
They hire me to create and maintain engagement, not to run a Real Estate Gong Show.
It's only a gong show, when the agents try to sneak in a realtors fee payable by the buyer..
We received the offer last night. It was 70% of asking with seller paying all fees and was presented as“best and final”
At this time we haven’t responded.
The “best and final” pretty much shuts us down from responding with a counter. Since there is no response deadline we don’t feel compelled to respond immediately.
We received the offer last night. It was 70% of asking with seller paying all fees and was presented as“best and final”
At this time we haven’t responded.
The “best and final” pretty much shuts us down from responding with a counter. Since there is no response deadline we don’t feel compelled to respond immediately.
"Best and Final" is no reason not to respond.
I would counter with price and terms that I found suitable, and would ignore the "best and final" comment.
People so often do something they say they will not do. Don't make the other party's decisions for them.
After all of this discussion, what actually constitutes a lowball offer?.....
In a hot market with a property in excellent repair, I'm not offended by a 10% off offer. I'm not going to sell it for that, but my feelings aren't hurt; it's just business. Anything lower than that and the buyer is awfully optimistic.
If the house is in bad repair and the listing price doesn't reflect that, you can expect some really low offers because of the condition of the property. You might as well resign yourself to that. That's the seller's choice to take less money because they don't want to clean and repair.
If the market has crashed, you might be lucky to get some really low offers.
Myself, I like to start a bit low and then come up. You can't know the seller's bottom price if you don't start lower than that. But as a buyer, you must also know the market. If property prices are rising and there are multiple offers on property, you waste everyone's time by writing low offers and someone else is going to get the property while you try to negotiate.
"Best and Final" is no reason not to respond.
I would counter with price and terms that I found suitable, and would ignore the "best and final" comment.
People so often do something they say they will not do. Don't make the other party's decisions for them.
Eh, I would pass along that they said that and then encourage my client to just reject it. I don't like it when sellers ignore offers as I always prefer to give a response, even a rejection.
I would just reject and say we are too far apart on perceived value and wish the buyer the best of luck in their search. Negotiations have to have good faith and if it is presented as "best and final" I will encourage my seller to take that as a good-faith communication. It is actually one of our fiduciary duties in Oregon. To be honest and act in good faith so I see no need to waste time with something that should be honest communication.
I was a lowballer. I was not under pressure to buy, so why not? The sellers countered. We went back and forth. I ultimately bought the house. I came up $14k and they came down $16k. You could kind of be a jerk and counter by just coming down $1, as was suggested, but you could lose a real buyer that way. It all depends on how confident you are that a better offer is just around the corner.
"Best and Final" is no reason not to respond.
I would counter with price and terms that I found suitable, and would ignore the "best and final" comment.
People so often do something they say they will not do. Don't make the other party's decisions for them.
Seems reasonable to me. Using that phrase is as much a negotiation tactic as anything else, and in case they do not mean it, a response that allows everybody to continue with some grace seems warranted.
Perhaps...Sorry that we are unable to accept your best and final of $x/terms. Our last response still holds, and should your circumstances change to where you are able to improve on your most recent offer, please submit a modified offer.
Status:
"I didn't do it, nobody saw me"
(set 23 days ago)
Location: Ocala, FL
6,504 posts, read 10,422,712 times
Reputation: 7987
Quote:
Originally Posted by fishbrains
Seems reasonable to me. Using that phrase is as much a negotiation tactic as anything else, and in case they do not mean it, a response that allows everybody to continue with some grace seems warranted.
Perhaps...Sorry that we are unable to accept your best and final of $x/terms. Our last response still holds, and should your circumstances change to where you are able to improve on your most recent offer, please submit a modified offer.
Agreed !! It is always better to make some type of counter offer than just "NO". You never know, your counter offer may be accepted. There is no harm doing so. Never take a "low ball" offer personally, think of it as an opportunity.
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