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Thanks for all of the replies. I have to say that although it was nice to get an offer, I don't feel wrong in countering it with what I thought was really fair. The fixer uppers in my area sold recently for $200,000. My house is not a fixer. It has a new kitchen, bath, beautiful deck off the master bedroom, finished rec room with wood burning stove. Extra parking. I have chased this market down and I know that hurts me and my efforts to sell. But I countered with 205 which I thought was more than fair. I am not trying to pay off credit cards or keep afloat. I just want to move. I am trying not to take anything personally, but it is difficult when you raised 4 children in a home, have wonderful memories and took really good care of a house, and then be told take what you get offered and be glad that somebody made you an offer....any offer. They obviously didn't take the counter, but you know what....while I am disappointed, I really do feel that I did the right thing. The right buyer is still out there that will buy my home and make a great deal in a great neighborhood.
I understand how you feel. when buyers pick apart your house, deducting thousands because they don't like the paint, carpet, bathroom, etc...it makes me crazy. Why is it that a seller can't add thousands on the price because they took good care of the home, maintained it well. New roof, furnace, hot water heater, etc...that doesn't count for the seller. Updates (or lack of) only count for the buyer. It's frustrating.
When buyers pick a part your house, they are just trying to justify their low ball offer they just made you. Houses shouyld already be priced to reflect these issues, they just want to get it lower.
When buyers pick a part your house, they are just trying to justify their low ball offer they just made you. Houses shouyld already be priced to reflect these issues, they just want to get it lower.
This is so true. It is to justify some crazy offer they are going to make.
Each seller's situation is different. However, if your house is in competition w/ hundreds of other properties that are similar . . . you are not going to sell that house unless A. your price is lower or B. there is something unique about your property or C. the location itself makes it highly desirable.
I do not "pick someone's house apart." I make an offer. I do not have to justify that offer. If the seller is not willing to deal . . . I will walk away. There is always another house around the corner. If you really want to sell your home (and this is not to OP - this is just a statement in general) then you have to decide - how much are you losing by paying that mortgage every month? Of course, not everyone really needs to sell . . . some of us get transferred w/ jobs and so we must sell . . . and every month you sit there and pay the mortgage . . . that is more $$$ out of the family coffers that could be going to another home in a different location. So it all depends on your personal situation . . . However, I still maintain . . . a lowball offer is still a good offer - it is a place to BEGIN a negotiation.
And no offense intended to any particular poster, but I have been a realtor and part of earning those nice fees at closing is dealing w/ any and all offers . . . even if you personally think they are a waste of your time. Brushing off potential buyers b/c you think they are not "serious" is foolish. And I used to sell real estate, so I know how frustrating it can be . . . but I also know . . . people who are willing to make offers are typically planning to buy . . . they just may not be willing to accept the terms you and your client bring to the table. After all, it takes time and effort for buyers to get out and look for properties. I have never met any who made an offer and didn't really intend to buy.
Margel..that's a good attitude...the right buyer will come along..In our area I don't really know how many sellers are 'testing the market'. We aren't, we really want and need to move. We will be happy to negotiate any offer. At this point folks say, well take it off for a year, or rent it out for a year. No guarantees the house will be worth any more or even what it is now in a year and then we go through the whole thing again, and we are throwing money into a house we don't really want to be in, in a state we don't want to be in. Better to suck it up and be done with it. Hubby is coming around to my way of thinking. Once we dropped the price below what we paid, I think he resigned himself to just selling it..the last price drop did not even raise much of an eyebrow with him...
There's a buyer for every home, it still is the marketing that gets them into the home in the first place, which is why I am making my own flier to replace the ones the agent did. Mine are color with nice pictures and a good solid description and price. He is on vacation this week, I have a feeling we will probably sell while he is gone..and we still have to pay commission I guess.. Even though two of the people coming through did not go through him or another agent...saw the listing on zillow...guess we just have to sell our own house and again suck it up...
Buyers and sellers are out for themselves to get the best deal. That's understandable. Real estate is supply and demand and that controls prices.
Now I will say I'm not interested in buyers who are going to make offers that are so ridiculous they'll never be accepted. It's a waste of everyone's time, normally upsets the seller, and damages an agents reputation. A really bad offer can make it much harder to negotiate a deal because the seller starts out disliking the buyer. So yes, for a serious buyer that is willing to pay for a home, it can actually cause them lose money by lowballing (catch more flies with honey...sellers want someone they like in their home more than someone they don't like). And of course the agents who write up these awful offers get a reputation as being a joke and have stories told about the offers they write up.
Now, before I get flamed, let me add a ridiculous offer in my relatively stable market is 67,500 on a 125k house that later sold for 120k with a 105k mortgage, or 80k on a 117,500 home with a 100k mortgage that sold for almost list price. I am also assuming the home is priced correctly or at least close to it.
Well said, Brandon. That is exactly how I feel. Most good realtors just won't deal with people that do this lowballing time and again. Also, they do not always end up buying, unless they hit a desperate seller and finally get one of these crazy offers accepted.
Well said, Brandon. That is exactly how I feel. Most good realtors just won't deal with people that do this lowballing time and again. Also, they do not always end up buying, unless they hit a desperate seller and finally get one of these crazy offers accepted.
Or simply base offers on list price and find one that's so far overpriced their lowball isn't really that much of a lowball.
Wow, $200,000 below asking? Must have been a million dollar house or they had a ton of equity. I can't imagine losing all that equity..but then everyone has a different reason to sell....it all depends on the right buyer finding the right seller...
I can see where you want to go in low...when we are back in the buying scene, we are going to want to get the best deal for us...Our agent in Sacramento (where we are probably going) knows the market, she will advise us as to the best offer to make, and then we will decide.
We are not in foreclosure, or short sale, nor even near it..but we are motivated and will definitely listen to any decent offer. We can always counter and see if we can make a deal...
I see both sides of it...
Its pretty simple. If I'm buyer "x" I don't know the "psyche" of the seller and truthfully I could care less. I want to pay as low as possible for the home. If the seller wants to sell, he will negotiate w/my offer because any offer is better than no offer, and will not let the buyer go until a deal is made (if he can afford it). That's what a good realtor understands and will effectively communicate that w/his client.
Again, this is all a game and you'd be foolish as a buyer to let your emotions get the best of you which will ultimately leave money on the table.
Brandon - We have a new (builder) home that the bank took back. Originall y priced around $600k it's now at $450. We recieved an offer this week for $152k which we presented and the bank had a pretty good laugh and told us not to respond.
The buyers agent and buyer was irate that the seller would not consider their offer. I'll bet this buyers agent has spend many an evening writing offers for his client. Maybe they get a few takers but the offer was not even realistic.
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Even though two of the people coming through did not go through him or another agent...saw the listing on zillow...guess we just have to sell our own house and again suck it up...
