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Old 06-23-2010, 06:08 PM
 
87 posts, read 242,041 times
Reputation: 45

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I just put my home on the market and the first person who looked made an insultingly low offer. Why bother it will never be accepted. Yes they say it is a buyers market but the seller has to move, pay realtor fees and purchase something else. and would like to have something to put in the bank. Us seniors worked hard for everything we have and would like to see some return on our money so we can survive until our death and not have to live in a trailer.
Please no wise guy comments because you will be in this place someday.
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Old 06-23-2010, 06:59 PM
 
Location: Long Island
9,601 posts, read 21,048,821 times
Reputation: 5322
Quote:
Originally Posted by LI Gal View Post
I just put my home on the market and the first person who looked made an insultingly low offer. Why bother it will never be accepted.
There are always people out there who are looking for a bargain and will throw out a really low number; 99 times out of a 100 (maybe right now more like 80 out of a 100), the offer will be rejected or not even countered. They're waiting for that 1+ out of 100 homeowners who is willing (or desperate enough) to take the offer, or close to it.

Quote:
Originally Posted by LI Gal View Post
Yes they say it is a buyers market but the seller has to move, pay realtor fees and purchase something else. and would like to have something to put in the bank. Us seniors worked hard for everything we have and would like to see some return on our money so we can survive until our death and not have to live in a trailer.
I hear your concern, and understand it, however, the real estate market does not take "see some return on our money..." into consideration.

LI Gal, I don't know the details of your situation, i.e. date of purchase, purchase price, cost of improvements, mortgage balance(s), etc., to comment on the validity of your annoyance/anger; nor do I know the location/condition of your property to guess at the probable current market value of your home. The offer may truly have been "way off the mark". If so, just tell the agent your counter offer is your listing price; that'll tell the potential buyer to either get realistic or stop wasting your time. BTW, is the buyer through another agent, or your listing agent?

Here's hoping you'll find a qualified buyer who will make an offer you find acceptable!

P.S. What did your listing agent say to the offer?? Any input from him/her?
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Old 06-23-2010, 07:57 PM
 
110 posts, read 316,781 times
Reputation: 27
Quote:
Originally Posted by Elke Mariotti View Post
There are always people out there who are looking for a bargain and will throw out a really low number; 99 times out of a 100 (maybe right now more like 80 out of a 100), the offer will be rejected or not even countered. They're waiting for that 1+ out of 100 homeowners who is willing (or desperate enough) to take the offer, or close to it.
I agree. It is like that guy hitting on chicks completely out of his league at the bar. Out of 100 girls he hits on, 99 will laugh at him. However all he needs is that 1 to go home with him. There are many desperate people in this market who are just sick of the process and want to get out or need to get out for one reason or another. I don't envy the position you are in right now but can you really fault the guy for trying? Best of luck with your sale.
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Old 06-23-2010, 08:04 PM
 
Location: Long Island
9,431 posts, read 14,084,101 times
Reputation: 5787
don't fret - you just put it on.
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Old 06-23-2010, 08:54 PM
 
721 posts, read 1,434,049 times
Reputation: 483
One offer doesn't mean anything. If all of the offers come in low, then perhaps you are priced wrong for the market or not willing to sell for market price. Or your house is perceived as needing updating and buyers are taking that into account when making the offer?

No one cared what we wanted to walk away with when we sold. We paid the realtor comission out of our original down payment. Price is based on what the market is willing to bear. Comps.
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Old 06-23-2010, 08:59 PM
GPC
 
1,284 posts, read 3,128,473 times
Reputation: 1010
I don't blame you for being annoyed. I got some ridiculous offers on my house too. My house deserved at least $600K (thankfully I got more than that) and someone actually had the nerve to offer $550K. Their agent told my agent that the couple really liked my house but that was all they could afford. Hmmm, like I should be flattered they really liked my house and take it??? NOT! If that was all they could afford, then they shouldn't have wasted their time and my time looking at my house. Stand your ground. If your house is truly worth the money you think it is, better offers will come.
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Old 06-23-2010, 09:04 PM
 
629 posts, read 1,591,902 times
Reputation: 647
Look - with all due respect - this is the real world - don't take the low-ball offer so personally. The buyer doesn't know you, doesn't care about your retirement plans, doesn't care about how much $ you saved for retirement and doesn't care if you have to live in a trailer and eat dog food 2x a week to survive. The buyers ONLY goal is to buy your home for as little as they can. It's not personal - it's business.

I was a one of the guys who offered the sellers of the house I live in an insultingly low offer which - while initially laughed at (and I'm sure there was probably some name calling too) - eventually wound up being accepted! Did I hurt the sellers feelings? Sure. Did I offend the sellers? Sure. Did I enjoy a nice relationship with the sellers? No. Did I wind up buying a house for 78% of the asking price? Yes!
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Old 06-23-2010, 09:07 PM
grant516
 
n/a posts
No offense, and granted I don't know the situation of the OP- but if it's a traditional LI home it's likely that your home is 60 years old, right up your neighbors butt, not in walkable distance to very much, and follows a formula like... Full Bathrooms = Number of Bedrooms (X) / X + 1.

Going rates have been absurd here for years.
Don't take any offers you don't find acceptable, the home I live in here is worth nearly TWICE what I think would be a fair value for it.
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Old 06-24-2010, 05:32 AM
 
342 posts, read 1,015,931 times
Reputation: 182
Your home is worth exactly what someone is willing to pay for it. Getting a low offer means you just need to really evaluate if you are priced appropriately for this market. Maybe you are and maybe you aren't. No personal insults involved. In my area houses are just sitting on the market and not moving. No one appears to be lowering their prices and no one seems interested in buying. So, it really all depends on how badly you want to sell your house. If you can put it on the market,but not sell till next spring, then no worries. If you need to move, then you really need to look at what has sold in your area, not what other houses are listed for. Good luck!
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Old 06-24-2010, 06:14 AM
 
94 posts, read 236,251 times
Reputation: 53
All my offers were started at 25% under asking price...and guess what all the homeowners who got offended and scoffed at my bid called me back several weeks later with very good counter offers...Unfortunately the homeowner who countered at 15% below asking wound up getting my BUSINESS...

To the OP dont sweat it...move on see what the bids look like in a few week to make a determination on the TRUE market value of your home.
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