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Why would a good listing agent even deal with a seller like this. It's just a waste of everybody's time. If your comps are accurate and the listing is that old, the listing agent needs have a realistic talk with the sellers. Either that or the agent don't know what they're doing. I think some agents just throw out a high number to see if it will stick and the seller gets this number stuck in their head and won't budge.
Dave, that is exactly what my realtor told me that he feels that the listing agent of this 400+ property gave them a high price and they just don't want to budge from what they want to receive vs what the market is actually selling for...
My agent when he presented the offer told the listing agent that since the condo need a ton of work and updating that we were submitting this bid based on what has sold vs what is currently on the market. We were all fully expecting a counter offer and the listing agent told my realtor that it was insulting that we would make such a low offer on their condo and that they will only take full price offers.
That listing agent should drop them and move on to more realistic sellers.
The listing agent keeps it on their books as "comps" with the other more desirable properties/more motivated sellers. The unrealistic units get used as cannon fodder.
And as I said earlier, there are many people willing to sell if it meets their price but otherwise will just keep it on the market for a long time. They'll get surprised during the next downturn when a $250K offer becomes a $200K offer.
I spoke with my relator last night and he mentioned that the listing agent had told him that our offer was the first one that they had received in over 5 months and the listing agent thought for sure that they would at least counter.
I'm confident that I will find the condo that I love, you just have to kiss a bunch of frogs to find your prince..LOL
That listing agent should drop them and move on to more realistic sellers.
I train Realtors every week to do just this..sad thing is, most companies don't have training programs. We're the only national company that has full time trainers in each region. (Coldwell Banker).
This particular agent probably could care less, no offers in 5 months means he/she isn't doing any real work and just hoping someone over pays. It won't happen, he/she will get fired when the seller gets serious and the new agent comes in like the hero.
"No Showings/No Offers in first 14-21 days, you're over priced by 10% at least." That's the rule of thumb.
$270k - 10% =-27k.
$270k-$27k = $243k
what if it was priced at $243k? Multiple offers, and a buyer like you bids $250k, maybe even $255k because you don't want to lose it..now you get $5k more than you would have gotten had you priced it aggressively to begin with!!
as a great sales leader once told me: “Hope is not a strategy.”
Perhaps the listing agent also doesn’t have many properties under list at the moment? I see a ton in the Naples area that only have 2-3.
True. When we were selling our Naples property, many of the realtors were what I've come to call "hobby" realtors, and some were downright unprofessional.
One of them was representing a buyer that was a lawyer, and partner in a title company.
They came in with a ridiculously low ball offer, almost $80K less than we were asking (can't blame them for trying), which we countered with closer to what we'd settle on. Their "realtor" called my realtor back in a huff, saying that his clients were "offended" and that they were walking away. No problem on our end, it's just business, and that wasn't gonna work for us.
The next day, we get an offer from them for $30k less than we were asking,we countered again, and the guy, once again in a huff, told us they were "walking".
TBH, at this point, I was wondering if we really wanted to deal with the lawyer and his goomba "realtor", so I was fine with letting them "walk".
The NEXT day,at around 8PM, they submitted another offer, at $10K less than asking, but told us that the buyer was getting impatient and they'd have to have an answer that night. There were some odd things written into the contract, one of which was that he wanted the right to pull out of the deal with his escrow if he could not get financing at an "acceptable" rate, that we interpreted as them being able to pull out of the deal right up until closing. He was also putting very little into the escrow ($10k on a $600k house).
We accepted the offer, but sent it back that stuff crossed out, and asked for a more reasonable escrow. They walked. Never heard from them again, which is probably a good thing. If they were that difficult in the negotiating process, I can't imagine what kind of misery they'd inflict during the inspection phase.
I don't think he could afford it, or wanted to make sure he could back out if he found something he liked better. We were not about to take the house off the market for 45 days with that kind of contract.
We ended up selling it a month later to a cash buyer with a 10 day closing. We got a little less than we wanted, but I would do that again in a heartbeat.
We had several of these time wasting interactions with unprofessional realtors, which I find amazing. This should've been far easier than it was. I want to sell my house, and you want to buy it. Let's work on it to make it happen instead of pretending to be offended........
Conversely, when we bought up in CFL, it was a PAINLESS transaction for both of us.
Last edited by Tripower455; 01-30-2020 at 09:48 AM..
True. When we were selling our Naples property, many of the realtors were what I've come to call "hobby" realtors, and some were downright unprofessional.
One of them was representing a buyer that was a lawyer, and partner in a title company.
They came in with a ridiculously low ball offer, almost $80K less than we were asking (can't blame them for trying), which we countered with closer to what we'd settle on. Their "realtor" called my realtor back in a huff, saying that his clients were "offended" and that they were walking away. No problem on our end, it's just business, and that wasn't gonna work for us.
The next day, we get an offer from them for $30k less than we were asking,we countered again, and the guy, once again in a huff, told us they were "walking".
TBH, at this point, I was wondering if we really wanted to deal with the lawyer and his goomba "realtor", so I was fine with letting them "walk".
The NEXT day,at around 8PM, they submitted another offer, at $10K less than asking, but told us that the buyer was getting impatient and they'd have to have an answer that night. There were some odd things written into the contract, one of which was that he wanted the right to pull out of the deal with his escrow if he could not get financing at an "acceptable" rate, that we interpreted as them being able to pull out of the deal right up until closing. He was also putting very little into the escrow ($10k on a $600k house).
We accepted the offer, but sent it back that stuff crossed out, and asked for a more reasonable escrow. They walked. Never heard from them again, which is probably a good thing. If they were that difficult in the negotiating process, I can't imagine what kind of misery they'd inflict during the inspection phase.
I don't think he could afford it, or wanted to make sure he could back out if he found something he liked better. We were not about to take the house off the market for 45 days with that kind of contract.
We ended up selling it a month later to a cash buyer with a 10 day closing. We got a little less than we wanted, but I would do that again in a heartbeat.
We had several of these time wasting interactions with unprofessional realtors, which I find amazing. This should've been far easier than it was. I want to sell my house, and you want to buy it. Let's work on it to make it happen instead of pretending to be offended........
Conversely, when we bought up in CFL, it was a PAINLESS transaction for both of us.
There were some odd things written into the contract, one of which was that he wanted the right to pull out of the deal with his escrow if he could not get financing at an "acceptable" rate, that we interpreted as them being able to pull out of the deal right up until closing. He was also putting very little into the escrow ($10k on a $600k house).
I had a very similar thing happen - remote “investor” type made an offer sight unseen based upon his “extensive research” - very lowball and not what we’d accept, but more worrisome was that he wanted an exclusive “free look” inspection period for a few weeks with minimal and fully refundable escrow, and the right to walk away for any reason whatsoever.
He was the kind of buyer who provided his resume as an indication of his seriousness. I refused to even counter given his conditions.
Some people prey on the desperate and downtrodden. I bet for every 20x he pulls this he gets one person willing to go along.
I had a very similar thing happen - remote “investor” type made an offer sight unseen based upon his “extensive research” - very lowball and not what we’d accept, but more worrisome was that he wanted an exclusive “free look” inspection period for a few weeks with minimal and fully refundable escrow, and the right to walk away for any reason whatsoever.
He was the kind of buyer who provided his resume as an indication of his seriousness. I refused to even counter given his conditions.
Some people prey on the desperate and downtrodden. I bet for every 20x he pulls this he gets one person willing to go along.
I really dislike those types of people. That’s why we have committed to flying down a looking at the properties in person. My goal is to find a condo that I love in a community that is socially active for a fair market price
I train Realtors every week to do just this..sad thing is, most companies don't have training programs. We're the only national company that has full time trainers in each region. (Coldwell Banker).
This particular agent probably could care less, no offers in 5 months means he/she isn't doing any real work and just hoping someone over pays. It won't happen, he/she will get fired when the seller gets serious and the new agent comes in like the hero.
"No Showings/No Offers in first 14-21 days, you're over priced by 10% at least." That's the rule of thumb.
$270k - 10% =-27k.
$270k-$27k = $243k
what if it was priced at $243k? Multiple offers, and a buyer like you bids $250k, maybe even $255k because you don't want to lose it..now you get $5k more than you would have gotten had you priced it aggressively to begin with!!
Marc:
I so agree, price your condo to what has sold vs what you feel its worth or what your listing agent tells you that you want to hear.
We were ready and willing to make a purchase. This unit had not been updated since the 80's and we would have needed to put some money into updating, painting and new flooring. The owners of this listing should really just pull their listing since they really don't want to sell it and its a waste of time for both myself and my agent...ugh still frustrated by that one...
True. When we were selling our Naples property, many of the realtors were what I've come to call "hobby" realtors, and some were downright unprofessional.
One of them was representing a buyer that was a lawyer, and partner in a title company.
They came in with a ridiculously low ball offer, almost $80K less than we were asking (can't blame them for trying), which we countered with closer to what we'd settle on. Their "realtor" called my realtor back in a huff, saying that his clients were "offended" and that they were walking away. No problem on our end, it's just business, and that wasn't gonna work for us.
The next day, we get an offer from them for $30k less than we were asking,we countered again, and the guy, once again in a huff, told us they were "walking".
TBH, at this point, I was wondering if we really wanted to deal with the lawyer and his goomba "realtor", so I was fine with letting them "walk".
The NEXT day,at around 8PM, they submitted another offer, at $10K less than asking, but told us that the buyer was getting impatient and they'd have to have an answer that night. There were some odd things written into the contract, one of which was that he wanted the right to pull out of the deal with his escrow if he could not get financing at an "acceptable" rate, that we interpreted as them being able to pull out of the deal right up until closing. He was also putting very little into the escrow ($10k on a $600k house).
We accepted the offer, but sent it back that stuff crossed out, and asked for a more reasonable escrow. They walked. Never heard from them again, which is probably a good thing. If they were that difficult in the negotiating process, I can't imagine what kind of misery they'd inflict during the inspection phase.
I don't think he could afford it, or wanted to make sure he could back out if he found something he liked better. We were not about to take the house off the market for 45 days with that kind of contract.
We ended up selling it a month later to a cash buyer with a 10 day closing. We got a little less than we wanted, but I would do that again in a heartbeat.
We had several of these time wasting interactions with unprofessional realtors, which I find amazing. This should've been far easier than it was. I want to sell my house, and you want to buy it. Let's work on it to make it happen instead of pretending to be offended........
Conversely, when we bought up in CFL, it was a PAINLESS transaction for both of us.
Trippower what is CFL?
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