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Most of our homes listed properly sell within about 3-5% of list price and we are still in that frame.
Mine was a listing for $125k and the offer I got in late summer of 2007 was for $62,500 with lots of contingencies in it. I started the phone call with "I just got the worst offer I've ever seen but by state law I'm required to present it to you." The property later sold for 119,900. Oh, and I won't share what my seller told me to tell them for a counter offer:-)
I had my house listed for $315,000 in a gentrifying, very popular neighborhood. So it was the kind of place where, three blocks one way, you had run down neighborhoods, but go three blocks another direction and you had million dollar homes. I had seen what other homes had sold for, and felt my price was realistic.
So one realtor calls me up and offers me $190,000. This guy calls me up and starts our conversation with, "You're crazy if you think you'll get close to your asking price. I've looked at the comparables in your market and this is the best offer you're going to get."
I replied, "$190,000? Don't even bring it over. You'll be wasting my time and yours."
So what does the guy do? He brings the couple over with the offer, unannounced, at my door, and tries to be the big wheeler dealer. So, I have three people in my yard, all arguing with me, telling me how I was on major drugs to want my asking price. Now, to make matters worse, the couple was from New York City, and thought they could aggressively bargain me. I remained calm, and simply said, "I already told you that you're wasting your time."
Then they knocked on the door again, and offered $200,000. I simply shut the door on them. They stood in my front yard for about 15 minutes and finally left.
I once showed my listing to a couple who had responded to an ad. Afterward, they said they did not have an agent and wanted to consider buying the property... just not at that moment.
Lo and behold, a couple days later I receive an offer from them through a non-REALTOR broker who is a friend of theirs. He doesn't actually work in real estate, but he has a license, and he didn't actually find them the home, but he'd like the commission nevertheless.
The offer itself is the best part. It was written on five-year-old outdated forms, had no fewer than a dozen separate errors (the most hilarious of which required my sellers to pay for a well inspection... a WELL!?), had an added clause stating the the agent would receive his 3% commission, and... (drum roll)... he forgot to have the Buyers sign the contract (nice closing skills)!
Legally, since he is not a MLS participant, I would not owe him any commission at all if he did not include it as part of the purchase agreement.
However, I am not the kind of person to get indignant over such scumwads, or waste my valuable time taking legal action over a procuring cause dispute... I sent him a very nice letter stating that if he were to send me an offer on current association forms, correctly filled out, and signed by the Buyers, I would be happy to consider his offer with my Seller and pay him 1% commission for his trouble.
He never responded and we sold the home to someone else.
I should note, in case anyone is wondering, that I was not obligated to present this abortion of an offer to my Seller because it was not an actual offer.
I know I started the thread with the "40% of asking price" offer but then I just remembered this one. Probably I had intentionally repressed the memory.
[quote=Sacramentan;3387884]
The offer itself is the best part. It was written on five-year-old outdated forms, had no fewer than a dozen separate errors (the most hilarious of which required my sellers to pay for a well inspection... a WELL!?),
Our standard board contracts require the seller to pay for well and sewer inspection. The well inspection in reality, is nothing more than testing the quality of the well water.
Recently I had a buyer put an offer on a $429,000 property of $350,000. He also did not want to get a pre-qual. letter and wanted to close in 90 days. Asked for the piano, which is a family heirloom and a few other things that were not offered. He would not negotiate except through his 21 year old daughter via email. Went on for several days and finially wore the seller out and got a contract for $370,000, totally everything in his favor. Decides he still wants to negotiate after it was on paper and this goes on a few more days. Decides he does not want an inspection (30 year old house) and after four weeks under contract sends me an email that he could not get finanacing and wants out of the contract.
I've had my share of low ball offers, but my favorite was during the peak when sellers were pricing their houses thousands higher than the last sale.
I had a seller who got a full price offer and wanted to counter back over asking. The greed was amazing!
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