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I'd say it is a fair offer if those #'s are accurate. Any seller that doesn't counter is a fool IMO.
In this market, I find every buyer wants to start off by low balling. I encourage my sellers to counter any and every offer. Sometimes the buyer goes away after that (they were just looking for a deal) and sometimes suddenly they come up a lot (they were actually interested in the house).
In this market, I find every buyer wants to start off by low balling. I encourage my sellers to counter any and every offer. Sometimes the buyer goes away after that (they were just looking for a deal) and sometimes suddenly they come up a lot (they were actually interested in the house).
Exactly. When I was selling I wouldn't have cared if someone offered me a goat for my house. I would have just countered with a lot more goats.
My exact words to the listing agent after he said, "she doesn't really need to sell," I said, "in this market, she won't." This particular house has been on the market since August with one reduction (October) to its current price, which is 10% higher than my market analysis shows.
Sorry to bump my own thread, but this deal died over a $5000 (2%) difference and my buyers put another property under contract yesterday. As night follows day, the agent called me and said, "great news, we got a huge price drop on the condo my client is going to buy, so we are now in a position to accept your client's last offer!" My client considered both houses but ultimately chose to stick with the house under contract. That seller may not get another offer for weeks or months and will now continue to accumulate carrying costs, reduce the price and wait. She won the battle by not conceding that last $5000, but lost the war.
A "buyer" who is 15 percent under list price is hoping to "catch a rainbow".
They could be right about the value, they could be fishing for desperation, but if the seller is priced right, I'd toss an offer like that in the trash without a thought.
Remember, we haven't heard from the seller in this case- no one here has seen these "comps".
As an agent, do you often take listings at "10 percent over market" as the op claimed this listing was?
Not if you want to actually sell those listings.
The best house in the neighborhood could easily be worth 10 percent more than the recent "comps", especially if those "comps" are reo's or short-sales.
There's no need for a seller who knows what they have to waste their time with dreamers
Quote:
Originally Posted by manderly6
So what exactly is your suggestion? Only accept an offer at above market value? Good luck with that.
A "buyer" who is 15 percent under list price is hoping to "catch a rainbow".
They could be right about the value, they could be fishing for desperation, but if the seller is priced right, I'd toss an offer like that in the trash without a thought.
Remember, we haven't heard from the seller in this case- no one here has seen these "comps".
As an agent, do you often take listings at "10 percent over market" as the op claimed this listing was?
Not if you want to actually sell those listings.
The best house in the neighborhood could easily be worth 10 percent more than the recent "comps", especially if those "comps" are reo's or short-sales.
There's no need for a seller who knows what they have to waste their time with dreamers
So just to be clear, in your reality there are no sellers that overprice their houses?
You didn't happen to just wake up from being in a coma for the last 7 years, did you?
So just to be clear, in your reality there are no sellers that overprice their houses?
You didn't happen to just wake up from being in a coma for the last 7 years, did you?
I never said anything like that.
Agents make $0 on overpriced listings- they never sell.
Experienced agents won't bother with them.
Just because one person (with an agenda) thinks a home is overpriced, doesn't mean that is the truth.
There are lots of people who watch too many infomercials and think that "shotgunning" gobs of lowball offers will get them "deals"
As a buyer, if a seller is way overpriced, I won't waste my time
There is this house that is listed 10-15% higher than market value (>500K), based on comparables of over half a dozen similar-sized houses that were sold from the same community within the last 6 months, and over half-dozen similar-sized houses on the market).
We offered 5% below the market value (which means 15% below listing price), and heard back that they decided not to counter.
The house has been on the market for more than 3 months.
Not sure what to make of it.
Move on, no use wasting time on someone who is obviously not interested.
We made a cash offer almost one year ago on a home we were renting. We offered below the market value however, the home needed about $30,000.00 worth of upgrades and repairs. They rejected the offer, countered with their original amount and we told them no thanks.
The home is still for sale and sits empty so they are not even getting rent for the place and they live out of state.
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