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to offer something like this is just rude in my OPINION.
It's never rude. It's just business. If someone doesn't like what is offered, just counter with something as ridiculous (like $1 off) or simply tell them to go away.
At least with a ridiculous counter, you can slap them in the face just like you believe they did to you, but at least you kept the chance of selling alive. If they stick around after such a suppsedly "rude" act, there's chance that negotiations can work successfully. If they walk away, at least negoiations were given a shot rather than simply telling them to bug off right from the start.
That's the problem with dealing with these types of transactions. Too many people unaccustomed to real estate transactions interject emotions into the process and nothing gets accompolished.
It's a good real estate agent who can shield these emotions from the other party and calm their clients down. IMO, a good retail real estate agent needs a PhD in Psychology to be a success . . . just kidding, kinda'.
As for the agent suggeting that the OP should not counter, I will admit that only the OP and the agent have the entire picture. Without all the information, it's impossible to know if that is the best thing to do.
However, I will offer that, as ageneral rule, it's not advisable to let any fish off the hook until you pull it from the water. You never know how big the fish really is until you see it, even with the statement from the buyer's agent. She's there to try to get the best price for her clients, not to tell the truth.
What effort does it take for an agent to write a counter? I would suggest, no effort at all. Just write it up, fax it over, and give them 24 hours to respond. It's no big deal. That's another reason why I wouldn't let them get away so easy.
You know, we were the rude low ball offer people the last time we bought a house. Except from our perspective we were offering a fair price based on current market conditions, we were not trying to be insulting in the least.
Our situation was a little different than yours though in that apparently the sellers were so offended and felt our offer was such a slap in the face that they refused to counter, even though their agent strongly suggested that they should. No problem, we went on to plan B
Except I guess discussions were ongoing between the sellers and their agent and several days later our agent got a call saying that if we would come up xxx amount we had a deal. Had the sellers countered from the start we would have still been actively involved in the negotiation process and we would have bought their house (since our real best offer was actually more than what they came back with)
Unfortunately for them we had already moved on and made an offer on another house. So their refusal to play the game cost them, big time.
And while this probably won't go over extremely well on a RE professionals board... to add to what B Hoffman said, our agent has not always known exactly how high we are willing to go when we've been buyers.
Honestly it sounds like you're far enough apart that these folks may not be your eventual buyers, but I have to wonder what the harm is in making a counter offer? You never know what might happen.
I hope you find a buyer at a price that works for you, and really soon.
Good Luck!
It would have taken too long to negotiate, as they weren't able to come up to the asking price. Our agent asked the buyers agent what thier top price was and it was $2000 higher than the offer. We cannot afford to sell for that much below asking. We would end up owing $42,000 on the mortgage and that is more than we currently owe for any of our debt! We have to walk away from this one and hope that we get a 3rd offer.
I see why you're turning down the offer; but are the buyers aware of your personal circumstances? They're just offering what they hope they can get away with in this slumping market; given all the coverage in the media it's no wonder they're acting like it's a buyers market, mostly because it IS a buyer's market.
Like one of the other posters said...hate the game, not the player. A lowball offer doesn't mean they can't afford your house. They just don't want to pay your asking price, even if they think it's realistic.
It's never rude. It's just business. If someone doesn't like what is offered, just counter with something as ridiculous (like $1 off) or simply tell them to go away.
At least with a ridiculous counter, you can slap them in the face just like you believe they did to you, but at least you kept the chance of selling alive. If they stick around after such a suppsedly "rude" act, there's chance that negotiations can work successfully. If they walk away, at least negoiations were given a shot rather than simply telling them to bug off right from the start.
That's the problem with dealing with these types of transactions. Too many people unaccustomed to real estate transactions interject emotions into the process and nothing gets accompolished.
It's a good real estate agent who can shield these emotions from the other party and calm their clients down. IMO, a good retail real estate agent needs a PhD in Psychology to be a success . . . just kidding, kinda'.
As for the agent suggeting that the OP should not counter, I will admit that only the OP and the agent have the entire picture. Without all the information, it's impossible to know if that is the best thing to do.
However, I will offer that, as ageneral rule, it's not advisable to let any fish off the hook until you pull it from the water. You never know how big the fish really is until you see it, even with the statement from the buyer's agent. She's there to try to get the best price for her clients, not to tell the truth.
What effort does it take for an agent to write a counter? I would suggest, no effort at all. Just write it up, fax it over, and give them 24 hours to respond. It's no big deal. That's another reason why I wouldn't let them get away so easy.
Yes, it is just business-sort of. It is mostly just business for the realtors as buyers and sellers will always have emotion involved. However, if it is just business for the buyers and sellers then I still stand by my statement that it is rude. (and I did state is is just my OPINION) Here is why I say that: If I own Macy's and someone wants to buy my cold cream that retails for $100 for only $25, I would think they are crazy. So, when someone puts in an offer WAY less than the asking price, then I think that is crazy as well. (depending on some factors such as CMA's, appraisals...as long as one has done their homework on what they are asking) When we go to buy a home we will only look at what we can afford and we will not put in a low ball offer just to see if we can get away with it. This is business and I do not intend to rob the family I am looking to buy from. I will put in an offer based on facts and not just b/c I have HEARD the market is really bad and maybe I can get something for nothing. (I say "HEARD" b/c not all markets are bad and the media does make it sound like it is a free for all-literally)
I do understand where you are coming from, but do you see where I would think it is rude/crazy?
Axiom-Not rude at all. I never ask my sellers how low they'll go. I'd rather not find out. I've had plenty of people that weren't truthful on what they'd spend on a particular home and I'm fine with that because they are trying to protect their purchase.
Aomething- It would have taken too long to negotiate? Longer than waiting to get another offer? Your home is still on the market during negotiations. I'm sorry but I need you to clarify that one for me.
Location: Halfway between Number 4 Privet Drive and Forks, WA
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Quote:
Yes, it is just business-sort of. It is mostly just business for the realtors as buyers and sellers will always have emotion involved. However, if it is just business for the buyers and sellers then I still stand by my statement that it is rude. (and I did state is is just my OPINION) Here is why I say that: If I own Macy's and someone wants to buy my cold cream that retails for $100 for only $25, I would think they are crazy. So, when someone puts in an offer WAY less than the asking price, then I think that is crazy as well. (depending on some factors such as CMA's, appraisals...as long as one has done their homework on what they are asking) When we go to buy a home we will only look at what we can afford and we will not put in a low ball offer just to see if we can get away with it. This is business and I do not intend to rob the family I am looking to buy from. I will put in an offer based on facts and not just b/c I have HEARD the market is really bad and maybe I can get something for nothing. (I say "HEARD" b/c not all markets are bad and the media does make it sound like it is a free for all-literally)
I do understand where you are coming from, but do you see where I would think it is rude/crazy?
I understand you completely and couldn't agree more!
The market will dictate if the offer was a lowball or not. We don't know. If you have alot of inventory in your area and sales are slow then its probably not a lowball...
Like I've said in another thread,the mind set buy buyers was set by the news, that some people are forced to sell at unusually low prices.So they(the buyers)go into their purchase hoping you are someone in dire straights(basically preying on the unfortunate)and throw out some outrages low offer.It's almost like a game where they test your will and your emotions and then walk away because they really couldn't buy it anyway.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Originally Posted by Axiom
And while this probably won't go over extremely well on a RE professionals board... to add to what B Hoffman said, our agent has not always known exactly how high we are willing to go when we've been buyers.
I would never care about how high my buyer might go, if I'm working for the buyer my obligation is to get them the best deal I can. On the other hand, being honest with your agent about your abilities and intentions allows them to help make you the best deal possible.
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A lowball offer doesn't mean they can't afford your house. They just don't want to pay your asking price, even if they think it's realistic.
