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I buy rentals and never pay anywhere near asking. I always super low ball, more than 20% down on some offers, but I also shotgun offers, 5-10 houses at a time. I'm looking for the best deal so if I insult a few people along the way what do I care, I also don't see it as a waste of anyones time. It takes a whole minute to look over an offer big waste there.
I would have been insulted with such a low ball offer and I wouldn't counter or do business with this character ever. It's obvious he is a clown, wasting your time....
What is considered lowball anyways? More than 10% below asking price? I have no problem low balling homes that are way overpriced especially if the realtor says their sellers are "motivated." Some people definitely think they own the Taj Mahal and need a reality check.
Is it to cherish and harbor personal pique and insult or to sell property?
If the former, sellers should enter that fact into the MLS listing, that selling is secondary to indulging in non-productive emotion. If the latter, smart sellers should not indulge in the former.
It really is that simple.
Why would you be angry? He made an offer, you countered, he rejected it. So just move on.
Really? Angry?
In your other thread you asked about finding out if your lowball offer was a cash offer or not. Why would that make a difference if you are so "angry" about the offer?
I finally got an offer on my house but it was $100K below the already low asking price. Realtor agreed it was a ridiculous offer. I countered but buyer came up only $5K. Told realtor I'm finished this buyer unless he comes up with a *reasonable* offer. Why do people do this, trying to get something for nothing? They wasted time and money of several persons involved. Glad this happened early in the process instead of just before closing, but I'm still angry. Anyone else have this happen?
It can't happen just before closing. The offer has to be accepted and can only change after an inspection finds problems with the home.
My Realtor told me not to low ball offers, as I was looking at lower priced homes anyway.
Why did you counter? I assume we are talking about a $1.1 million list price and the buyer offered $1mil?
How would we know if a $100k difference is on a $300k listing or a million dollar listing? A $100k difference is pocket lint in a million dollar deal. It is a flippin' insult on a $300k deal.
Let's assume you are priced right and have some negotiating room, but the offer is a complete fantasy, and not at all competitive to the rest of the market.........
Your realtor should have told you to REJECT the offer, not counter.
You make a great point about it being a meaningless post without the asking price.
When I first got started investing in residential properties I tried making crazy low ball offers because I had cash. It took many no responses, rejections and restatements of the asking price for me to learn to submit reasonable offers. It took me a really long time, however. My realtor never refused to submit my offers but always told me it was a waste of time. I remember once bidding asking price on a HUD foreclosure and freaking out when I was overbid. For some folks like me, its just a long learning curve.
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A Realtor by law has to submit your bit to the seller ... even if is $1.00
I finally got an offer on my house but it was $100K below the already low asking price. Realtor agreed it was a ridiculous offer. I countered but buyer came up only $5K. Told realtor I'm finished this buyer unless he comes up with a *reasonable* offer. Why do people do this, trying to get something for nothing? They wasted time and money of several persons involved. Glad this happened early in the process instead of just before closing, but I'm still angry. Anyone else have this happen?
I had it happen before, in the first house I bought/sold. The buyer kept saying it wasn't "lo-ball" because he is an "investor" and looking to make it a rental. Uh, OK
Another time, the buyer just wanted to see the counter thinking thats closer to what we really wanted and a better number to start negotiating at.
It's done all the time.
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