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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?
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.
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?
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Because it works to lower the price in many cases, and they save money.
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.
The guy we had as an agent told me I didn't know anything about real estate because I wanted to reject instead of counter. He said anyone who knew anything about real estate did not reject anything.
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.
Fair question about price; let's say it was a fantasy offer to use your term. By countering with a price close to asking I was hoping he'd see I'm not desperate.
A lot of people attend seminars about "flipping" houses. They are taught to find desperate sellers and low ball them.
Some sellers may bite.
Ha! Had not thought about the flipping possibility! Not probable in this case but certainly possible. Thing is this guy has been "looking" with his realtor for a *few years*....maybe they're in cahoots?
Ha! Had not thought about the flipping possibility! Not probable in this case but certainly possible. Thing is this guy has been "looking" with his realtor for a *few years*....maybe they're in cahoots?
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.
Sometimes, houses are way overpriced. The sellers are delusional. Maybe it's not so strange that someone would submit a low offer. I've done it myself. It didn't work, but then again, I offered what I was prepared to pay for the house. The seller could take it or leave it.
I've also known people who have gotten some great deals on property just by submitting a low bid. You just never know what's going on with the seller.
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