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We had our house for sale for $789,000. Market was about $800,000 but our house needed a new roof and had old but working wiring, so we reduced the price a bit. Our goal was to get $750,000 for it.
Our realtor brought us an offer for $650,000. We found the offer insulting. We had spent nine years restoring our house and it was jaw droopingly beautiful inside. We told her to just ignore the lowball offer and not respond. We had no interest in even talking to the guy who was clearly just a flipper. She said we had to respond, it was bad faith to refuse to counteroffer. So we told her our counter offer was $788,500. She said that was ridiculous and we explained it was in the same level of good faith as we felt the original offer was. She refused to take that counter offer back to them so that was the end of the discussion. By July we did not have any other offers, so we told her to pull the house off the market at the end of the month and we would just stay and maybe consider moving again in a year or two. It was getting too close to the start of school and we were not going to disrupt our kids lives like that. Suddenly she came back with an offer of $750,000 from the same guy. We settled at $757,000
We had our house for sale for $789,000. Market was about $800,000 but our house needed a new roof and had old but working wiring, so we reduced the price a bit. Our goal was to get $750,000 for it.
Our realtor brought us an offer for $650,000. We found the offer insulting. We had spent nine years restoring our house and it was jaw droopingly beautiful inside. We told her to just ignore the lowball offer and not respond. We had no interest in even talking to the guy who was clearly just a flipper. She said we had to respond, it was bad faith to refuse to counteroffer. So we told her our counter offer was $788,500. She said that was ridiculous and we explained it was in the same level of good faith as we felt the original offer was. She refused to take that counter offer back to them so that was the end of the discussion. By July we did not have any other offers, so we told her to pull the house off the market at the end of the month and we would just stay and maybe consider moving again in a year or two. It was getting too close to the start of school and we were not going to disrupt our kids lives like that. Suddenly she came back with an offer of $750,000 from the same guy. We settled at $757,000
It may have been just a coincidence, but I hope that you hadn't told your agent that your goal was to get $750,000.
It may have been just a coincidence, but I hope that you hadn't told your agent that your goal was to get $750,000.
That was another scenario we've had. Helped my mom sell her house. Agent asked what our rock bottom price was....and guess what, three days later, she came with an offer at that amount, best and final.
Once again - that question makes no sense since our asking WAS at market/appraised value. I have never sold a home that was any ANYTHING other than market value. Therefore, your question is redundant, at the very least. And if you can't see that, then I can't help YOU.
Once again - the question makes perfect sense because it was posed well before you stated how you based the asking price. What you may or may not have set as asking prices at any time was unknown and irrelevant.
There was no indication whatsoever that your comment was about any specific property rather than simply a generic statement of your attitude regarding any offer 25% less than an asking price in a discussion about lowball offers. It may have been in your mind but it wasn't in your post.
Once again - the question makes perfect sense because it was posed well before you stated how you based the asking price. What you may or may not have set as asking prices at any time was unknown and irrelevant.
There was no indication whatsoever that your comment was about any specific property rather than simply a generic statement of your attitude regarding any offer 25% less than an asking price in a discussion about lowball offers. It may have been in your mind but it wasn't in your post.
Look. With your question, you were clearly attempting an assumption that I would price a house way above market. So that, in itself, was rather silly - in MY VIEW. I was responding as to MY SALE. MY EXPERIENCE. Not every possible scenario that could be concocted. So I am done. You can keep trying bounce your ball if you wish. Have fun.
Look. With your question, you were clearly attempting an assumption that I would price a house way above market. So that, in itself, was rather silly - in MY VIEW. I was responding as to MY SALE. MY EXPERIENCE. Not every possible scenario that could be concocted. So I am done. You can keep trying bounce your ball if you wish. Have fun.
No. It isn't all about you.
Nobody knew anything about YOUR SALE because you hadn't even mentioned it. Why would anyone make an assumption about an unknown sale? Nobody here reads minds. That would be SILLY.
One thing to keep in mind - agents want to close and get their check. When you list, and get a lowball - your listing agent could very well pressure you to make a counter offer and see if negotiations will get moving. The rationale is "You don't know they are not serious unless you try to talk". It can feel exasperating that the agent whom thought represented YOU is trying to get YOU to move down in price. You're more mentally prepared for that to come from the buyer's agent side.
And there is some truth to this advice. Some shoppers have the attitude that they know there is bargaining room, so they want to get you as a seller to initially chip off some "fluff" that you never seriously expected to receive, in order to then haggle harder to make you concede some dollars that you never intended to part with.
Selling houses is no party! It's not unusual for a sale to end up with everybody hating everybody else. Experienced agents will see it all.
One thing to keep in mind - agents want to close and get their check. When you list, and get a lowball - your listing agent could very well pressure you to make a counter offer and see if negotiations will get moving. The rationale is "You don't know they are not serious unless you try to talk". It can feel exasperating that the agent whom thought represented YOU is trying to get YOU to move down in price. You're more mentally prepared for that to come from the buyer's agent side.
And there is some truth to this advice. Some shoppers have the attitude that they know there is bargaining room, so they want to get you as a seller to initially chip off some "fluff" that you never seriously expected to receive, in order to then haggle harder to make you concede some dollars that you never intended to part with.
Selling houses is no party! It's not unusual for a sale to end up with everybody hating everybody else. Experienced agents will see it all.
Same old song. LOL
If you ever actually get any real estate exposure, you will have stories of seller who have hurt themselves badly financially by putting ego in front of market, and in front of adult negotiations.
When I see someone lose tens of thousands of dollars because they piddle away a solid offer in pique and the house sells months later for much less, I think my advice carries more gravitas than input from someone who has no real estate exposure.
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It's not unusual for a sale to end up with everybody hating everybody else. Experienced agents will see it all. 
