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I do think that there are circumstances where an offer can be insulting. My friends elderly mother was recently widowed, and had decided to put her large house on the market and downsize to a condo. I will say up front that the property was beautiful and well-maintained, and accurately priced for the market...it sold, with multiple offers, in a few weeks for 579K.
Right before the house went on the market, an aquaintance of the seller, who was also a realtor, mentioned that her adult son and his wife would be interested in the property. The young couple came by and took a lot of time looking at the property, then mentioned to the seller, who was home at the time, that they "couldn't offer more than 200K". Her response was..."Get out of my house."
I think the general feeling was, the realtor/parent of this couple darn well knew the market in this town...There are NO single family houses available for anything near 200K, and you would be hard pressed to find a small, one bedroom condo for that price. It seemed to the seller that these people were hoping to take advantage of an elderly widow and hoping she would not realize the true value of her property. She felt they had just wasted her time.
I can think of why it would be annoying/frustrating to get a 'low ball' offer.
I don't know about you guys, but when we were in negotiations, every time there was a counter offer, you had to print up paperwork, change, sign, fax, meet with agent a couple of times, deal with deadlines, etc, etc, etc...I only want to play that annoying game with someone who is serious about buying the house. Not some lookie-loos who are just shotgunning the area to see what they might hit.
I can think of why it would be annoying/frustrating to get a 'low ball' offer.
I don't know about you guys, but when we were in negotiations, every time there was a counter offer, you had to print up paperwork, change, sign, fax, meet with agent a couple of times, deal with deadlines, etc, etc, etc...I only want to play that annoying game with someone who is serious about buying the house. Not some lookie-loos who are just shotgunning the area to see what they might hit.
Maybe in the Stone Age, but we have electronic signatures now. It is possible to do an entire transaction with almost no paper.
And here in NC, we do most negotiations by phone and email, so there are no docs to print/sign until final terms and price are agreed.
I can think of why it would be annoying/frustrating to get a 'low ball' offer.
I don't know about you guys, but when we were in negotiations, every time there was a counter offer, you had to print up paperwork, change, sign, fax, meet with agent a couple of times, deal with deadlines, etc, etc, etc...I only want to play that annoying game with someone who is serious about buying the house. Not some lookie-loos who are just shotgunning the area to see what they might hit.
I agree that it would be annoying to have to deal with all the paperwork. When we were looking we asked our agent if we could handle the negotiations on the phone and then finalize the paperwork once we had agreed over the telephone.
I made it clear to the realtor any offer below "X" $$ , I don't want to know about and he shouldn't waste his time with them.
Yes, one offer was for only 65% of what it sold for.
Here in my state we have to present all offers received, written or verbal, up to and until closing is completed. So yes, I do pass on ridiculous offers to my clients. And, there are ways to put any offer in a positive light in order to minimize any emotional response.
Maybe in the Stone Age, but we have electronic signatures now. It is possible to do an entire transaction with almost no paper.
And here in NC, we do most negotiations by phone and email, so there are no docs to print/sign until final terms and price are agreed.
Technically, we here are supposed to handle all offers and counters in writing. And while we do have electronic signatures, there are agents that I deal with that still insist on faxing everything. And some that insist on making all changes on the original offer instead of using counter offer forms. I haven't even been able to get them to use email.
Maybe in the Stone Age, but we have electronic signatures now. It is possible to do an entire transaction with almost no paper.
And here in NC, we do most negotiations by phone and email, so there are no docs to print/sign until final terms and price are agreed.
Yeah, this was just this April/May, and a counter wasn't considered 'real' until the papers had been marked up and faxed around. And this is a ritzy part of town with cutthroat agents - I don't think it has anything to do with lack of tech; this is just how it's done here. Verbal offers and counters do not count.
You could do it all on computer by scanning and altering docs and attaching to emails (which our agent did do), but you still have to print any signed or initialed pages and rescan or fax them.
Yeah, this was just this April/May, and a counter wasn't considered 'real' until the papers had been marked up and faxed around. And this is a ritzy part of town with cutthroat agents - I don't think it has anything to do with lack of tech; this is just how it's done here. Verbal offers and counters do not count.
You could do it all on computer by scanning and altering docs and attaching to emails (which our agent did do), but you still have to print any signed or initialed pages and rescan or fax them.
I know things function differently in different areas.
Here, the only material document between the parties is the contract.
Offers are meaningless, and negotiations are only the path to the contract.
Since an offer is not a contract, it is not enforceable.
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