at all. Is this true? My feeling is that they are going to want to negotiate and whatever we say, they are going to say higher, so we should offer lower than what we want to pay. I would love any realtor's opinions.
Thanks!
2007-12-02 14:39:02 · 16 answers · asked by curious 3 in Business & Finance ➔ Renting & Real Estate
i'm selling my home right now, not desperate to, no money problems, looking to relocate out of state for family but not in a hurry. was low balled by buyer and told realtor that i refuse to sell to people even if agree to my asking price!
2007-12-03 03:07:17 · answer #1 · answered by Judas Rusty 4 · 0⤊ 1⤋
First, I have a very important question to ask you? Did you sign an exclusive buyer's agreement with your Realtor? If you didn't then your Realtor, no matter how long you have been working with her/him is still working for the seller. Now, if your Realtor is your buyer's agent, he/she should be able to get a hold of the selling agent and let you know how much interest there has been in the property that you are interested in making an offer on. He/She should tell you how long the property has been on the market and how many price reductions they have had since the property has been listed. He/She should do a comprehensive market analysis for you and determine the actual fair market price based on properties that have sold in the past 3 months. That should give you an excellent idea of that properties value. Your Realtor will know where to deduct from the other comps to make the price lower for you.....You will need these comps to back you up in presenting an offer that is low. And, then it won't put your seller on the defensive that you are just trying to drive a bargain. Also, just to put my two cents in.....most sellers know it is a buyers market out there and the sellers have their homes priced competitively, at least here in New England. Anyway, my famous words to my buyers are always, "make an offer that you will be okay with, because if your okay with it, then I'm okay with it." Good Luck!
2007-12-02 16:32:24 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It depends on the market. Right now falling prices are in all the news in the US so every buyer probably thinks they can get a deal and every owner should be anxious to sell. Well not every owner is, and it certainly is possible to insult an owner. Furthermore if their first impression of you is that you are a chisler, that might colour subsequent reactions to negotiations - should there be any.
It also depends on just how much you like the house, what comparable houses are selling for and how low you are planning to go. It also depends on how long the house has been on the market. Your chances with a low offer are much better if the house has been on the market for a couple months. If it's only a few days they are likely to ignore you. To deal with you (counter offer) would tie up the house and risk losing a better offer.
I would not leap to the conclusion that your realtor is just trying to make you offer more so their commission is larger. Look at the facts of that local market.
2007-12-02 15:43:30 · answer #3 · answered by Anonymous · 1⤊ 1⤋
As a Realtor who mostly deals with buyers, I've seen this happen a few times. The buyer client I'm working with submits an offer that is unreasonably low and the seller doesn't make a counter offer since they don't think the buyer is actually serious about buying the home. In such cases, the comparable sales data usually shows that the home is actually worth more than what the buyer is offering.
Sometimes, my buyer client will submit another offer or they may move on and submit an offer on another home. Patient buyers who don't have to move can benefit from this strategy.
That being said, I've been surprised several times when sellers actually accepted the low offer or countered lower than what I expected them to. Having been in the business for a while, nothing surprises me anymore.
So I'd say that if your Realtor is hesitant about submitting an offer they think is too low and might offend a seller, get yourself another Realtor. They don't have your best interest at heart or are simply lazy. Most areas of the country are in a buyers market right now and helping your buyer clients get the best home for the best price should be your goal if you're professional and are interested in building a good reputation in your community.
Today, I'm telling my clients to be patient. Sellers will lower their prices and those who take my advice on this point are getting good deals.
If anyone has questions about this strategy, I'd be happy to talk with you about it even if you're not in the metro Atlanta area. You may contact me via email from our site:
http://northatlanta-homes.com
I am a professional Realtor certified by the National Association of Realtors.
2007-12-02 15:11:26 · answer #4 · answered by Sanford Rosser 2 · 2⤊ 2⤋
I had happen about six months ago exactly what you are posting. The sellers became so incensed over one offer that I was directed to NOT entertain anything further from them in the way of counter offers or new offers.
It CAN happen, although it's not common.Katetrinity is incorrect. Some markets are priced that way, and others aren't. Depends on local custom and practice with starting prices. And I'm not sure how you would go about finding out a seller's motive for selling, unless they want to divulge same.
When I am asked "Why are they selling?" my standard answer is "Because they want to." It's none of a buyer's business why someone is selling a property.
2007-12-02 22:54:10 · answer #5 · answered by acermill 7 · 0⤊ 1⤋
If you go too low then you risk insulting the seller, in which case they will not budge on price. People can be very sensitive when it comes to selling their home. If you think they are asking way to much it may be better to have your realtor verbally relay that message before offering anything less than 90% of asking.
2007-12-02 14:48:09 · answer #6 · answered by Dave 2 · 1⤊ 0⤋
A Realtor should never tell you that. You can figure the asking price on a house is at least 10% OVER what they absolutely have to have out of the house.
It also depends on how badly they want to sell. Find out their motive in selling. Discovering these two motives & you will have them eating our of your hands.
If you like your Realtor, you can keep working with him/her, just remind them they are working for YOU.
2007-12-02 16:45:43 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Ironcially, I had someone actually come in and just today offer me $20K LESS than my asking price plus asked for my washing machine and dryer, $2300 side by side stainless steel fridge, as well as some other things - AND to pay closing costs and prepaids.
I told her to get lost.
She not only insulted me, I didn't want to deal with her. my husband and I are not desperate (and never will be). I am willing to play ball with her, but her offer did indeed insult me.
What I recommend is put together an offer that you think is fair and ask for whatever you want, but be realistic. If you ask for closing costs and pre-paids then don't ask for anyone else but be willing to do a 50/50 deal IF you are asking for more than an unusual amount off of the asking price. And take into consideration what you will be getting in return. Remember, real estate is interesting. Right now it seems like a bad thing to do (meaning to buy) but the truth is that it is a great, great itme to buy but don't expect to get it free - expect to get it at a fair price. Good luck.
2007-12-02 15:21:38 · answer #8 · answered by BMD 3 · 1⤊ 1⤋
I would do exactly what you stated, if I were buying a home. I would start out with a low offer and go from there. I think it would also matter what market the home is in that you want to buy. Being that the housing market is slow now.
2007-12-02 15:28:26 · answer #9 · answered by martingrcrim 1 · 1⤊ 1⤋
Sometimes it's true. It depends on the seller. Not all sellers want to negotiate.
2007-12-02 22:43:50 · answer #10 · answered by KathyS 7 · 0⤊ 0⤋