You Wanted To Lowball The Sellers. Don't Be Upset That You Didn't Get The House.

By
Real Estate Agent with Remerica Integrity, Realtors®, Northville, MI
http://actvra.in/xHv

You Wanted To Low-ball The Sellers. Don't Be Upset That You Didn't Get The House.

You've spent countless hours over many nights searching for properties on the Internet.

Finally, you have your list together. 147 houses. And you want to look at them all. In 2 days. Tomorrow and the next day.

What?

In today's market, 106 of them will be pending, meaning they have other accepted offers. Another 28 will be "short sales," and you already told me you don't want to wait that long.

Leaves us with 13 homes. My lucky number.

I schedule them, but in the morning my voice mail says that 4 of them went under contract over night. Down to 9.

Of the 9, 3 of them you don't even want to get out of the car for.

Down to 6.

We look at the 6 best homes on the market for you.

You like 1. Ready to put an offer in?

We go back to my office and while I'm running comps, you're talking about taking wallpaper down in the foyer and how many dogs will be awesome in the backyard.

I sit down with you, show you the comparables. They all point at you making an offer in the X price range.

Do you do that? Nope. You want to offer Y, which is about 20% BELOW market value. (notice how I used the letter "Y"?)

In goes the low-ball offer, almost immediately comes back an email saying that there are "multiple offers" and a form that asks if we want to keep our offer the same or change anything.

I remind you of the comps. You say "It's a buyers market! Besides, my Cousin's carpet guy got a house for blah, blah, blah."

Offer stays the same. You don't come close to getting it.

Don't blame the sellers. Don't blame the comps. And certainly don't blame me. Maybe next time you'll listen to a professional.

You Wanted To Low-ball The Sellers. Don't Be Upset That You Didn't Get The House.


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Re-Bloggged 10 times:

Re-Blogged By Re-Blogged At
  1. Kim Carlson 03/21/2012 06:43 PM
  2. Rosemary Brooks 03/21/2012 07:07 PM
  3. Linda Lipscomb 03/21/2012 09:41 PM
  4. Joe Jackson 03/22/2012 12:16 AM
  5. Chuck Carstensen 03/22/2012 03:57 AM
  6. Debra B Albert,PA 03/22/2012 03:59 AM
  7. Carla Muss-Jacobs, Principal Broker/Owner 03/22/2012 11:00 AM
  8. Mike & Eve Alexander 03/22/2012 11:15 AM
  9. Debra Walsh 03/24/2012 01:51 PM
  10. Elyse Berman, PA, ABR, GRI, Realtor 03/24/2012 06:39 PM
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Topic:
ActiveRain Community
Groups:
Bartender, Make it a Double
Real Estate Trends
Buyer Information - What Buyers Need to Know in Today's Market
Local Expert
BananaTude
Tags:
multiple offers
buyers
offers
lowball
real estate
eric michael

Comments 111 New Comment

Anonymous
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Rainmaker
391,388
Kristine Ginsberg
Morris County, NJ Stager
Morris County, NJ: Elite Staging and Redesign, LLC

Everyone has a story of how they know someone who "stole" a house, blah, blah, blah and think it's acceptable to put in a lowball offer. They got what they deserved and missed out on a great home because they got greedy and thought it was just fine to insult the buyers, not listen to their professional Realtor and bid 20% below market value! Serves them right and hopefully they've learned their lesson!

March 26, 2012 11:28 AM
Rainmaker
537,977
Eric Michael
Metro Detroit Real Estate Professional 734.564.1519
Remerica Integrity, Realtors®, Northville, MI

Todd, love the idea of a retainer fee if they're just going to keep playing some game.

March 26, 2012 11:44 AM
Rainmaker
657,392
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Eric

Congrats on the feature. You painted a scenario that gets played over and over again. But yet, people don't learn even when we tell them it's NOT a buyer's market. And if it had been one, it came and wen quickly (in my neck of the woods anyway).

You're right, maybe next time they'll listed to a real estate professional and not the cousin's carpet guy.

March 27, 2012 05:04 PM
Rainmaker
537,977
Eric Michael
Metro Detroit Real Estate Professional 734.564.1519
Remerica Integrity, Realtors®, Northville, MI

Kristine, greed is a bad, bad thing.

Pacita, thanks. Hopefully the "expert" will be allowed his due next time.

March 27, 2012 06:54 PM
Rainmaker
537,977
Eric Michael
Metro Detroit Real Estate Professional 734.564.1519
Remerica Integrity, Realtors®, Northville, MI

Max, I agree with most of what you've said. I didn't say "some buyers are uneducated or ignorant." I do educate my buyers (and sellers) as much as possible and ultimately let them decide what they want to do. I'm on their side, period. If I feel that they're unrealistic or a waste of my time, I'll act accordingly.

April 19, 2012 05:46 PM
Anonymous
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Rainmaker
537,977

Eric Michael

Metro Detroit Real Estate Professional 734.564.1519
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