I was talking to an agent the other day and we were discussing the current market. The buyers are taking their time and the list of features they are looking for in a first time home is longer than some move-up buyers asked for many years ago. They hear it is a buyers market and believe they can get homes at half the listed price.
The agent was out showing homes and it seems the buyers asked her ,' Can buyers offer $100,000 less than asking price these days? ' They were interested in a house. The houses she was showing were in the $400,000 price range. She was shocked and thought she was wasting her time with the buyers if they wanted to offer 300k for a 400k house, that was not a foreclosure. She said she could do a market analysis and help them determine a fair price.
I have met buyers who ask what the sellers will accept. They usually want to put in low ball offers. I have prepared a letter of intent where we fill in price and contingencies and ask them to sign it and also get a good faith deposit .This works out because I would like to present an offer however low it may be and if the seller comes up with a counter atleast we know what they will consider. I explain to buyers how some sellers may be offended and not counter and if they are willing to take a chance they can make the offer. Fortunately I have not yet met a buyer offering 300k for a 400k house.
I was wondering if others are having similar experiences with buyers.