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Honored Contributor
Posts: 17,491
Registered: ‎03-10-2010

Re: Open house for realtors yesterday


@pattypeepwrote:

@151949wrote:

@pattypeepwrote:

@151949  Just wonderin' if you've had any offers on your house?


We are currently negiotiating an offer but they don't seem to actually be able to afford it.


We listed a piece of property that we own across from our house. We got an offer this past weekend and the buyer's realtor wrote on it "they said this is all they can afford". The offer was $45,000 under our asking price. My dh wouldn't even counter. Why would a person/people shop for something they can't afford? Beats me. Good luck,@ @151949.


As my self-described "value conscious" BIL likes to say, "It never hurts to ask, the worst they can come back with is no."

 

===================================
QVC Shopper - 1993

# IAMTEAMWEN
Respected Contributor
Posts: 4,932
Registered: ‎07-02-2015

Re: Open house for realtors yesterday

[ Edited ]

It never hurts to send a counteroffer back to the buyers, either, no matter what they said about their "final" price.

 

There is no future in cutting off negotiations and not trying to negotiate on price.  Remember this above everything else about real estate:  BUYERS ARE LIARS.

 

Keep them engaged in the back-and-forth of negotiating, and you might be able to achieve the unexpected with them.  That's probably exactly what they are trying to do with the seller.

 

 

It's fine if the seller's counteroffer is full list price, but it shouldn't be delivered as if the seller is insulted.  The seller's agent could simply and gently convey the message  that the seller wants more time to achieve a better price, perhaps from other buyers..........and then step back and see if the original homeseeker comes back with a better offer.

Honored Contributor
Posts: 18,303
Registered: ‎10-25-2010

Re: Open house for realtors yesterday

When I first got my Realtor’s license, my office listed a beautiful limestone home.  It was large with three fireplaces and 18 inch window sills.  The workmanship was amazing.  It was on a couple of acres.

 

The problem was the house needed work, not just updating.  It needed a lot of work to bring it up to code... like a new roof, wiring, plumbing, etc. The home was listed at $150,000 which was quite a bit of money back then. 

 

I wanted to buy the home, but couldn’t afford to buy it, plus fix it up.

 

i was really upset when I went to work one day and found out someone offered $50,000  and it was accepted. I could have afforded that.

 

I drive past that home quite often. It has been fixed up and updated and is really beautiful.  Someone brought it up to it’s full potential and the house is now worth way more than they paid and put into it. It is a historical home.

 

Sometimes a low ball offer is accepted, especially if it is an estate. I guess it never hurts to ask, but I would never try it with an owner occupied house.  If you insult the owners, they will get angry and not counter.

 

 


@VaBelle35wrote:

@pattypeepwrote:

@151949wrote:

@pattypeepwrote:

@151949  Just wonderin' if you've had any offers on your house?


We are currently negiotiating an offer but they don't seem to actually be able to afford it.


We listed a piece of property that we own across from our house. We got an offer this past weekend and the buyer's realtor wrote on it "they said this is all they can afford". The offer was $45,000 under our asking price. My dh wouldn't even counter. Why would a person/people shop for something they can't afford? Beats me. Good luck,@ @151949.


As my self-described "value conscious" BIL likes to say, "It never hurts to ask, the worst they can come back with is no."

 


 

 

 

Respected Contributor
Posts: 4,932
Registered: ‎07-02-2015

Re: Open house for realtors yesterday

[ Edited ]

There is NO FUTURE in having a seller act insulted.  No one wants to get into a transaction with a party who gets huffy too easily.  

 

Isn't this a business transaction between two parties?  If it is, let's not treat low offers as a personal attack.

Honored Contributor
Posts: 12,665
Registered: ‎03-09-2010

Re: Open house for realtors yesterday

Are they still building in your "plan"?  I ask because when I think of the term plan I think of a community in the planning stages. ...on a drawing board.  Once it's all finished, occupied and landscaped I think if it as a community. 

 

Maybe it's one of those terms that tend to be regoional.

Good luck wih your sale!

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: Open house for realtors yesterday

@pattypeep  We did not understand that either.Why would a realtor show a place the people could not afford. And to top it off - they came and looked 3 times - 3 times we had to leave so they could look at this house, and then they made an offer that was ridiculously low. We countered and they never responded to the counter.

Esteemed Contributor
Posts: 6,621
Registered: ‎10-21-2010

Re: Open house for realtors yesterday


@151949wrote:

@pattypeep  We did not understand that either.Why would a realtor show a place the people could not afford. And to top it off - they came and looked 3 times - 3 times we had to leave so they could look at this house, and then they made an offer that was ridiculously low. We countered and they never responded to the counter.


Hmm.  This goes right back to the point of a realtor not showing a property unless they have a pre approval showing what they were approved for.  There is a reason they should  do that and now you understand why.

Respected Contributor
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Registered: ‎07-02-2015

Re: Open house for realtors yesterday

[ Edited ]

Explanations are not getting far here, so I guess everyone's mind is made up. 

 

I can get a pre-approval letter from lenders anywhere, anytime, simply because I have good credit.  That does NOT mean I'm willing to pay a seller as much as I'm qualified to purchase, and does NOT mean that I'm NOT willing to pay more than that silly
"engineered" pre-approval letter would indicate.

 

There's always a chance I got a lender to give a low number so I can hopefully negotiate a lower price on the home. But nobody's thinking of that, thinking that the pre-approval is the final truth.

 

There's always a chance that I have more sources of money than I revealed to the lender or the seller, and I will pull out those cash resources and use them if I like the house enough.

 

Good luck to everyone in the sale of their homes.  Hope no one writes off a particular buyer or a particular real estate agent on (apparently) strongly held misconceptions!

 

Meanwhile, remember that mortgage interest rates are on a long-overdue path upward, and a seller's expectations might need to be brought in line accordingly.

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: Open house for realtors yesterday


@ccassadaywrote:

@151949wrote:

@pattypeep  We did not understand that either.Why would a realtor show a place the people could not afford. And to top it off - they came and looked 3 times - 3 times we had to leave so they could look at this house, and then they made an offer that was ridiculously low. We countered and they never responded to the counter.


Hmm.  This goes right back to the point of a realtor not showing a property unless they have a pre approval showing what they were approved for.  There is a reason they should  do that and now you understand why.


You are like a broken record. I want every single possible person they can find to look at this place. It only takes one! Why on earth would you limit the possible viewers?However, why would a realtor bring a person who says they have $250,000 to look at a place listed at $280,000?

Respected Contributor
Posts: 4,932
Registered: ‎07-02-2015

Re: Open house for realtors yesterday

you wrote:  

<<However, why would a realtor bring a person who says they have $250,000 to look at a place listed at $280,000?>>

 

For several simple reasons which are in everyone's best interests:

 

1.  What the buyers say they can afford or want to pay is NOT always what they  CAN or WILL pay.

 

2.  A licensed buyer-agent  working for a buyer-client is required  to present all offers that the buyers wish  and instruct them to make.  If the buyers are not shown all properties that they reasonably want to see, the buyers will have a legitimate gripe about the service they're getting from their agent.  Occasionally, this means showing properties above the buyers' stated price range, because you never know when the price will get reduced or a seller is getting more motivated to accept a lower price.

 

3.  All licensed Realtors are required by state licensing regulations and the Code of Ethics to assure that all  written offers are delivered to the seller.  The seller is free to decline to hear or review these offers, but the agents have no choice but to make the seller aware of offers that exist.

 

4.  When all the above factors come into play, both the buyer and seller might actually wind up making a deal that both are happy with--provided they don't get stubborn, huffy, insulted and keep options open to further negotiation.

 

Offers are just offers.  They are not personal insults and should be taken for what they are:  proposals which can be accepted, rejected or countered with a different proposal.  Odds favor making a counteroffer every single time to see what happens.