Remember that time is critical to the highly motivated seller.
Whether or not sellers accept your lowball offer often depends on how much pressure they’re under to sell, Davis says. Obviously, those in a rush are usually more willing to entertain a lowball bid, even if it means making a counteroffer to bring up the dollar amount.
The retired teacher was a case in point. At 66, she lacked the energy to keep up her elaborate landscaping. So when a condo-apartment came up for sale in a retirement community where several friends lived, she immediately snapped it up. By the time the young couple came along, however, her house had languished unsold for months and she was in a financial pinch.
“Of course, she didn’t get as much money as she’d hoped for her property. But she was delighted at the chance to sell to nice people and move on with her life. So in the end, this was a win-win deal for everyone concerned,” Davis says.
By: Ellen James Martin, UNIVERSAL PRESS SYNDICATE
June 25, 2008 at 8:58 pm
It seems in this market, at least here in Central California, many homes are being listed at “below market” prices. This creates tremendous interest, and multiple competing offers on the property. The outcome often results in a “sell price” greater than a home being listed at market value, which ususally results in less-than market priced offers.
June 26, 2008 at 12:45 am
That is the case here in Phoenix too, but really only with bank-owned properties. The REO properties are going very quickly, with multiple offers, usually always over asking price. Eventually, the realistic sellers may imitate the banks to entice offers. I listed a home in Scottsdale (NOT bank-owned) at a foreclosure-like price and had at least 6 showings a week and 2 offers within 15 days! We accepted one of those offers – after negotiations, very near to our asking price.
Thanks for your comment! – Becky