Our market has changed like many of those across the country. We are looking at longer market times and with winter fast approaching homes could easily sit until next March or April at this point.
I just put in an offer on a property that has been on the market since 05/21/06. The property was originally listed for $415k and was recently reduced to $405k. The seller will not look at offers that have a home sale contingency even though this is a move up type of home, 2200 sq ft in an expensive subdivision for that town.
Now I happen to have buyers that can, but don't really want to, buy the home without a contingency. They can qualify without any problem and can afford to carry both mortgages.
So that's the background, now the offer. We came in at $380k plus the seller to pay 1 point for closing costs. This is to reduce the cash out of pocket as the sellers might have a few months of double mortgage payments. So net to the seller is about $376k or $29k less than list price, only about 7% less than the list price. I also talked with the agent before hand and got the exact closing date the seller wanted and we used that. We aren't asking for anything funny, at that the only term to negotiate with this offer is the price it is so clean.
The listing agent was offended by the offer and said that it was "ridiculous", "low ball" and that "she thought we would be bringing a serious offer". At what point in time did 7% under list become an offer to ignore? What makes a non-contingent offer that will close on the exact date the seller wants become something that isn't a "serious offer"??
Wonder what others consider a low ball offer?