How LOWball can you GO?!

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How LOWball can you GO?!

How LOWball can you GO?!

Many buyers who truly want a particular home are willing to pay more for it, so why not write the offer at a higher amount rather than saying, "My clients will counter higher" after the short sale offer is submitted?

What?!

Let's skip to the chase. Make the offer to begin with at that higher amount to eliminate the time it takes for the bank to respond / counter to the lower offer.

Doesn't that make more sense?

The bank doesn't care about your buyer's supposed lowball, strategic approach. There is no strategy in a short sale!

Educate your buyer
Do a comparable market analysis
Show them what the seller owes on the property

Submit your clients highest and best and tip the scales a little more in their favor with an informed offer. It will be better received by the bank who, most likely is already taking a huge loss on the property.

Make sense?! It does to me.

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Posted by Wanda Kubat-Nerdin, REALTOR® St. George, Utah on 07/05/2010 09:03 AM

Comments (30)

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30 Comments on How LOWball can you GO?!

JUL

2010

Wanda I would think your first suggestion is the most important. Educate your Buyer! Still waiting to hear from Craig about Kris and Sinead!

Buyers do need to be educated, Wanda. Thanks for the post!

Roger, An informed buyer can then make a decision based on facts but there will always be those who will offer low and wait it out! I need to talk to that Craig...

You're welcome William, have a great day!

We both need to get on him for that answer.....................I hear ya about those lowball offers.

I would suggest someone that says "My clients will counter higher" is NOT properly representing their client.... without the clients approval to make the statement, you are not acting in the best interests of your client. With the clients approval it is just a dumb move

Roger, I will work on that today and if you hear from Craig first, let me and I will do the same!

Perrin, In my opinion, the higher amount offer should have been made if they were willing to go higher anyway!

Hi Wanda:

Great points made here on short sales!

Excellent post, I'll re-blog also...

Wanda, I think you are making some real sense here, as they say time money, perspective buyers need to understand that all that manuevering takes time and could cost them the deal. Knowledge is power, great post

I agree with you 100%. Educating the buyer is key.

I agree Wanda, this is a case of "educate..educate..educate"! ~ Susan

Wanda, so many agents are lax about educating their clients. A home that is already in the system at a reduced priced, especially in a short sale will only go down so much. The buyers are still getting a deal as the home is occupied so there is little chance of additional damage, and when the bank does theirBPO they will only counter higher. In the interim, a more knowledgeable buyer will get into the mix and take it away, which would be justice at that time.

Wanda

Very informative post, we have guild our customer thought the sales process.

Good luck and success.

Lou Ludwig

Thanks Toula, I appreciate that!

If some of the sidestepping was taken care of, we could get more done in less time and have more happy clients Gerry!

Education is priceless regarding short sales Debra!

Susan, The smarter they are, the higher our success rates on short sales!

Absolutely ... it is our duty as REALTORS to educate the buyers we represent so that they can navigate the difficult waters of the short sale. Short sales are a lot different.....

Thanks for sharing,

Lori Cofer

Well said Ed and so very true. Thank you for that!

Lou, That is why it's important to be of help as much as possible and share knowledge and expertise with our clients.

Lori, Yes, short sales are sometimes tough, so I like to do away with time wasting activities!

Lowball offers that won't go anywhere are an anathema to agents nationwide. It seems doubly importnant to put your best foot forward on a short sale because of the long time frames.

Wanda

I am seeing buyers putting their best foot forward if they really want the home

JUL

2010

Wanda,

You are so right. The education process in buying and selling real estate never ends. Thanks for this reminder.

Cal

When the offer is too low the seller is often insulted and refuses to counter! Agents need to educate their buyers! Great post!

If you don't submit your highest and best right away, chances are that someone else will....and you'll lose the home you loved enough to even make an offer on in the first place.

Wanda - That is why I advise sellers to not just send "any offer" to the bank. If the seller counters a low short sale offer (which they have a right to), and the buyer says no, why roll the dice that they'll come up when the short sale lender surely counters?

Matt, Making informed offers benifits eveyone involvedQ

Tom, If they want it, they will show the effort!

You're so welcome Cal and there is much to learn in our industry everyday!

BarbaraJo, Yes, education is key in making informed offers!

Craig, Buyers who are really interested in purchasing will offer highest and best up front, no doubts!

Thanks Wendy, Sometimes I think sellers do not realize they can reject or counter a short sale offer as well. It is imperative to educate them as well.

Wanda - Around here, most of my buyers get one chance to make an offer; they don't get a chance to counter back. Even the run-down, dilapidated, dumps get multiple offers above list price. Buyers around here need to go in with their best and highest right out the gate or they will never get into escrow.

It makes sense to me too Wanda. And it only makes sense that this one be featured. I like how you put in capital letters "LOW GO. Great post.

Donne, Here, it depends more on price, the area and property condition whether there are multiple offers made on residential listings.

Thank you Lanre! Informed offers just make sense!

JUL

2010

Maybe they have seen all of those television ads where you can buy homes for $2000. You and I know this isn't true but they don't.

Ha-ha! You may be right about that John!

JUL

2010

We don't even go there...sellers can and ours do counter offers...why add to the file pile while the foreclosure clock is running....and have to make offers secondary that should have been primary...

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Wanda Kubat-Nerdin, REALTOR® St. George, Utah

Saint George, UT

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Prado & Kramer Real Estate, St. George, UT 435.632.9374

Address: 21 North Main Street, St. George, UT, 84770

Office Phone: (435) 251-8092

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