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Wanda Kubat-Nerdin of Prado Real Estate in St. George, UT posted the following.

All buyers need to be educated when submitting offers to the bank...

 

Via Wanda Kubat-Nerdin (Prado Real Estate, St. George, UT 435.632.9374):

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.

 <<<0>>>

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13 Comments on How LOWball can you GO?!

JUL
05
2010
1,037,669 Points 26 Featured Posts Outside Blog Called Shot Master

Thanks for the reblog. Buyers always ask this question. The answer will vary based on the market.
10:06pm • #1
447,384 Points 3 Featured Posts Outside Blog Attended Rain Camp

Buyer's agents really need to be educated too so they can give the best advice to their clients.
10:13pm • #2
374,754 Points 4 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

I think it's just a trade off between time and money.  There is value in both and finding that balance is part of the agent's job.
11:05pm • #3
JUL
06
2010
513,844 Points 6 Featured Posts Outside Blog Called Shot Master

Nice post with some excellent advice!  Thanks for the reblog!
12:43am • #4
805,358 Points 27 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Toula,

I did not see this post so thanks for re-blogging. The value an agent can bring in this transaction certainly involves saving time and money and actually obtaining the house!
6:59am • #5
763,495 Points 1 Featured Post

Toula, makes perfect sense to me...in a short sale and most other sales too...why keep going into another counter situation, where you might insult someone too with a really lowball offer?
8:18am • #6
447,306 Points 8 Featured Posts

it makes sense, but it is a difficult thing for a buyer to grasp.... it is the "haggle" that makes everyone think they got the best deal, if their offer is accepted right away they think: "I should have offered less"

I think it is just human nature... But it is the reality we have to deal with.
12:35pm • #7
769,065 Points 60 Featured Posts Attended Rain Camp Called Shot Master

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.
2:47pm • #8
JUL
07
2010
469,990 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Toula thanks for the reblog, I missed it!  But you can bet I'm printing it for some of my clients!
5:56am • #9
301,385 Points 1 Featured Post

Go low as possible.  Don't let the banks push you around.
8:45am • #10
JUL
09
2010
314,764 Points Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Toula thanks for the re blog...makes no sense low balling a short sale and mostly a waste of time...
8:39am • #11
JUL
11
2010
801,306 Points 35 Featured Posts Outside Blog Called Shot Master

We don't let "lowball offers" get past the seller to the bank...and try our best, not always successfully to explain the selling agent that the concept of the "bank will take whatever we write" is not true....clogging the file pile with offers that won't get approved does no one or the market any favors.
6:27am • #12
705,305 Points 38 Featured Posts Called Shot Master

Lowballing is one of the fastest ways for a buyer to lose a home they love.  I've had a few clients, who seemed to skirt my educating of them to not do so, until they lost their "dream home" a time or two.  Eventually, they got real, but sometimes it's a process for them to do so.
9:02pm • #13

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Toula Rosebrock -Broker/Sales Associate, Realtor, Lacey Township, Ocean County,

Lacey Township, NJ

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