I was working on an offer today. It is difficult these days. The buyers think it being a buyers market and they will not offend the seller by low ball offers and get the property.
I have had many of conversations with these buyers about doing low ball offers in a property priced market even if it is a buyers market. I made myself clear that the seller could be appalled by the offer and not even counter and never sell to them even if they come back with a full price offer. I even say put yourselves in their shoes and see how you fell them what would you like to offer.
Well, I just put in an offer $30k less than market value. Then I called the LA and I was told that there has been two other offers that were higher than this one and one completely rejected and the other could not get financing.
So my comment back was. I know that unless it is kicked back by the underwriters we are ready to go. We have all our paperwork together and ready for underwriting as of Monday. I showed the property two weeks ago and I made sure my clients were ready to put in the offer on the mortgage side. I do not have a contigent offer. I just have a low offer that needs a counter offer to make this deal work.
The LA said well we have one thing good working for us is that you want to close on my birthday. I will present the offer today. I will get back to you the lastest Wednesday morning. I said ok.
My cell phone rings about 1 1/2 hours later and I have a drop bottom dollar offer. Cut and dry, this is it, take it or leave it. The LA said that was the shortest meeting he had every had with the seller.
I said WOW, I will present to my buyers and see what they want to do with this piece of property. I presented to the lady and she said she would get back with me by no later than tomorrow mid morning.
I will give a part 2.
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