What do you do with the ridiculous bidder?
Recently, we had a buyer arrive in Florida from a significant distance away. The buyer was here to purchase a home which was to be a second home for winter usage.
This buyer had been receiving listings as requested in a certain price range. For discussion sake, let's say that price range was $800,000 to $1,000,000. Amongst the criteria was that the property had to need no work, be either new or completely renovated, have a pool, add in a dock, and of course the best view around.
Despite the headlines we all read every day, one is unable to buy a home directly on the ocean or the intracoastal fitting that description. If it existed, I suspect that rather then reading this, you would be sipping Margaritas after you walked on your private beach or docked your yacht behind your mansion.
So. The buyer is informed verbally and with appropriate MLS comps that a single family home does not exist at that price range in the location desired.
Thus, we set out to find a condominium. There is inventory in that price range with great views, newer construction, excellent building amenities, etc. etc.
The buyer decides on the lovely unit which let's say was listed at $900,000. The condo has been well priced by the agent for quick sale. Comps in the building show that in the last six months eight condos sold with the selling price of eight of them being actually over $900,000. One sold for under $800,000 but was on the lowest floor and had no view, unless you consider parking lots your thing.
OK. The buyer now says, put in a bid and via email says "Draw up a contract at $550,000". When the potential buyer is called, the buyer states that condos go for much less then that. No degree of reasoning would penetrate that logic.
The question. Do you put the bid in? Do you walk away from the potential buyer? Do you put the bid in and hope that the buyer becomes flexible? Do you hope the seller wants to participate in a give away? Do you put your cell phone on ignore from the buyer's phone number?
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