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24 Comments on I am Probably Being Foolish, But I Don't Understand Your offer
Ed, so I'm guessing we have an investor "fix and flipper" here. But, to quivel over $25K? If the home were fixed up, what would the resale be? Would the investor net about $25K? That seems to be the tolerance for my investor fix and flippers at that level of value. If they want more - move on.
Yes, that sounds a bit crazy, percentage wise. You said it much more diplomatically than I could have.
Hi Ed. There are some people who actually believe they can steal something. I agree with Debbie.
Sounds like a bottom feeder looking for someone who is willing to accept an offer way below market value. Next!
Ed, Sometimes offers are just totally baffling, with no basis in fact. And unfortunately that trend doesn't seem to be going away.
Ed apparently you have not heard that cash is king, so you automatically have to give a 38% discount off the price of the house.
I guess this investor is trying to purchase the property for the price of a car.
I would as them to repeat the offer so that you CAN understand it because it really is confusing :)
I suppose it happens because some people will in fact accept it. For the seller and the agent, it can not only be frustrating, but insulting.
Cash buyers like to make low offers. Going 1 for 10 on a low ball offer is there goal. Proof of funds would be helpful of course.
Ed- As an investor, we make LOW cash offers all the time. When I do make an offer, I can close in five days or less. Sometimes that means a lot to the seller. You never know until you put forth that offer. And by the way, a reduction in price really adds to my return on investment and that is what is most important to me and my investors. So you probably didn't miss anything, we just aren't the end user so we are simply doing business as it should be done.
We need to add a "Like" button! Love the tongue-in-cheek take on lowball cash offers.
Ed, actually, these are the easiest offers to understand! It exists and still it does not!
The biggest advantage for such offers is - seller's upper hand in negotiations. I recently had couple of offers more than 10% below asking (and perhaps the market value, too!) The seller did not entertain and did not care for the response either. (In MA, if the offer is not respoded, it dies down after the response time in the offer is over!)
Now, if they come back again.....this time, sticking to your price is easy...until they come up with what sellers have in mind or is asking!
Ed - I can't imagine why you wouldn't understand an offer where the percentage was so off, especially as it sounds like they didn't even see the property before making an offer.
Here, in Cali, I doubt that a listing agent would even consider presenting an offer without POF attached. Pardon, a low ball offer.
So, it was almost 30% less than you are asking??!
I received an "offer" for a luxury home recently. The buyer cited a number of reasons for the lowball, such as all the expenses and trouble it would cost him to remodel the home to suit his needs -- and wanted the seller to deduct those estimates from the list price!
I had the same response as Ed: "Show me the money!" before entertaining such an "offer".
Ed, that is funny! Like Inna (#18) said, in Califonria presenting without POF attached is unheard of if you expect the listing agent to do anything with the offer received. Make it a Great Day!
Not understanding a ridiculously low priced offer isn't foolish. Not at all. I can't stand the offers that come in like this. Low ball offers just don't work in today's real estate market. Good post.
Ed, I guess all your seller can do is counter at full price and see what happens. The buyer will either get serious or just fade away and look for another potential deal steal.
Ed -- Just had one myself. We passed. They came back a wee bit higher. They're not serious. Next!
We had one this week where the buyer insisted he had cash yet refused to show proof. Really?