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Even though today’s real estate market has flip-flopped from a buyer’s market to a seller’s market, many buyers still wish to “test the waters” with low-ball offers.
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44 Comments on A thought-provoking way to counter a low-ball offer!
This is as good as any answer since logic need not apply. It will take awhile in many markets for buyers to get over thinking that they can combine a beauty contest with a fire sale.
Hmmm. Yes. Great idea! If the sellers did this then the chances are that the property would receive several offers and would have to go back for a highest and best and these low ball buyers would definitely loose out. Very interesting concept indeed! Congrats on the feature!
Richard in some cases, I think this is a great idea.
Richard, I can't say we haven't had similar thoughts on occasion. Recently had an investor offer 105k on a 199k listing. That was the King of all low balls we've ever gotten.
Richard,
Boy, talk about putting the pressure on the listing agent to get a better offer. Only for the strong of heart.
Rich
Beautiful idea. Wish I'd seen your blog sooner. I could have used this on an offer we received over the weekend that was a bit low.
It is an interesting idea but not one any seller would ever do. Everyone is too afraid of leaving money on the table.
There's a book out like that - I can't remember the name. I encountered it several years ago when I was purchasing my own house and these sellers were utilizing this same concept you describe.
This is a briliant idea. Just the thought of it puts fear of loss in the would-be buyer's mind. They would likely up their offer without a counter from the Seller. Brilliant!
Sharon
That might be a way of putting it and throwing it back in their face in the most polite way. "Yeah, it does sound silly to price it at that . . . "
Richard - I would expect that would certainly make them pause and think.
That is quite a unique idea--I think it is a great way to keep things in perspective! Whenever we get low offer, I always advice my seller to counter (instead of reject).
Richard, that's the only way an over-priced seller can go on the offensive. I've used that strategy as a listing agent. But I think it's market specific. I know there has been a conversation about countering every offer no matter how low, but that really depends on market conditions. In some markets it's just not necessary because a full price offer is being written while the listing agent is writing up a counter offer. I've experienced that.
Richard, that is a very interesting response for a low ball offer, please keep us posted on the response on this.
To clarify...
Just as Ronald Reagan brought down the Soviet Union with the threat of "Star Wars," it is not necessary to implement the proposed action. The verbalization may be enough to make the point!
Good morning Richard. This is a really cool idea. Don't think I would use it either but a great idea nonethless. Enjoy the day.