I received an offer for a listing I have yesterday that was a good 20% below our asking price. Our listing has been active for about 2 weeks and is receiving a good amount of showings. The home is also already priced well. The seller said, no thanks.
The offer also contained a contingency. It was contingent upon a legal settlement where the buyer was to receive the money she would use to buy the home. Of course, the buyer decided that this was too much of a risk to pull the house off the market, even if the price had been right.
In this area we were in a solid seller's market with inventory of homes low. Common sense will tell most people that in a market such as this, sellers will not be selling for deep discounts, and many are not entertaining contingencies at all. The buyers agent even apologized for the low offer when it was sent.
I believe that buyers need to be counseled on the market conditions before they start looking. This could remove some of the low ball, waste everyone's time offers that are still floating around. Luckily we have several showings scheduled for today so maybe the next offer will be the one.
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