Special offer

My First Offer: 18 Months Later

Real Estate Agent with The Landry Team-Keller Williams Realty

The first offer I ever wrote as a real estate agent was with a customer that called on a home while I was on floor duty.  The home was listed at $212,000, and the buyer offered $160,000.  The home across the street, a foreclosure, had recently sold for $165,000. The buyer insisted on their offer despite the  different circumstances.   I presented the offer to the listing agent, who presented it to the seller.  The seller did not accept our offer, and countered at just slightly below list price.  The buyer was not willing to pay that price and moved on. 

 Almost a year and a half later, that home is still on the market, now a short sale, and under contract at $160,000.  It will probably close near $150,000.  This is interesting first hand support of the statistic that the best offer will be the first offer. 

 This experience also shows how the market price is now being set by distressed properties.  It makes me wonder what kind of a difference it would have made if both realtors and the public had accepted reality sooner about prices, and taken the big hit right away.  Then we might be further up the recovery hill, instead of wallowing in the valley of the bottom.  

Melissa Tolson, GRI - Buyer Specialist

Posted by

The Landry Team - Orange Park Real Estate Specialist

Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

Thats the market right now. It really hurts people who want to do things the right way.

May 25, 2009 02:01 AM
Margo Currie
Exit 1 Stop Realty - Saint Augustine Beach, FL

We all know exactly what you're saying. If a seller does manage to get a buyer willing to pay his price, you still have to wonder about the appraisal. With the short sales and bank owned being so dominant in some markets, the appraisers must consider them. On top of this, add in the HVCC and who knows where that appraisal will come in!

May 25, 2009 02:13 AM
Julie Messina
CNN Mortgage - Scottsdale, AZ


Unfortunately I have had a similar experience with refinances.  No matter how I explain that market value is based on the recent sales of comparable properties in the neighborhood, most homeowners are not willing to accept the bottom line on the appraisal report.  I had one client that missed his opportunity to refinance in February because he was waiting for rates to go to 4%.  Meanwhile his property was losing 3,000 - 5,000 in value every month due to foreclosure sales and auctions in our area.  One of these days I will just learn to move on and stop trying to help people that think they know it all. 


May 25, 2009 02:14 AM
Roy Kelley
Retired - Gaithersburg, MD

If the buyers owed more than the original offer, it needed to be a short sale at that time.

Follow me on Twitter: http://twitter.com/roykelley

May 25, 2009 02:16 AM
Kathleen Cooper
Kathleen Cooper, Sposato Realty Group - Worcester, MA
Sposato Realty Group - Broker Owner

First offer usually the best offer...Ain't that the truth!!!  I need to get that through one of my seller's heads...they've passed up 2 very good offers so far.  James insists on sticking with this guy, I'm ready to drop him.  Only good thing is that the open houses we host at his house drive in a lot of traffic that we like to capture as leads. 

Happy Memorial Day!



May 25, 2009 02:18 AM
Dana Wilkinson
Connect Realty, The Woodlands, TX - The Woodlands, TX
Broker-Your TX agent for The Woodlands-Spring-Conr

We have all had experiences with sellers who think they know it all.  There is so much information and misinformation out there, everyone is an expert.  Too bad for those folks in the story!

May 25, 2009 02:24 AM
Karen Singbeil
RE/MAX at Mara Lake | Associate Broker | Personal Real Estate Corporation - Sicamous, BC
Sicamous & Mara Lake Luxury Homes & Condo Expert!

Happens all too often. I could give you pages of homes I have sold later and years down the road for far less than the first one or TWO offers later! Live and learn huh? Really wonder how they all feel now.

May 25, 2009 02:40 AM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX


They say you never forget your first. Mine was two weeks after I got my license back in 1973. The buyer was Ron Jones, exmarine and school teacher and single father, with custody, he wanted a home for his son we got it! 

Sorry your's didn't end so well.


May 25, 2009 02:41 AM
Jen Anderson
Exit By the Bay Realty - Chesapeake Beach, MD

Liz, I have followed properties where I have had a buyer make a 'low' offer and then when the property finally settles, it is at or below where my buyer offered. I recently took a listing at $90K below the sellers 1st offer--the home has been on the market 2 years.

May 25, 2009 02:43 AM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Liz,   This market is creating new rules and guidelines for sellers.  Have a terrific Memorial Day !

May 25, 2009 02:49 AM