Low Ball Offers

By
Real Estate Agent with Century 21 Wildwood Properties

I am always amazed at how low people will go on what they want to offer on a bank owned home. Just because it is bank owned shouldn't mean Oh we can make any old offer we want. If that home were a Private sale offer wow would that seller be offended possibly even just reject it. Banks need to stand strong and not just give these homes away.  Maybe I am way off in my thinking it just hasn't been helping the declining market begin to rebound and start the climb back up! 

Comments (3)

Stacey Smith
Keller Williams Realty - Aliso Viejo, CA
Your Orange County Beach Cities Realtor

AMEN SISTER! I have a few listings and one of my sellers will not reduce the price of his house due to the fact that he thinks well people are going to lowball my house anyways so if I have it overpriced maybe they lowball it at a price that I actually want and they think they are getting a good deal and I am actually getting for my house what I want and its a win win... Its these lowball offers that make it hard to sale our listings...

But once I am working with buyers, I run the comps and tell them where they need to come in and if they still want to put in a lowball offer I just tell them you are wasting my time, this seller already has 3 offers on this house that are full price (they usually do, I usually call the seller before I even show them the property) and writing up an offer that won't even be considered is wasting all of our time.

Nov 20, 2010 06:30 AM
Ken Barker RealtorĀ® GRI, E-Pro Certified
Dilbeck Real Estate - Burbank, CA

Suzie - I arm myself with comps and stats that support REO pricing in our area running out at 94-108% of list price.

A few months back there were successful low ball offers because the banks wanted to move the file off their desks. Now the "WAVE' that was expected has not hit, and there is millions of dollars, so the files tend to be a bit slower going off of the desks of the asset managers. Waiting for the right offer. Any excuse they can use they use to stall.

We just hope that the clients listen to our expertise and market stats.

Nov 20, 2010 09:21 AM
Heidi Hovatter - Sonora & Twain Harte
Century 21 Wildwood - Selling Homes and Cabins in Tuolumne County - Sonora, CA
Heidi The Home Hunter

banks are holding strong at least in the first 30 day is what I have noticed.  In many cases I have gotten multiple offers and homes sell at or above asking price.

Nov 21, 2010 03:01 PM