You Wanted To Lowball The Sellers. Don't Be Upset That You Didn't Get The House.
Eric has written a great post on low-ball offers and why they aren't going through today. Eric is in Michigan but no matter Michigan or Boca Raton Florida. Inventory is down in south Florida. Sellers are digging their heels in more and more and playing hard ball - and getting their price (of course, depending on which neighborhood.)
This is so true. Buyers take heed! If you want that property, come in with a realistic offer.
You Wanted To Low-ball The Sellers. Don't Be Upset That You Didn't Get The House.
You've spent countless hours over many nights searching for properties on the Internet.
Finally, you have your list together. 147 houses. And you want to look at them all. In 2 days. Tomorrow and the next day.
What?
In today's market, 106 of them will be pending, meaning they have other accepted offers. Another 28 will be "short sales," and you already told me you don't want to wait that long.
Leaves us with 13 homes. My lucky number.
I schedule them, but in the morning my voice mail says that 4 of them went under contract over night. Down to 9.
Of the 9, 3 of them you don't even want to get out of the car for.
Down to 6.
We look at the 6 best homes on the market for you.
You like 1. Ready to put an offer in?
We go back to my office and while I'm running comps, you're talking about taking wallpaper down in the foyer and how many dogs will be awesome in the backyard.
I sit down with you, show you the comparables. They all point at you making an offer in the X price range.
Do you do that? Nope. You want to offer Y, which is about 20% BELOW market value. (notice how I used the letter "Y"?)
In goes the low-ball offer, almost immediately comes back an email saying that there are "multiple offers" and a form that asks if we want to keep our offer the same or change anything.
I remind you of the comps. You say "It's a buyers market! Besides, my Cousin's carpet guy got a house for blah, blah, blah."
Offer stays the same. You don't come close to getting it.
Don't blame the sellers. Don't blame the comps. And certainly don't blame me. Maybe next time you'll listen to a professional.
You Wanted To Low-ball The Sellers. Don't Be Upset That You Didn't Get The House.
Eric Michael, Real Estate Professional
Remerica Integrity, Realtors
41000 W. 7 Mile #105
Northville, MI 48167
Cell: 734.564.1519
Fax: 248.912.9996
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