This morning I received a call from my office informing me that I got offer on my listing. I thought to myself, "Really?, I didn't get a call from the REALTOR, letting me know to expect one, I didn't even know that the home was shown". So I scurried on down to office, eager to see what I anticipated to be a low-ball offer, and guess what?, the offer was far beyond what I could have ever imagined. This was the mother of all low-ball offers, $85,000 under the asking price. Now, if we were talking about a home listed over half a million dollars, that might make sense to me, but this home is listed is the mid 200s.
Of course this offer is coming from an investor, and it did cme attached with a short sale addendum, so they were obviously under the impression that my clients are trying to avoid foreclosure, which is definitely not the case.I had no idea that investors were making such low offers, I expect the usual $30,000-$50,000 under asking price, but I'm think that $85,000 might be a little extreme. Or am I wrong? I do a CMA on all my listings and I also update my CMAs every month or two, but I know it's buyer's market, so realistically, I expect to see offers that may be lower than we anticipate.
I plan to present the offer to my clients, and I will definitely encourage them to make a counteroffer, one that is fair to both parties, because that's what we as good agents do. No offer is a bad offer, right? I don't expect that we will come anywhere close to meeting in the middle but at least we will try.
So, am I wrong? I need your feedback.
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