How Low Are They Willing to Go?

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Real Estate Agent with Keller Williams Realty

How Low Are They Willing to Go?

Making Offers That was a question asked on Trulia today.  Unless I'm the 1st, 2nd, or 3rd person to answer a question on Trulia,  then I usually don't bother because after that, all of the answers are just a variation of the first three and frankly, at that point, it just too much resembles an agent cattle call.

But back to the question.  
That is a question that buyers will often ask and unless the buyer is asking the listing agent, no one else besides the seller could answer that question.  Additionally, if the buyer asks the listing agent and the listing agent revealed the bottom line, then a serious violation of the agent's responsibility to the seller has occurred.

Perhaps the person asking the question feels that if they catch the listing agent or seller off guard, then they might slip and spill the beans.  I guess it could happen and on the other hand, I guess some people have loose lips and wil just divulge the info for the asking.

But here's a suggestion for a better approach:

  1. Enlist the aid of a buyer's agent to work with you
  2. When you find the house that you want to make an offer on, have your agent look up the comparables sales in the area to see what similar homes have sold for
  3. Armed with this information, you'll be equipped to make an offer that has a reasonable chance of being accepted.
As a buyer, I think you'll find this approach will work far better than the "How Low Are They Willing to Go?" approach.
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Rainer
413,560
Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

You are right, Charita, it could be a violation of your agency agreement wtih the seller.  All buyers will ask a variation of that question... trying to get to the answer of "bottom line" from the seller.  Doing the proper homework to understand what the buying market is paying, is an important step in the process!!  A CMA for the buyer is as valuable as for the seller!

 

Mar 04, 2013 01:38 AM #1
Rainmaker
570,170
Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA

Charita...They say there's no such things as a stupd question but sometimes I see just the stuipidest questions asked on Trulia!  Honestly, if you're really interested in looking for a home, find a good buyer's agent to work with.  If you don't want to work with one (maybe that's why the the question was asked), then just pick up the phone & ask the listing agent.  I doubt they'd answer this one but just putting the question out there on Trulia is not the best way to go about it.

Mar 04, 2013 02:30 AM #2
Rainmaker
1,520,345
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Charita, great advice for buyers. As a listing agent, I've received calls from buyers asking what the sellers will take for the house even if they're working with a Realtor. Buyers must find a local Realtor and get a CMA to make an intelligent offer!

Mar 04, 2013 03:48 AM #3
Rainmaker
1,560,756
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Unfortunately, most buyers who ask this inane question don't have a clue how an offer if made, negotiated and terms and conditions are agreed to by the parties to the transaction.  You're right, the listing agent better be MUM on that.  Where do people come up with the belief that buying a home is  similair to HAGGLING over a bobble at some Souk in Jerusalem?  OY VEY. 

Mar 04, 2013 04:18 AM #4
Ambassador
768,033
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Dan it just begs the question:  Are there any shortcuts in the process?  I answer I believe is YES, follow the best model and each party (buyer and seller) should retain an agent to work in their interest.  That's the equivalent of the shortest distances between to points.

Christine what you suggest would make things so much easier. 

Beth I have received a few calls recently from buyers that were working with an agent and it just adds far more layers to the process than need be.

Right Carla.  It's no comparison to haggling and I'm really don't understand the mindset.  I wish I did.  No I take that back, I'm not sure if I want my head to go there.

Mar 04, 2013 04:30 AM #5
Ambassador
1,241,779
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

LOL! Sometimes it is so very tempting to say "Since you put it that way, probably not as LOW are you are wanting to go. Speaking of limits, how high are YOU willing to go?" 

Mar 04, 2013 06:40 AM #6
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768,033
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Joni wouldn't that be a twist and something tells me that the buyer would be a little upset.

Mar 04, 2013 07:41 AM #7
Rainmaker
1,329,637
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Charita, great info...I just got off the phone with a Birmingham caller with a similar question and a few others.  They seemed intent on talking to the listing agent even when I explained the listing agent job was to get the most money for the house...I'm continually amazed that people will still go to the sellers rep!

Mar 04, 2013 08:07 AM #8
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Charita Cadenhead

Serving Jefferson and Shelby Counties (Alabama)
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