- A friend of mine owns a condo-hotel at Xxxxxxx. I saw her the other day and she told me unit 555 is available and the price has been reduced. We plan on going to the beach this Sunday.
I received this email on Monday. I wouldn’t say that I get them all the time, but it is not unusual. I checked the listing, and yes, the price was dropped from $45K to $35K making it $15K less expensive than the next unit there, and I called the Listing agent expecting only one answer.
You know which one?
That the Seller has just accepted the full price offer.
So, what do you do when the frustrated owner drops the price by $10K making it 70% of the price of the next unit?
What do your hunter’s instincts tell you?
Yeah, grab it right away. Put the contingency on viewing, or make sure you are within your inspection period, so that you can still back off if you do not like it.
Do I say it?
I don’t.
Because when I respond to the email saying “lock it right away or you may miss it”, people think that I am a desperate agent trying to make them buy something without even seeing the unit. After all, it was on the market for several months, so why now?
Did you forget about the $10K drop?
And they do not believe me that there are people with good hunting instincts out there, which would see it the way I see it. And often times real estate agents and brokers are among these hunters.
And the other reason I do not say it is because what I expect is not guaranteed. The unit may still sit on the market even after the most significant drop in price.
Funny, but even when people understand this, I get the question “So, how much should I offer?” And the connotation is that nobody offers the asking price, so it is usually about the appropriate discount.
So, I only can say that if I were the Buyer, I would lock the condo-hotel unit.
Oh, yes, the discount. How much would I offer?
- $500 on top of the full asking price!
Why?
Because I do not like losing…
Follow this link to see condo-hotels listed for sale in Daytona Beach area
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