I've noticed something lately. Have you noticed some of the extremely unfounded lowball offers lately? Now, I'm not talking to you if your seller hasn't competitively priced their home in relation to current inventory and past sales, I'm talking to the agent whose seller is fully informed and has done just that... inform their sellers and thus help them determine a competitive price that will bring in the offers. It's as if the buyers agents have gotten their clients so geeked up on "getting a deal" and "getting a deal" means getting tons of money off of the last list price - and without looking at the market around them? If we were the sensitive type we might even get our feeling hurt thinking that the buyers agent must think we're dummies and we didn't do our homework for our sellers - as in didn't inform and all that time we spent at the listing table determining price was all for naught. Why?
I think it's because sometimes agents get too emotionally involved. Hey we're all guilty. I don't think you can help but become emotionally involved when working with buyers and sellers, not if you're doing your job right - after all this is a people business is it not? But, some agents I think get overly emotional - to the extent of this particular situation. "Hey, I'm going to help you get the most off - you're going to get a great deal! This is a BUYERS market!" Apparently those phrases are like crack to a crack addict because buyers are taking that to the offer table and quite honestly it's embarassing. I would almost expect a written apology from both the agent and the buyer to accompany the offer as part of an addendum.
The riduclous low ball on an already competitively priced home. I'm glad my sellers have had the fortitude to stick it out for the right offers and say nay to most of these ridiculous ones. I guess what I'm doing here is preaching - and I vowed not to do that when I got on here - as I've always got an opinion. But in this case it's just a little nudge of advice to anyone to whom this may fit - "please stop getting your buyers geeked up on money off and get back to basics and inform your buyer so they have an over all view of the market."
Or simply ad the following addendum to all of your future offers.
ADDENDUM #1 Buyer apologizes for insulting the seller with this ridiculous offer but buyer is so completely out of his mind on "emotional crack" from his or her buying agent, that the buyer requests an acknowledgement of this apology in the form of a formal rejection. Buyer also requests a new agent and will forever be bummed out that their pride was tied into such a ridiculous offer in such a way they can no longer bare the thought that they painted themselves into a corner which does not allow them to buy the very house they would like to buy and so remain bewildered.