Not $65,000 below market value.
Do you think he was kidding? When I first started this blog I wondered how I could come up with something new to write every day but opportunity usually presents it's self. Today I got an email asking if my seller would sell for $65,000 less than the asking price.
When a REALTOR prices a home, she does it by analyzing comparative sold properties. Now in Texas, sold information is not public information so the consumer is not privy to it but if a property is listed in the MLS system, the seller must agree to allow the sold information be posted for REALTORS to use in determining market value. The REALTOR doesn't set the value, the market does. So most homes are priced within a reasonable market range.
Everything is negotiable but if you were the seller you'd want to get the most for your property, right? Well, so does everyone else. Exceptions would be if the seller were in financial difficulty but even then they are limited. A seller usually can't sell their home for less than they owe on the mortgage unless they are in arrears on payments and the bank has agreed to do it or they determine that it will cost less in the long run than a double mortgage and they have the financial ability to eat the difference (this is not most people.)
If you're interested in low-balling a seller, consult your REALTOR as to the best way to present an offer that will be within realism and aide negotiations rather than waste of everyone's time.
Robin Scott Broker. Certified Residential Specialist. If you have any further questions you may contact me at 512-589-7988 or robinscottrealtor@gmail.com
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