A new record for this Broker licensed for almost 7 years
In terms commonly heard in the 2008 Beijing Olympic Games.... One of my clients today "SHATTERED THE PREVIOUS RECORD" among all my past clients for a low-ball offer. The client believes he knows more about real estate than I. He thinks the price of a listing will always go down more. If it was listed at 1,000,000 and then 950,000 and then market value 900,000 and then FAR BELOW MARKET at 849,000. He still believes that based on the pattern of price changes... it's bound to get down to $650,000! His wisdom... send in an offer at $250,000 below asking price! Yes, you read it right... $250,000 BELOW.
After completing all the necessary paperwork and collecting supporting documentation (bank statements, credit scores, etc.)... I submit the offer. 6 hours later (as I suspected) I get word from the listing agent that there is SEVERAL OFFERS that have come in that morning due to the price change to below market value.
One last thing... the least expensive closing from the same gated neighborhood.... $750,000. NEVER has a home there sold for less.
Cameron Novak
Corona Real Estate Broker
The Homefinding CenterTM
Corona, California
951-212-7479
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