We have had some beautiful weather the last week and the buyers are out. One of my listings received two offers yesterday, one for $20,000 under asking price and one for $50,000 under asking price. Does this bother me, not in the slightest! At least they liked it enough to make an offer. Many sellers get upset at low price offers but at least these people thought enough about the home to make an offer. That is better than all the people that looked at the home and did not make an offer. This also allows us to present a counter offer and to possibly address some issues about the home that the buyers are not happy with.
Of course we would rather have a full price offer, but sometimes other options can be worked out. One of my sellers accepted a lower offer than they had planned on, but the sold the home "as is" no repairs, no inspections. This was much easier for the seller ( a single woman) and to her, it was worth accepting a little less money.
I have had a couple of foreclosure listings this year, and oddly enough the offers on these homes have not been as low as on my owner occupied properties. I guess this could be because the bank has no emotional attachment to the home and is more likely not to over price a property.
Low offers can also be used to stimulate more offers on a property. When I get notice that an offer is coming in on one of my listings, I send out an email to all of the agents who have previously shown the home. They can then contact their buyers, and since human psychology alway seems to make us want what we can not have, it tends to stimulate more offers.
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