Listing Agents - How would you answer this?

Hey Marvin, I would say something to the effect of "I know my seller will take (whatever the list price is) however, I would be happy to present any offer your buyer is willing to make." I think this tells the buyer agent that the seller will entertain offers and keeps you from breaching your fiduciary duty to your seller by quoting only the asking price! It works for me. 

I agree - show me the money!

It is difficult to sell regular homes in a short sale environment.  Everyone is thinking negotiate upfront. 

To Mr. Buyer, the price is a moving target.  Maybe not as broad a target as before, but moving just the same.  How much do you want this property?  What is it worth to you? 

Then I would say to Mr. Buyer, how would you feel if I were listing your home and told everyone your lowest price that you would take.  I wouldn't be worth my commission.  Let's buy this home together.  I think we can, as a team, come to an agreement.

Very good article. Makes you think.  We all need to be prepared for questions like this one.  And we should all have a good, professional answer.

Thanks

Larry

Hi Marvin, I kindly ask the selling agent to put their clients offer in writing and I will be glad to present the offer to the seller.

My answer would be the same as it would be on any normal non-short sale, non-REO sale before the recession hit.  I would tell them this property is a normal sale, not a short sale or REO.  I would tell them that we just listed it for sale this week (or whatever) and we have been getting a lot of response because of the reduced price, so come show the property and make an offer.  If they ask what the bottom line is, I would tell them that the list price is $X and you know your seller will take that price, but you will be happy to submit whatever offer they send you.  

Marvin - I wouldn't even say "...advise them to do the best they can. We'll work with you."  I'd say "submit us an offer and we will take a look at it."  That's it.  I have heard many people give away too much.  I don't even talk about pricing within my office, because those agents could wind up being on the buyer's side at some point.

I encourage them to write an offer, and do the best they can. I try and look at it as a beginning of negotiation.

It's your job to get the best possible price; that puts you in a tough spot in this market.

You need a starting point with a serious qualified buyer.  Having in written offer is a good start.  I never discourage anyone from writing offers and I never give up information that will hurt my seller in the negotiation. 

You represent the seller, so the response is "Make an offer and I'll present it". Doing anything else (unless the seller tells you to do so) is a breach of your contractual obligation to the seller. Does the listing state that the price is negotiable? If it does, that doesn't give you leave to divulge information; your loyalty is to your client. It does, however, give you room to tell potential buyers to make their best offer and you'll see what happens.

Marvin- I really like your blog and some agents are really irritating. I read in some comments above, write an offer because all offers are suppose to looked at!

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Hi Marvin I ran into this just the other day..

Buying agent said "what's the least your seller would except"

I said " have your Buyers looked at the home"

Buying agent said "no"

I said "take your people there and then we will talk"

buying agent said "they want to know the bottom line"

I said "with out them looking at it he will take the list price unless you go look at it and write an offer he is not interested in verbal negotiations"

I have sold and purchased many homes with my client and that is how he likes to deal...after the written offer he will do verbal back and forth before final deal but not until then....peace zane