The Low Ball Offer 08/20/08

This week I had two low ball offers.

One guy was really mad that they didn't even counter. After all the home had a few things wrong with it. He was $65000 too low.

I told him that he needed to be a little more realistic. If the owner paid $135,000 for the home three years ago, why do you think he will sell it to you for $80,000?

He started to blame the realtors and appraisers for the recession that we are in.

As a realtor, I can only sell a home for what someone is willing to pay for it. No seller in their right mind is going to lower the price of their home over $65,000 just to get a deal done on a home that anyone can afford. A seller might do this on a luxury home since the buyers are thin.

Anyway, I like getting a good deal also. In the 8 years I have practiced real estate, I have never stumbled on a deal that is $65000 below list. If you see any, let me know. I would be willing to buy 10 per month.

A realistic offer is that there is about 3 to 5% play in the list price. Sometimes you can have your closing costs rolled into the loan. Obviously the closer you offer to list price, the more likely your offer is going to be accepted.

I once got a home from a bank $20,000 below list price, but the home had probably 100 plus bags of garbage, the carpet was trashed, and the the place in general was disgusting with all of the animal droppings that were left behind.

I would love to represent you in writing an offer, but I also don't want to waste your or mine time.

Let me know if you see some property you want to look at, and read my write an offer section on http://www.seidahohomes.com/

Thanks Burke Bennett
208 589 5599
burkebennett@hotmail.com