Buying Agents Shunning Empowered Buyers?

[Mark Holmes]

Although I wouldn’t consider trying to buy a house for at least another couple years, it is frustrating to watch realtors and sellers holding desperately to their extremely unrealistic prices. There are houses in our neighborhood (Normal Heights) still priced at 2005 levels. An offer of 25% on these houses would only be 5% off true value, considering values here have already dropped 20%. Some says offers like this “insult the intelligence” of the seller and agent. Really? I would consider it much more of an affront to my intelligence to expect me to pay half-a-million dollars for an 800-square-foot bungalow four blocks from a rough neighgborhood. No problem, though. I’ll continue to rent until it’s the same price to buy. By late 2010 the San Diego median will be in the low to mid $200s. If I’m wrong, I’ll keep renting. Not the end of the world.

[sd-maybe]

Great replies and thank you Jim for clarifying that not every buyer’s agent is a specialist in a buyer’s market. Some people don’t mind bypassing the realtor and making offers themselves.I am not one of them, I find a realtor’s services valuable. Do I really have to prove I’m worthy as a potential client? Shouldn’t it be the other way around? But just like Mark Holmes pointed out I can’t imagine a seller and their agent having a conversation a couple years ago along the lines of “What you’re asking for this small house is pretty riduculous and would insult the buyer’s intelligence, you should lower your ask to something more realistic.” They both knew it was a seller’s market and didn’t have a nanosecond of a crisis of conscience maximizing their money. Should the reverse not hold true in a buyer’s market? I’ve read stories posted to this blog about buyer’s lowball offeres getting laughed at, only to have the property sell months later at BELOW that lowball offer after sitting on market with no takers. The value of a good buyer’s market agent to me would be to point out examples of that to the seller and their agent, the quality of the buyer’s credit/down payment…basically making a rational case for considering the lowball. But for some sellers it’s groundhog day where they wake up every morning in 2005.

[sd-maybe]

Great replies and thank you Jim for clarifying that not every buyer’s agent is a specialist in a buyer’s market. Some people don’t mind bypassing the realtor and making offers themselves.I am not one of them, I find a realtor’s services valuable. Do I really have to prove I’m worthy as a potential client? Shouldn’t it be the other way around? But just like Mark Holmes pointed out I can’t imagine a seller and their agent having a conversation a couple years ago along the lines of “What you’re asking for this small house is pretty riduculous and would insult the buyer’s intelligence, you should lower your ask to something more realistic.” They both knew it was a seller’s market and didn’t have a nanosecond of a crisis of conscience maximizing their money. Should the reverse not hold true in a buyer’s market? I’ve read stories posted to this blog about buyer’s lowball offeres getting laughed at, only to have the property sell months later at BELOW that lowball offer after sitting on market with no takers. The value of a good buyer’s market agent to me would be to point out examples of that to the seller and their agent, the quality of the buyer’s credit/down payment…basically making a rational case for considering the lowball. But for some sellers it’s groundhog day where they wake up every morning in 2005.

[sd-maybe]

Great replies and thank you Jim for clarifying that not every buyer’s agent is a specialist in a buyer’s market. Some people don’t mind bypassing the realtor and making offers themselves.I am not one of them, I find a realtor’s services valuable. Do I really have to prove I’m worthy as a potential client? Shouldn’t it be the other way around? But just like Mark Holmes pointed out I can’t imagine a seller and their agent having a conversation a couple years ago along the lines of “What you’re asking for this small house is pretty riduculous and would insult the buyer’s intelligence, you should lower your ask to something more realistic.” They both knew it was a seller’s market and didn’t have a nanosecond of a crisis of conscience maximizing their money. Should the reverse not hold true in a buyer’s market? I’ve read stories posted to this blog about buyer’s lowball offeres getting laughed at, only to have the property sell months later at BELOW that lowball offer after sitting on market with no takers. The value of a good buyer’s market agent to me would be to point out examples of that to the seller and their agent, the quality of the buyer’s credit/down payment…basically making a rational case for considering the lowball. But for some sellers it’s groundhog day where they wake up every morning in 2005.

[sd-maybe]

Great replies and thank you Jim for clarifying that not every buyer’s agent is a specialist in a buyer’s market. Some people don’t mind bypassing the realtor and making offers themselves.I am not one of them, I find a realtor’s services valuable. Do I really have to prove I’m worthy as a potential client? Shouldn’t it be the other way around? But just like Mark Holmes pointed out I can’t imagine a seller and their agent having a conversation a couple years ago along the lines of “What you’re asking for this small house is pretty riduculous and would insult the buyer’s intelligence, you should lower your ask to something more realistic.” They both knew it was a seller’s market and didn’t have a nanosecond of a crisis of conscience maximizing their money. Should the reverse not hold true in a buyer’s market? I’ve read stories posted to this blog about buyer’s lowball offeres getting laughed at, only to have the property sell months later at BELOW that lowball offer after sitting on market with no takers. The value of a good buyer’s market agent to me would be to point out examples of that to the seller and their agent, the quality of the buyer’s credit/down payment…basically making a rational case for considering the lowball. But for some sellers it’s groundhog day where they wake up every morning in 2005.

[sd-maybe]

Great replies and thank you Jim for clarifying that not every buyer’s agent is a specialist in a buyer’s market. Some people don’t mind bypassing the realtor and making offers themselves.I am not one of them, I find a realtor’s services valuable. Do I really have to prove I’m worthy as a potential client? Shouldn’t it be the other way around? But just like Mark Holmes pointed out I can’t imagine a seller and their agent having a conversation a couple years ago along the lines of “What you’re asking for this small house is pretty riduculous and would insult the buyer’s intelligence, you should lower your ask to something more realistic.” They both knew it was a seller’s market and didn’t have a nanosecond of a crisis of conscience maximizing their money. Should the reverse not hold true in a buyer’s market? I’ve read stories posted to this blog about buyer’s lowball offeres getting laughed at, only to have the property sell months later at BELOW that lowball offer after sitting on market with no takers. The value of a good buyer’s market agent to me would be to point out examples of that to the seller and their agent, the quality of the buyer’s credit/down payment…basically making a rational case for considering the lowball. But for some sellers it’s groundhog day where they wake up every morning in 2005.

[aldante]

Duck whatever
Now you are insulting my intelligence. An offer is an offer. A house is worth what someone is willing to pay for it. What you are speaking about is pride not business. A seller only needs to say no. Many many times in down markets the sellers come back to lowball offers.

aldante,
stick a fork in me

[aldante]

Duck whatever
Now you are insulting my intelligence. An offer is an offer. A house is worth what someone is willing to pay for it. What you are speaking about is pride not business. A seller only needs to say no. Many many times in down markets the sellers come back to lowball offers.

aldante,
stick a fork in me

[aldante]

Duck whatever
Now you are insulting my intelligence. An offer is an offer. A house is worth what someone is willing to pay for it. What you are speaking about is pride not business. A seller only needs to say no. Many many times in down markets the sellers come back to lowball offers.

aldante,
stick a fork in me

[aldante]

Duck whatever
Now you are insulting my intelligence. An offer is an offer. A house is worth what someone is willing to pay for it. What you are speaking about is pride not business. A seller only needs to say no. Many many times in down markets the sellers come back to lowball offers.

aldante,
stick a fork in me

[aldante]

Duck whatever
Now you are insulting my intelligence. An offer is an offer. A house is worth what someone is willing to pay for it. What you are speaking about is pride not business. A seller only needs to say no. Many many times in down markets the sellers come back to lowball offers.

aldante,
stick a fork in me

[Anonymous]

Submitted by Rustico on March 19, 2008 – 11:33am.

Jim,

You seem to be implying that you are in fact closing escrows at 25% under last asking price? Can you give us a few examples? How many offers have you written at that rate of discount below asking? Adam hasn’t been talking about that and he is pretty open about what he is doing. Do you do this for all your clients or do you try to adjust it to reality?

What was this for, Rustico?

I don’t see that Jim was implying anything. Why the attack? I am getting so sick of the unwarranted attacks on posters on this site.

[Anonymous]

Submitted by Rustico on March 19, 2008 – 11:33am.

Jim,

You seem to be implying that you are in fact closing escrows at 25% under last asking price? Can you give us a few examples? How many offers have you written at that rate of discount below asking? Adam hasn’t been talking about that and he is pretty open about what he is doing. Do you do this for all your clients or do you try to adjust it to reality?

What was this for, Rustico?

I don’t see that Jim was implying anything. Why the attack? I am getting so sick of the unwarranted attacks on posters on this site.

[Anonymous]

Submitted by Rustico on March 19, 2008 – 11:33am.

Jim,

You seem to be implying that you are in fact closing escrows at 25% under last asking price? Can you give us a few examples? How many offers have you written at that rate of discount below asking? Adam hasn’t been talking about that and he is pretty open about what he is doing. Do you do this for all your clients or do you try to adjust it to reality?

What was this for, Rustico?

I don’t see that Jim was implying anything. Why the attack? I am getting so sick of the unwarranted attacks on posters on this site.

[Anonymous]

Submitted by Rustico on March 19, 2008 – 11:33am.

Jim,

You seem to be implying that you are in fact closing escrows at 25% under last asking price? Can you give us a few examples? How many offers have you written at that rate of discount below asking? Adam hasn’t been talking about that and he is pretty open about what he is doing. Do you do this for all your clients or do you try to adjust it to reality?

What was this for, Rustico?

I don’t see that Jim was implying anything. Why the attack? I am getting so sick of the unwarranted attacks on posters on this site.

[Author]

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