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SD Realtor.
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August 10, 2011 at 10:19 AM #717256August 10, 2011 at 11:06 AM #717866
earlyretirement
Participant[quote=SD Realtor]What you think is inconsequential. What is important is what do the sellers think? Submitting a lowball offer is virtually effortless so ask you agent to do so. If you find that your offer is in line with comps, then you can have your agent send the comps to try to bolster your argument. Time on market is important as well as submitting a lowball offer to a home recently listed is much less likely to get a response then submitting a lowball offer to a home with a few months on the market.
So shoot off the lowballs and be patient. Be prepared for many declines or no responses. If you are patient (and realistic) though the market will come to you.[/quote]
I totally agree with this. You don’t lose anything by submitting a lowball offer. Even if it’s much lower than existing comps. I totally agree that time on the market is really important.
When we were submitting offers, we went in with lower offer. The sellers came back and countered at the asking price which puzzled us as it was sitting on the market a LONG time. We came up slightly (not too much) and just told them that was our final offer. I did change it to an all cash offer which is what got them to agree to it.
You don’t lose anything by going in lower. Especially in this kind of economic environment.
August 10, 2011 at 11:06 AM #718018Participant[quote=SD Realtor]What you think is inconsequential. What is important is what do the sellers think? Submitting a lowball offer is virtually effortless so ask you agent to do so. If you find that your offer is in line with comps, then you can have your agent send the comps to try to bolster your argument. Time on market is important as well as submitting a lowball offer to a home recently listed is much less likely to get a response then submitting a lowball offer to a home with a few months on the market.
So shoot off the lowballs and be patient. Be prepared for many declines or no responses. If you are patient (and realistic) though the market will come to you.[/quote]
I totally agree with this. You don’t lose anything by submitting a lowball offer. Even if it’s much lower than existing comps. I totally agree that time on the market is really important.
When we were submitting offers, we went in with lower offer. The sellers came back and countered at the asking price which puzzled us as it was sitting on the market a LONG time. We came up slightly (not too much) and just told them that was our final offer. I did change it to an all cash offer which is what got them to agree to it.
You don’t lose anything by going in lower. Especially in this kind of economic environment.
August 10, 2011 at 11:06 AM #717271Participant[quote=SD Realtor]What you think is inconsequential. What is important is what do the sellers think? Submitting a lowball offer is virtually effortless so ask you agent to do so. If you find that your offer is in line with comps, then you can have your agent send the comps to try to bolster your argument. Time on market is important as well as submitting a lowball offer to a home recently listed is much less likely to get a response then submitting a lowball offer to a home with a few months on the market.
So shoot off the lowballs and be patient. Be prepared for many declines or no responses. If you are patient (and realistic) though the market will come to you.[/quote]
I totally agree with this. You don’t lose anything by submitting a lowball offer. Even if it’s much lower than existing comps. I totally agree that time on the market is really important.
When we were submitting offers, we went in with lower offer. The sellers came back and countered at the asking price which puzzled us as it was sitting on the market a LONG time. We came up slightly (not too much) and just told them that was our final offer. I did change it to an all cash offer which is what got them to agree to it.
You don’t lose anything by going in lower. Especially in this kind of economic environment.
August 10, 2011 at 11:06 AM #717182Participant[quote=SD Realtor]What you think is inconsequential. What is important is what do the sellers think? Submitting a lowball offer is virtually effortless so ask you agent to do so. If you find that your offer is in line with comps, then you can have your agent send the comps to try to bolster your argument. Time on market is important as well as submitting a lowball offer to a home recently listed is much less likely to get a response then submitting a lowball offer to a home with a few months on the market.
So shoot off the lowballs and be patient. Be prepared for many declines or no responses. If you are patient (and realistic) though the market will come to you.[/quote]
I totally agree with this. You don’t lose anything by submitting a lowball offer. Even if it’s much lower than existing comps. I totally agree that time on the market is really important.
When we were submitting offers, we went in with lower offer. The sellers came back and countered at the asking price which puzzled us as it was sitting on the market a LONG time. We came up slightly (not too much) and just told them that was our final offer. I did change it to an all cash offer which is what got them to agree to it.
You don’t lose anything by going in lower. Especially in this kind of economic environment.
August 10, 2011 at 11:06 AM #718378Participant[quote=SD Realtor]What you think is inconsequential. What is important is what do the sellers think? Submitting a lowball offer is virtually effortless so ask you agent to do so. If you find that your offer is in line with comps, then you can have your agent send the comps to try to bolster your argument. Time on market is important as well as submitting a lowball offer to a home recently listed is much less likely to get a response then submitting a lowball offer to a home with a few months on the market.
So shoot off the lowballs and be patient. Be prepared for many declines or no responses. If you are patient (and realistic) though the market will come to you.[/quote]
I totally agree with this. You don’t lose anything by submitting a lowball offer. Even if it’s much lower than existing comps. I totally agree that time on the market is really important.
When we were submitting offers, we went in with lower offer. The sellers came back and countered at the asking price which puzzled us as it was sitting on the market a LONG time. We came up slightly (not too much) and just told them that was our final offer. I did change it to an all cash offer which is what got them to agree to it.
You don’t lose anything by going in lower. Especially in this kind of economic environment.
August 10, 2011 at 12:29 PM #718088kev374
Participantagreed, there is no harm in submitting an offer.
The prices right now are so varied, some people are still stuck with their bubble level prices.. even when there are identical homes selling for drastically less. Amusing.
August 10, 2011 at 12:29 PM #717936Participantagreed, there is no harm in submitting an offer.
The prices right now are so varied, some people are still stuck with their bubble level prices.. even when there are identical homes selling for drastically less. Amusing.
August 10, 2011 at 12:29 PM #717249Participantagreed, there is no harm in submitting an offer.
The prices right now are so varied, some people are still stuck with their bubble level prices.. even when there are identical homes selling for drastically less. Amusing.
August 10, 2011 at 12:29 PM #718446Participantagreed, there is no harm in submitting an offer.
The prices right now are so varied, some people are still stuck with their bubble level prices.. even when there are identical homes selling for drastically less. Amusing.
August 10, 2011 at 12:29 PM #717341Participantagreed, there is no harm in submitting an offer.
The prices right now are so varied, some people are still stuck with their bubble level prices.. even when there are identical homes selling for drastically less. Amusing.
August 10, 2011 at 12:45 PM #718451SD Realtor
ParticipantOne last thing, I did not say there was no harm, I did say it was effortless…
Remember that real estate is an emotion based game. It is about as orthogonal to engineering as you can get and as my background was engineering prior to RE I was always amazed at how illogical people can get in transactions.
There are some sellers who will act AGAINST better financial judgement when they feel they have been slighted or insulted. Don’t ask me why but there are. So one of the tactics you should be aware of is to revisit rejected attempts you have made. You submit an offer, they snub you, you go back 2 months later.
However you may find that some seller may just flat out reject dealing with you due to your first lowball offer regardless of where they are at financially. Does this make sense? No it doesn’t. Have I seen it happen? Yes I have, not alot but there are some curious cases out there. I am not saying alter your strategy because if you play the odds, these are outliers BUT they are not impossibilities.
August 10, 2011 at 12:45 PM #717941ParticipantOne last thing, I did not say there was no harm, I did say it was effortless…
Remember that real estate is an emotion based game. It is about as orthogonal to engineering as you can get and as my background was engineering prior to RE I was always amazed at how illogical people can get in transactions.
There are some sellers who will act AGAINST better financial judgement when they feel they have been slighted or insulted. Don’t ask me why but there are. So one of the tactics you should be aware of is to revisit rejected attempts you have made. You submit an offer, they snub you, you go back 2 months later.
However you may find that some seller may just flat out reject dealing with you due to your first lowball offer regardless of where they are at financially. Does this make sense? No it doesn’t. Have I seen it happen? Yes I have, not alot but there are some curious cases out there. I am not saying alter your strategy because if you play the odds, these are outliers BUT they are not impossibilities.
August 10, 2011 at 12:45 PM #717254ParticipantOne last thing, I did not say there was no harm, I did say it was effortless…
Remember that real estate is an emotion based game. It is about as orthogonal to engineering as you can get and as my background was engineering prior to RE I was always amazed at how illogical people can get in transactions.
There are some sellers who will act AGAINST better financial judgement when they feel they have been slighted or insulted. Don’t ask me why but there are. So one of the tactics you should be aware of is to revisit rejected attempts you have made. You submit an offer, they snub you, you go back 2 months later.
However you may find that some seller may just flat out reject dealing with you due to your first lowball offer regardless of where they are at financially. Does this make sense? No it doesn’t. Have I seen it happen? Yes I have, not alot but there are some curious cases out there. I am not saying alter your strategy because if you play the odds, these are outliers BUT they are not impossibilities.
August 10, 2011 at 12:45 PM #718093ParticipantOne last thing, I did not say there was no harm, I did say it was effortless…
Remember that real estate is an emotion based game. It is about as orthogonal to engineering as you can get and as my background was engineering prior to RE I was always amazed at how illogical people can get in transactions.
There are some sellers who will act AGAINST better financial judgement when they feel they have been slighted or insulted. Don’t ask me why but there are. So one of the tactics you should be aware of is to revisit rejected attempts you have made. You submit an offer, they snub you, you go back 2 months later.
However you may find that some seller may just flat out reject dealing with you due to your first lowball offer regardless of where they are at financially. Does this make sense? No it doesn’t. Have I seen it happen? Yes I have, not alot but there are some curious cases out there. I am not saying alter your strategy because if you play the odds, these are outliers BUT they are not impossibilities.
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