Interesting approach

[sdcellar]

Haven’t seen this one before. Check out this listing.

and here’s the writeup:

Seller will entertain offers between $799,000 and high price which will drop $2000/day until high price buyer is found. Best value in all of 4s ranch (price/sf)! Seller to select all services. Include car form paa para 5 with date at least 45 days after offer date. Coe must be at least 60 days after offer date.

I’ve never seen this approach before. The high price is $925,000 and the listing actually simmered for 9 days before it went live, so I guess they’ve already dropped the high end of the range by $18,000? (meaning it can be yours for $907k!)

It will take a little over 60 days for the price to hit the low end of their range. It will be interesting to watch and see what happens with this (at least to me it will).

[FormerOwner]

Hoooaah! Check out the sales history on zillow.com:

Sale History
09/09/2005: $1,170,000

Talk about a loss!

[PerryChase]

List Price: $799,000 – $925,000. Looks like he’s employing a technique a friend of mine is using — has a low price range but will only accept in the middle to high price range.

My friend has been trying to sell his house for the last 3 months +. He rejected an offer and now he’s lowered his price down to the offer he rejected. Chasing the market down. I have to bite my tongue and not offer real estate advice (we’re not close friends).

[ibjames]

before I discovered this site, I put an offer on a place for 385k w/a crazy loan, 2 bed 1 bath with 2 half baths (wierd, I know) and a 2 car garage

They had it for 410, we bid at 370, they got down to 390 and wouldn’t budge, we bid 385 and declined, we walked away.

We later saw the property listed at 359.. and I thank my lucky stars for their greed..

[sdcellar]

Ahhh, this reminds me, I’ve neglected to update my own post. The listing went inactive two days ago (I assume it’s pending) and the last high listing price was $917,000. If they followed the “rules” of their listing, that means it should close for that price. Frankly, I’m a little surprised this really worked, but guess we’ll have to wait and see if it actually did.

ibjames– That’s what I’m talking about! In the current climate, I’d say that sellers who won’t accept your offer are likely doing you a favor.

[sdcellar]

Also, to be fair on this property (even though I haven’t seen it), $917k does seem like a reasonable price given what appear to be recent comps to this house. It would be the lowest to date (and significantly lower than some), so I can see how it would sell.

What actually surprises me is that they’d have to resort to this technique at all because based on comps, it seems like they didn’t really need to reduce their price (at least not yet). That said, if they sold it in five days, so who am I to question? Maybe we’ll see more like this.

[davelj]

So that’s a $250K-ish hit in 14 months (before transaction costs)? Egaad.

[ibjames]

hopefully that trend continues 😉

[Author]

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