Lowball Offers on the Rise

[farbet]

WHAT image does the term “lowballer” conjure up for you? A smirking bottom feeder in a bad suit? A fast-talking investor working the phone?

How about a couple of young newlyweds who have saved their wedding cash to put toward their first home?

James and Valentina Sbarra fit the last description, and they are relieved to be able to call themselves successful lowballers. Any nervousness they felt in making a stingy offer — lowballing is typically defined as offering less than 90 percent of a house’s asking price — fell away the minute they struck a deal on their two-bedroom raised ranch in Pawling, N.Y., in Dutchess County. …….

“We kind of took a gamble,” said Mr. Sbarra, a bank manager in Mount Kisco, N.Y. “But it worked out for us.”
It’s like the Wild West out there right now,” said Terry Sciubba, the owner and broker at the Sherlock Homes Realty Corporation in Glen Cove, N.Y., on Long Island. “I do have customers where if a house is listed at $600,000, they’ll put in an offer for $350,000. That really, really happens.”

http://www.nytimes.com/2008/03/16/realestate/16cov.html?_r=1&oref=slogin

[kathleenpl]

Low ball offer accepted in Point Loma 33% off.

http://www.sdlookup.com/MLS-076062646-873_Loma_Valley_Pl_San_Diego_CA_92106

Last listing price 8/30/07 899,000
Sold 3/14/08 600,000.

[jpinpb]

Wow!!! That is a score! How did I miss this? I’ve got to start looking in Point Loma more. Hurray for the lowballers!!

Lesson learned: Don’t be afraid to REALLY lowball. The worse they can say is no. If anything, it will help sell to next not so lowballed offer, make it look more attractive.

[jpinpb]

Wow!!! That is a score! How did I miss this? I’ve got to start looking in Point Loma more. Hurray for the lowballers!!

Lesson learned: Don’t be afraid to REALLY lowball. The worse they can say is no. If anything, it will help sell to next not so lowballed offer, make it look more attractive.

[jpinpb]

Wow!!! That is a score! How did I miss this? I’ve got to start looking in Point Loma more. Hurray for the lowballers!!

Lesson learned: Don’t be afraid to REALLY lowball. The worse they can say is no. If anything, it will help sell to next not so lowballed offer, make it look more attractive.

[jpinpb]

Wow!!! That is a score! How did I miss this? I’ve got to start looking in Point Loma more. Hurray for the lowballers!!

Lesson learned: Don’t be afraid to REALLY lowball. The worse they can say is no. If anything, it will help sell to next not so lowballed offer, make it look more attractive.

[jpinpb]

Wow!!! That is a score! How did I miss this? I’ve got to start looking in Point Loma more. Hurray for the lowballers!!

Lesson learned: Don’t be afraid to REALLY lowball. The worse they can say is no. If anything, it will help sell to next not so lowballed offer, make it look more attractive.

[SD Realtor]

Farbet, one thing that amazes me is that nobody forces anyone to work with anyone else yet the majority of people still work with substandard realtors. The vast majority of buyers still don’t demand rebates from their agents, nor do they work with the agent because the agent is one of quaility but because the agent is a friend, or even family member.

Hey you get to choose who you work with and if you are tolerant of substandard work because you don’t want to hurt your sister in laws feelings or something like that then whose fault is it really?

Also on the Point Loma house referenced it is a great deal pricewise. Also note that the ENTIRE remodel of the home was not permitted and the fence sits on the neighbors side of the lot line. Furthermore the footprint of the home on the lot was changed and that was done without a permit.

I am not saying it is not a great deal but how many of you here would buy such a home? Sometimes knowing all the facts is helpful.

Please be honest.

[SD Realtor]

Farbet, one thing that amazes me is that nobody forces anyone to work with anyone else yet the majority of people still work with substandard realtors. The vast majority of buyers still don’t demand rebates from their agents, nor do they work with the agent because the agent is one of quaility but because the agent is a friend, or even family member.

Hey you get to choose who you work with and if you are tolerant of substandard work because you don’t want to hurt your sister in laws feelings or something like that then whose fault is it really?

Also on the Point Loma house referenced it is a great deal pricewise. Also note that the ENTIRE remodel of the home was not permitted and the fence sits on the neighbors side of the lot line. Furthermore the footprint of the home on the lot was changed and that was done without a permit.

I am not saying it is not a great deal but how many of you here would buy such a home? Sometimes knowing all the facts is helpful.

Please be honest.

[SD Realtor]

Farbet, one thing that amazes me is that nobody forces anyone to work with anyone else yet the majority of people still work with substandard realtors. The vast majority of buyers still don’t demand rebates from their agents, nor do they work with the agent because the agent is one of quaility but because the agent is a friend, or even family member.

Hey you get to choose who you work with and if you are tolerant of substandard work because you don’t want to hurt your sister in laws feelings or something like that then whose fault is it really?

Also on the Point Loma house referenced it is a great deal pricewise. Also note that the ENTIRE remodel of the home was not permitted and the fence sits on the neighbors side of the lot line. Furthermore the footprint of the home on the lot was changed and that was done without a permit.

I am not saying it is not a great deal but how many of you here would buy such a home? Sometimes knowing all the facts is helpful.

Please be honest.

[SD Realtor]

Farbet, one thing that amazes me is that nobody forces anyone to work with anyone else yet the majority of people still work with substandard realtors. The vast majority of buyers still don’t demand rebates from their agents, nor do they work with the agent because the agent is one of quaility but because the agent is a friend, or even family member.

Hey you get to choose who you work with and if you are tolerant of substandard work because you don’t want to hurt your sister in laws feelings or something like that then whose fault is it really?

Also on the Point Loma house referenced it is a great deal pricewise. Also note that the ENTIRE remodel of the home was not permitted and the fence sits on the neighbors side of the lot line. Furthermore the footprint of the home on the lot was changed and that was done without a permit.

I am not saying it is not a great deal but how many of you here would buy such a home? Sometimes knowing all the facts is helpful.

Please be honest.

[SD Realtor]

Farbet, one thing that amazes me is that nobody forces anyone to work with anyone else yet the majority of people still work with substandard realtors. The vast majority of buyers still don’t demand rebates from their agents, nor do they work with the agent because the agent is one of quaility but because the agent is a friend, or even family member.

Hey you get to choose who you work with and if you are tolerant of substandard work because you don’t want to hurt your sister in laws feelings or something like that then whose fault is it really?

Also on the Point Loma house referenced it is a great deal pricewise. Also note that the ENTIRE remodel of the home was not permitted and the fence sits on the neighbors side of the lot line. Furthermore the footprint of the home on the lot was changed and that was done without a permit.

I am not saying it is not a great deal but how many of you here would buy such a home? Sometimes knowing all the facts is helpful.

Please be honest.

[kathleenpl]

Low ball offer accepted in Point Loma 33% off.

http://www.sdlookup.com/MLS-076062646-873_Loma_Valley_Pl_San_Diego_CA_92106

Last listing price 8/30/07 899,000
Sold 3/14/08 600,000.

[kathleenpl]

Low ball offer accepted in Point Loma 33% off.

http://www.sdlookup.com/MLS-076062646-873_Loma_Valley_Pl_San_Diego_CA_92106

Last listing price 8/30/07 899,000
Sold 3/14/08 600,000.

[kathleenpl]

Low ball offer accepted in Point Loma 33% off.

http://www.sdlookup.com/MLS-076062646-873_Loma_Valley_Pl_San_Diego_CA_92106

Last listing price 8/30/07 899,000
Sold 3/14/08 600,000.

[kathleenpl]

Low ball offer accepted in Point Loma 33% off.

http://www.sdlookup.com/MLS-076062646-873_Loma_Valley_Pl_San_Diego_CA_92106

Last listing price 8/30/07 899,000
Sold 3/14/08 600,000.

[farbet]

Too many spineless “realtors” here.No offense sdr and SD Realtor. How many signs for Open Houses have you seen on a weekend?
These realtors around here want the commission without the legwork. The realtors here are on auto pilot with their fake smiles.
I was in Washington DC area this past month and the hustle by realtors is very impressive.The lowballers are getting the deals.Here you may be lucky if you get the time of the day from some of these !!!

[peterb]

Start searching for homes that have been listed for over 4 or 5 months. Since many listing agreements are on a 6 month term, people may be more “open” to lower offers and have not yet pulled their home off the market by the 5th month. This one in Pt. Loma looks to have been listed for 7 months before they took this offer. And I would say that their $899K asking price was probably lower than the 2005 peak prices for this house in this area!! So this probably constitutes a 35% to 40% decrease from 2005 peak prices and in one of the more “upscale” areas of SD.
As I was once told in a RE seminar,”The way you get deals is to make offers!!” And I would say that capitulation of the “hold-outs” and those in denial to the price decline is starting to happen.

[peterb]

Start searching for homes that have been listed for over 4 or 5 months. Since many listing agreements are on a 6 month term, people may be more “open” to lower offers and have not yet pulled their home off the market by the 5th month. This one in Pt. Loma looks to have been listed for 7 months before they took this offer. And I would say that their $899K asking price was probably lower than the 2005 peak prices for this house in this area!! So this probably constitutes a 35% to 40% decrease from 2005 peak prices and in one of the more “upscale” areas of SD.
As I was once told in a RE seminar,”The way you get deals is to make offers!!” And I would say that capitulation of the “hold-outs” and those in denial to the price decline is starting to happen.

[peterb]

Start searching for homes that have been listed for over 4 or 5 months. Since many listing agreements are on a 6 month term, people may be more “open” to lower offers and have not yet pulled their home off the market by the 5th month. This one in Pt. Loma looks to have been listed for 7 months before they took this offer. And I would say that their $899K asking price was probably lower than the 2005 peak prices for this house in this area!! So this probably constitutes a 35% to 40% decrease from 2005 peak prices and in one of the more “upscale” areas of SD.
As I was once told in a RE seminar,”The way you get deals is to make offers!!” And I would say that capitulation of the “hold-outs” and those in denial to the price decline is starting to happen.

[peterb]

Start searching for homes that have been listed for over 4 or 5 months. Since many listing agreements are on a 6 month term, people may be more “open” to lower offers and have not yet pulled their home off the market by the 5th month. This one in Pt. Loma looks to have been listed for 7 months before they took this offer. And I would say that their $899K asking price was probably lower than the 2005 peak prices for this house in this area!! So this probably constitutes a 35% to 40% decrease from 2005 peak prices and in one of the more “upscale” areas of SD.
As I was once told in a RE seminar,”The way you get deals is to make offers!!” And I would say that capitulation of the “hold-outs” and those in denial to the price decline is starting to happen.

[peterb]

Start searching for homes that have been listed for over 4 or 5 months. Since many listing agreements are on a 6 month term, people may be more “open” to lower offers and have not yet pulled their home off the market by the 5th month. This one in Pt. Loma looks to have been listed for 7 months before they took this offer. And I would say that their $899K asking price was probably lower than the 2005 peak prices for this house in this area!! So this probably constitutes a 35% to 40% decrease from 2005 peak prices and in one of the more “upscale” areas of SD.
As I was once told in a RE seminar,”The way you get deals is to make offers!!” And I would say that capitulation of the “hold-outs” and those in denial to the price decline is starting to happen.

[La Jolla Renter]

sdr and SD Realtor or any other Realtor,

Does low balling damage a realtor’s reputation? (30% to 50% off kind of low balling)

Specifically if working in snooty little markets like La Jolla, RSF, etc.

I read a real estate investing book way back when that promoted a low balling technique in which you find a starving agent and pay them a set hourly rate to submit 100 offers at 50% off the asking price of the homes for sale in a desired area. Each offer was very professionally presented with a letter expressing all cash close in 7 days etc. The whole idea was to fish out the serious sellers.

[rbeast]

tres interesting article in today’s OC Register…

http://www.ocregister.com/articles/property-agent-bank-1999174-market-offer

[kev374]

I found this line interesting:

“People are coming in with offers even 20 percent under,” she said. “People have no shame.”

What about sellers asking ridiculous amounts for their houses when they know full well that the runup in prices was caused by a deck of cards that is about to fall down? They have no shame either.

[jpinpb]

kev374 – Exactly! The sellers are unrealistic. WTH. I say buyers should make offers just as unrealistic.

I really believe though that the high prices are due to owners being maxed out, bought too high and can’t reduce or took HELOC and overextended and can’t reduce. Either way, those will eventually be short sales or bank owned.

For those who are serious and need out, then if people were more agressive w/low offers, the more they do, the better their chance.

[jpinpb]

kev374 – Exactly! The sellers are unrealistic. WTH. I say buyers should make offers just as unrealistic.

I really believe though that the high prices are due to owners being maxed out, bought too high and can’t reduce or took HELOC and overextended and can’t reduce. Either way, those will eventually be short sales or bank owned.

For those who are serious and need out, then if people were more agressive w/low offers, the more they do, the better their chance.

[jpinpb]

kev374 – Exactly! The sellers are unrealistic. WTH. I say buyers should make offers just as unrealistic.

I really believe though that the high prices are due to owners being maxed out, bought too high and can’t reduce or took HELOC and overextended and can’t reduce. Either way, those will eventually be short sales or bank owned.

For those who are serious and need out, then if people were more agressive w/low offers, the more they do, the better their chance.

[jpinpb]

kev374 – Exactly! The sellers are unrealistic. WTH. I say buyers should make offers just as unrealistic.

I really believe though that the high prices are due to owners being maxed out, bought too high and can’t reduce or took HELOC and overextended and can’t reduce. Either way, those will eventually be short sales or bank owned.

For those who are serious and need out, then if people were more agressive w/low offers, the more they do, the better their chance.

[jpinpb]

kev374 – Exactly! The sellers are unrealistic. WTH. I say buyers should make offers just as unrealistic.

I really believe though that the high prices are due to owners being maxed out, bought too high and can’t reduce or took HELOC and overextended and can’t reduce. Either way, those will eventually be short sales or bank owned.

For those who are serious and need out, then if people were more agressive w/low offers, the more they do, the better their chance.

[kev374]

I found this line interesting:

“People are coming in with offers even 20 percent under,” she said. “People have no shame.”

What about sellers asking ridiculous amounts for their houses when they know full well that the runup in prices was caused by a deck of cards that is about to fall down? They have no shame either.

[kev374]

I found this line interesting:

“People are coming in with offers even 20 percent under,” she said. “People have no shame.”

What about sellers asking ridiculous amounts for their houses when they know full well that the runup in prices was caused by a deck of cards that is about to fall down? They have no shame either.

[kev374]

I found this line interesting:

“People are coming in with offers even 20 percent under,” she said. “People have no shame.”

What about sellers asking ridiculous amounts for their houses when they know full well that the runup in prices was caused by a deck of cards that is about to fall down? They have no shame either.

[kev374]

I found this line interesting:

“People are coming in with offers even 20 percent under,” she said. “People have no shame.”

What about sellers asking ridiculous amounts for their houses when they know full well that the runup in prices was caused by a deck of cards that is about to fall down? They have no shame either.

[patientlywaiting]

Pictures of the Point Loma house in question. Looks like a good deal to that low baller.

I personally don’t care about permits if the construction was done properly, according to safety codes. Permitting is just a way for the city to collect money and enforce zoning laws.

http://www.873lomavalley.com/

[SD Realtor]

Patientlywaiting in general I do agree with what you are saying 100%. Nonetheless, if an inspector did find out about the work and cited you, you would indeed be responsible to prove that the qork did conform with all guidelines. I know of two people who did indeed get cited years after the work was done and the process was quite a chore to get the work remedied. So yes in general I would agree 100%. In this particular case I did not go into the home nor do I know the extent of the changes so for this home I cannot make a call. On the surface indeed it does look like a good deal was had.

As far as lowballing goes, I don’t think it damages anyone’s reputation at all. I think that lowballing is a great idea and I would advise it to anybody working in any markets but I would advise people to be realistic. You can try to lowball any property you like. I have many clients who routinely ask me to lowball or call on properties scattered throughout the county. In most all of those cases I am finding resistance where the agents politely reject the offer, or do not respond, or those that I call on the agents say thanks but don’t bother sending in the offers.

I absolutely believe if you don’t offer at all you will never know if you would have gotten a deal.

I think we can all see through the efforts of raptor, that the premium neighborhoods indeed are not responding to the type of lowball numbers posters here are implying will work or should be tried. Also I did indeed contest the post made by sandiegobanker in one of Rich’s threads that he was seeing foreclosures go 50% of the listed prices and such. Perhaps that is true in certain neighborhhods, but until I actually see the listing in the sold category, with a sold price that is 50% of the list price, I am skeptical.

As far as finding an agent to write up 100 offers at 50% of the list price, yeah it may work. I would say if you find an agent that will do it, go for it. However, if the agent is indeed that desperate then I would question the quality of the agent as to how did they get that desperate to begin with?

Anyways, lowballs are a good thing. I have been submitting them over the past home I have been looking to buy but so far no luck.

[sd-maybe]

SDR, what is the process for the lowball, is it a matter of the buyer’s agent calling the seller’s agent to feel out the seller’s situation and see if they would be receptive to the lowball (I am talking 20%, not 50% lol)? Problem is I think alot of selling agents are doing their clients a disservice by giving them the false impression a recovery is right around the corner instead of being honest with them (and themselves), and that they should consider something far below their ask from a high quality buyer (cash/huge down)

[TheBreeze]

Looks like the lowballers are at work in the stock market as well.

[TheBreeze]

Looks like the lowballers are at work in the stock market as well.

[TheBreeze]

Looks like the lowballers are at work in the stock market as well.

[TheBreeze]

Looks like the lowballers are at work in the stock market as well.

[TheBreeze]

Looks like the lowballers are at work in the stock market as well.

[SD Realtor]

sd-maybe the process is pretty open ended. People that do it alot usually get the procedure down pretty well after a few times. Initially a person new to the process will have me submit several lowballs, maybe after the 5th or 6th time they get a little tired of signing the documentation and I recommend to them that perhaps we give the listing agent a call prior to writing it up just to feel out them out. Alot of times the seller has less or little say in the matter and it is all up to the bank.

Unfortunately you may be correct about the listing agent giving a false impression to the seller but you as a buyer and me as an agent representing a buyer really has no recourse. There is nothing that can be done except to kindly say, “Okay thanks for giving me the information and I will call ya back in a few months to see if your seller has changed his mind.”

You cannot get emotional about any transaction.

SD Realtor

[SD Realtor]

sd-maybe the process is pretty open ended. People that do it alot usually get the procedure down pretty well after a few times. Initially a person new to the process will have me submit several lowballs, maybe after the 5th or 6th time they get a little tired of signing the documentation and I recommend to them that perhaps we give the listing agent a call prior to writing it up just to feel out them out. Alot of times the seller has less or little say in the matter and it is all up to the bank.

Unfortunately you may be correct about the listing agent giving a false impression to the seller but you as a buyer and me as an agent representing a buyer really has no recourse. There is nothing that can be done except to kindly say, “Okay thanks for giving me the information and I will call ya back in a few months to see if your seller has changed his mind.”

You cannot get emotional about any transaction.

SD Realtor

[SD Realtor]

sd-maybe the process is pretty open ended. People that do it alot usually get the procedure down pretty well after a few times. Initially a person new to the process will have me submit several lowballs, maybe after the 5th or 6th time they get a little tired of signing the documentation and I recommend to them that perhaps we give the listing agent a call prior to writing it up just to feel out them out. Alot of times the seller has less or little say in the matter and it is all up to the bank.

Unfortunately you may be correct about the listing agent giving a false impression to the seller but you as a buyer and me as an agent representing a buyer really has no recourse. There is nothing that can be done except to kindly say, “Okay thanks for giving me the information and I will call ya back in a few months to see if your seller has changed his mind.”

You cannot get emotional about any transaction.

SD Realtor

[SD Realtor]

sd-maybe the process is pretty open ended. People that do it alot usually get the procedure down pretty well after a few times. Initially a person new to the process will have me submit several lowballs, maybe after the 5th or 6th time they get a little tired of signing the documentation and I recommend to them that perhaps we give the listing agent a call prior to writing it up just to feel out them out. Alot of times the seller has less or little say in the matter and it is all up to the bank.

Unfortunately you may be correct about the listing agent giving a false impression to the seller but you as a buyer and me as an agent representing a buyer really has no recourse. There is nothing that can be done except to kindly say, “Okay thanks for giving me the information and I will call ya back in a few months to see if your seller has changed his mind.”

You cannot get emotional about any transaction.

SD Realtor

[SD Realtor]

sd-maybe the process is pretty open ended. People that do it alot usually get the procedure down pretty well after a few times. Initially a person new to the process will have me submit several lowballs, maybe after the 5th or 6th time they get a little tired of signing the documentation and I recommend to them that perhaps we give the listing agent a call prior to writing it up just to feel out them out. Alot of times the seller has less or little say in the matter and it is all up to the bank.

Unfortunately you may be correct about the listing agent giving a false impression to the seller but you as a buyer and me as an agent representing a buyer really has no recourse. There is nothing that can be done except to kindly say, “Okay thanks for giving me the information and I will call ya back in a few months to see if your seller has changed his mind.”

You cannot get emotional about any transaction.

SD Realtor

[sd-maybe]

SDR, what is the process for the lowball, is it a matter of the buyer’s agent calling the seller’s agent to feel out the seller’s situation and see if they would be receptive to the lowball (I am talking 20%, not 50% lol)? Problem is I think alot of selling agents are doing their clients a disservice by giving them the false impression a recovery is right around the corner instead of being honest with them (and themselves), and that they should consider something far below their ask from a high quality buyer (cash/huge down)

[sd-maybe]

SDR, what is the process for the lowball, is it a matter of the buyer’s agent calling the seller’s agent to feel out the seller’s situation and see if they would be receptive to the lowball (I am talking 20%, not 50% lol)? Problem is I think alot of selling agents are doing their clients a disservice by giving them the false impression a recovery is right around the corner instead of being honest with them (and themselves), and that they should consider something far below their ask from a high quality buyer (cash/huge down)

[sd-maybe]

SDR, what is the process for the lowball, is it a matter of the buyer’s agent calling the seller’s agent to feel out the seller’s situation and see if they would be receptive to the lowball (I am talking 20%, not 50% lol)? Problem is I think alot of selling agents are doing their clients a disservice by giving them the false impression a recovery is right around the corner instead of being honest with them (and themselves), and that they should consider something far below their ask from a high quality buyer (cash/huge down)

[sd-maybe]

SDR, what is the process for the lowball, is it a matter of the buyer’s agent calling the seller’s agent to feel out the seller’s situation and see if they would be receptive to the lowball (I am talking 20%, not 50% lol)? Problem is I think alot of selling agents are doing their clients a disservice by giving them the false impression a recovery is right around the corner instead of being honest with them (and themselves), and that they should consider something far below their ask from a high quality buyer (cash/huge down)

[SD Realtor]

Patientlywaiting in general I do agree with what you are saying 100%. Nonetheless, if an inspector did find out about the work and cited you, you would indeed be responsible to prove that the qork did conform with all guidelines. I know of two people who did indeed get cited years after the work was done and the process was quite a chore to get the work remedied. So yes in general I would agree 100%. In this particular case I did not go into the home nor do I know the extent of the changes so for this home I cannot make a call. On the surface indeed it does look like a good deal was had.

As far as lowballing goes, I don’t think it damages anyone’s reputation at all. I think that lowballing is a great idea and I would advise it to anybody working in any markets but I would advise people to be realistic. You can try to lowball any property you like. I have many clients who routinely ask me to lowball or call on properties scattered throughout the county. In most all of those cases I am finding resistance where the agents politely reject the offer, or do not respond, or those that I call on the agents say thanks but don’t bother sending in the offers.

I absolutely believe if you don’t offer at all you will never know if you would have gotten a deal.

I think we can all see through the efforts of raptor, that the premium neighborhoods indeed are not responding to the type of lowball numbers posters here are implying will work or should be tried. Also I did indeed contest the post made by sandiegobanker in one of Rich’s threads that he was seeing foreclosures go 50% of the listed prices and such. Perhaps that is true in certain neighborhhods, but until I actually see the listing in the sold category, with a sold price that is 50% of the list price, I am skeptical.

As far as finding an agent to write up 100 offers at 50% of the list price, yeah it may work. I would say if you find an agent that will do it, go for it. However, if the agent is indeed that desperate then I would question the quality of the agent as to how did they get that desperate to begin with?

Anyways, lowballs are a good thing. I have been submitting them over the past home I have been looking to buy but so far no luck.

[SD Realtor]

Patientlywaiting in general I do agree with what you are saying 100%. Nonetheless, if an inspector did find out about the work and cited you, you would indeed be responsible to prove that the qork did conform with all guidelines. I know of two people who did indeed get cited years after the work was done and the process was quite a chore to get the work remedied. So yes in general I would agree 100%. In this particular case I did not go into the home nor do I know the extent of the changes so for this home I cannot make a call. On the surface indeed it does look like a good deal was had.

As far as lowballing goes, I don’t think it damages anyone’s reputation at all. I think that lowballing is a great idea and I would advise it to anybody working in any markets but I would advise people to be realistic. You can try to lowball any property you like. I have many clients who routinely ask me to lowball or call on properties scattered throughout the county. In most all of those cases I am finding resistance where the agents politely reject the offer, or do not respond, or those that I call on the agents say thanks but don’t bother sending in the offers.

I absolutely believe if you don’t offer at all you will never know if you would have gotten a deal.

I think we can all see through the efforts of raptor, that the premium neighborhoods indeed are not responding to the type of lowball numbers posters here are implying will work or should be tried. Also I did indeed contest the post made by sandiegobanker in one of Rich’s threads that he was seeing foreclosures go 50% of the listed prices and such. Perhaps that is true in certain neighborhhods, but until I actually see the listing in the sold category, with a sold price that is 50% of the list price, I am skeptical.

As far as finding an agent to write up 100 offers at 50% of the list price, yeah it may work. I would say if you find an agent that will do it, go for it. However, if the agent is indeed that desperate then I would question the quality of the agent as to how did they get that desperate to begin with?

Anyways, lowballs are a good thing. I have been submitting them over the past home I have been looking to buy but so far no luck.

[SD Realtor]

Patientlywaiting in general I do agree with what you are saying 100%. Nonetheless, if an inspector did find out about the work and cited you, you would indeed be responsible to prove that the qork did conform with all guidelines. I know of two people who did indeed get cited years after the work was done and the process was quite a chore to get the work remedied. So yes in general I would agree 100%. In this particular case I did not go into the home nor do I know the extent of the changes so for this home I cannot make a call. On the surface indeed it does look like a good deal was had.

As far as lowballing goes, I don’t think it damages anyone’s reputation at all. I think that lowballing is a great idea and I would advise it to anybody working in any markets but I would advise people to be realistic. You can try to lowball any property you like. I have many clients who routinely ask me to lowball or call on properties scattered throughout the county. In most all of those cases I am finding resistance where the agents politely reject the offer, or do not respond, or those that I call on the agents say thanks but don’t bother sending in the offers.

I absolutely believe if you don’t offer at all you will never know if you would have gotten a deal.

I think we can all see through the efforts of raptor, that the premium neighborhoods indeed are not responding to the type of lowball numbers posters here are implying will work or should be tried. Also I did indeed contest the post made by sandiegobanker in one of Rich’s threads that he was seeing foreclosures go 50% of the listed prices and such. Perhaps that is true in certain neighborhhods, but until I actually see the listing in the sold category, with a sold price that is 50% of the list price, I am skeptical.

As far as finding an agent to write up 100 offers at 50% of the list price, yeah it may work. I would say if you find an agent that will do it, go for it. However, if the agent is indeed that desperate then I would question the quality of the agent as to how did they get that desperate to begin with?

Anyways, lowballs are a good thing. I have been submitting them over the past home I have been looking to buy but so far no luck.

[SD Realtor]

Patientlywaiting in general I do agree with what you are saying 100%. Nonetheless, if an inspector did find out about the work and cited you, you would indeed be responsible to prove that the qork did conform with all guidelines. I know of two people who did indeed get cited years after the work was done and the process was quite a chore to get the work remedied. So yes in general I would agree 100%. In this particular case I did not go into the home nor do I know the extent of the changes so for this home I cannot make a call. On the surface indeed it does look like a good deal was had.

As far as lowballing goes, I don’t think it damages anyone’s reputation at all. I think that lowballing is a great idea and I would advise it to anybody working in any markets but I would advise people to be realistic. You can try to lowball any property you like. I have many clients who routinely ask me to lowball or call on properties scattered throughout the county. In most all of those cases I am finding resistance where the agents politely reject the offer, or do not respond, or those that I call on the agents say thanks but don’t bother sending in the offers.

I absolutely believe if you don’t offer at all you will never know if you would have gotten a deal.

I think we can all see through the efforts of raptor, that the premium neighborhoods indeed are not responding to the type of lowball numbers posters here are implying will work or should be tried. Also I did indeed contest the post made by sandiegobanker in one of Rich’s threads that he was seeing foreclosures go 50% of the listed prices and such. Perhaps that is true in certain neighborhhods, but until I actually see the listing in the sold category, with a sold price that is 50% of the list price, I am skeptical.

As far as finding an agent to write up 100 offers at 50% of the list price, yeah it may work. I would say if you find an agent that will do it, go for it. However, if the agent is indeed that desperate then I would question the quality of the agent as to how did they get that desperate to begin with?

Anyways, lowballs are a good thing. I have been submitting them over the past home I have been looking to buy but so far no luck.

[patientlywaiting]

Pictures of the Point Loma house in question. Looks like a good deal to that low baller.

I personally don’t care about permits if the construction was done properly, according to safety codes. Permitting is just a way for the city to collect money and enforce zoning laws.

http://www.873lomavalley.com/

[patientlywaiting]

Pictures of the Point Loma house in question. Looks like a good deal to that low baller.

I personally don’t care about permits if the construction was done properly, according to safety codes. Permitting is just a way for the city to collect money and enforce zoning laws.

http://www.873lomavalley.com/

[patientlywaiting]

Pictures of the Point Loma house in question. Looks like a good deal to that low baller.

I personally don’t care about permits if the construction was done properly, according to safety codes. Permitting is just a way for the city to collect money and enforce zoning laws.

http://www.873lomavalley.com/

[patientlywaiting]

Pictures of the Point Loma house in question. Looks like a good deal to that low baller.

I personally don’t care about permits if the construction was done properly, according to safety codes. Permitting is just a way for the city to collect money and enforce zoning laws.

http://www.873lomavalley.com/

[rbeast]

tres interesting article in today’s OC Register…

http://www.ocregister.com/articles/property-agent-bank-1999174-market-offer

[rbeast]

tres interesting article in today’s OC Register…

http://www.ocregister.com/articles/property-agent-bank-1999174-market-offer

[rbeast]

tres interesting article in today’s OC Register…

http://www.ocregister.com/articles/property-agent-bank-1999174-market-offer

[rbeast]

tres interesting article in today’s OC Register…

http://www.ocregister.com/articles/property-agent-bank-1999174-market-offer

[NotCranky]

LJR,

It isn’t a question of reputation or mal-nutrition for me. I write low balls for credible clients. Maybe a buyer’s broker’s agreement is necessary if I don’t know them well.
Writing lots of 50% offers willy nilly is mostly impractical. That could get embarrassing. 30% could apply to a lot more situations.

SDR
As far as the Point Loma house goes…I would buy it in a heart beat if I were hunting there. Of course I can fix all that stuff for a fraction of what it costs other people. If the property had an open code violation case all the better for getting a bargain(depending on what it was).
That APPEARS to be a killer deal for TODAY’S market and probably tomorrows too, inclusive of the defects.

[jpinpb]

How much can it cost to repair or remedy the code violation? For future information for myself, some of the older homes in neighborhoods such as North Park, OB, PB have granny flats not to code. I thought after so many years, the city looks the other way. Not true?

[NotCranky]

That is a pretty broad topic jp. It depends on the situation. I know of people who bought a 4-plex that the city tried to force them to restore to a duplex. They told me that they got a Lawyer and it is allowed to stand until they sell it or pull another permit.That hurts. It has four units on a 60amp main!

A friend/client of mine bought an illegal 2 on 1 with an open code case, really cheaply,tore down the illegal unit increasing the back yard size and “flipped” the property for a decent profit. The neighbors love flippers in these cases.

Framing,electrical, plumbing,items like this are a non-issue IMO.

This stuff isn’t for everybody.

[NotCranky]

That is a pretty broad topic jp. It depends on the situation. I know of people who bought a 4-plex that the city tried to force them to restore to a duplex. They told me that they got a Lawyer and it is allowed to stand until they sell it or pull another permit.That hurts. It has four units on a 60amp main!

A friend/client of mine bought an illegal 2 on 1 with an open code case, really cheaply,tore down the illegal unit increasing the back yard size and “flipped” the property for a decent profit. The neighbors love flippers in these cases.

Framing,electrical, plumbing,items like this are a non-issue IMO.

This stuff isn’t for everybody.

[NotCranky]

That is a pretty broad topic jp. It depends on the situation. I know of people who bought a 4-plex that the city tried to force them to restore to a duplex. They told me that they got a Lawyer and it is allowed to stand until they sell it or pull another permit.That hurts. It has four units on a 60amp main!

A friend/client of mine bought an illegal 2 on 1 with an open code case, really cheaply,tore down the illegal unit increasing the back yard size and “flipped” the property for a decent profit. The neighbors love flippers in these cases.

Framing,electrical, plumbing,items like this are a non-issue IMO.

This stuff isn’t for everybody.

[NotCranky]

That is a pretty broad topic jp. It depends on the situation. I know of people who bought a 4-plex that the city tried to force them to restore to a duplex. They told me that they got a Lawyer and it is allowed to stand until they sell it or pull another permit.That hurts. It has four units on a 60amp main!

A friend/client of mine bought an illegal 2 on 1 with an open code case, really cheaply,tore down the illegal unit increasing the back yard size and “flipped” the property for a decent profit. The neighbors love flippers in these cases.

Framing,electrical, plumbing,items like this are a non-issue IMO.

This stuff isn’t for everybody.

[NotCranky]

That is a pretty broad topic jp. It depends on the situation. I know of people who bought a 4-plex that the city tried to force them to restore to a duplex. They told me that they got a Lawyer and it is allowed to stand until they sell it or pull another permit.That hurts. It has four units on a 60amp main!

A friend/client of mine bought an illegal 2 on 1 with an open code case, really cheaply,tore down the illegal unit increasing the back yard size and “flipped” the property for a decent profit. The neighbors love flippers in these cases.

Framing,electrical, plumbing,items like this are a non-issue IMO.

This stuff isn’t for everybody.

[jpinpb]

How much can it cost to repair or remedy the code violation? For future information for myself, some of the older homes in neighborhoods such as North Park, OB, PB have granny flats not to code. I thought after so many years, the city looks the other way. Not true?

[jpinpb]

How much can it cost to repair or remedy the code violation? For future information for myself, some of the older homes in neighborhoods such as North Park, OB, PB have granny flats not to code. I thought after so many years, the city looks the other way. Not true?

[jpinpb]

How much can it cost to repair or remedy the code violation? For future information for myself, some of the older homes in neighborhoods such as North Park, OB, PB have granny flats not to code. I thought after so many years, the city looks the other way. Not true?

[jpinpb]

How much can it cost to repair or remedy the code violation? For future information for myself, some of the older homes in neighborhoods such as North Park, OB, PB have granny flats not to code. I thought after so many years, the city looks the other way. Not true?

[NotCranky]

LJR,

It isn’t a question of reputation or mal-nutrition for me. I write low balls for credible clients. Maybe a buyer’s broker’s agreement is necessary if I don’t know them well.
Writing lots of 50% offers willy nilly is mostly impractical. That could get embarrassing. 30% could apply to a lot more situations.

SDR
As far as the Point Loma house goes…I would buy it in a heart beat if I were hunting there. Of course I can fix all that stuff for a fraction of what it costs other people. If the property had an open code violation case all the better for getting a bargain(depending on what it was).
That APPEARS to be a killer deal for TODAY’S market and probably tomorrows too, inclusive of the defects.

[NotCranky]

LJR,

It isn’t a question of reputation or mal-nutrition for me. I write low balls for credible clients. Maybe a buyer’s broker’s agreement is necessary if I don’t know them well.
Writing lots of 50% offers willy nilly is mostly impractical. That could get embarrassing. 30% could apply to a lot more situations.

SDR
As far as the Point Loma house goes…I would buy it in a heart beat if I were hunting there. Of course I can fix all that stuff for a fraction of what it costs other people. If the property had an open code violation case all the better for getting a bargain(depending on what it was).
That APPEARS to be a killer deal for TODAY’S market and probably tomorrows too, inclusive of the defects.

[NotCranky]

LJR,

It isn’t a question of reputation or mal-nutrition for me. I write low balls for credible clients. Maybe a buyer’s broker’s agreement is necessary if I don’t know them well.
Writing lots of 50% offers willy nilly is mostly impractical. That could get embarrassing. 30% could apply to a lot more situations.

SDR
As far as the Point Loma house goes…I would buy it in a heart beat if I were hunting there. Of course I can fix all that stuff for a fraction of what it costs other people. If the property had an open code violation case all the better for getting a bargain(depending on what it was).
That APPEARS to be a killer deal for TODAY’S market and probably tomorrows too, inclusive of the defects.

[NotCranky]

LJR,

It isn’t a question of reputation or mal-nutrition for me. I write low balls for credible clients. Maybe a buyer’s broker’s agreement is necessary if I don’t know them well.
Writing lots of 50% offers willy nilly is mostly impractical. That could get embarrassing. 30% could apply to a lot more situations.

SDR
As far as the Point Loma house goes…I would buy it in a heart beat if I were hunting there. Of course I can fix all that stuff for a fraction of what it costs other people. If the property had an open code violation case all the better for getting a bargain(depending on what it was).
That APPEARS to be a killer deal for TODAY’S market and probably tomorrows too, inclusive of the defects.

[La Jolla Renter]

sdr and SD Realtor or any other Realtor,

Does low balling damage a realtor’s reputation? (30% to 50% off kind of low balling)

Specifically if working in snooty little markets like La Jolla, RSF, etc.

I read a real estate investing book way back when that promoted a low balling technique in which you find a starving agent and pay them a set hourly rate to submit 100 offers at 50% off the asking price of the homes for sale in a desired area. Each offer was very professionally presented with a letter expressing all cash close in 7 days etc. The whole idea was to fish out the serious sellers.

[La Jolla Renter]

sdr and SD Realtor or any other Realtor,

Does low balling damage a realtor’s reputation? (30% to 50% off kind of low balling)

Specifically if working in snooty little markets like La Jolla, RSF, etc.

I read a real estate investing book way back when that promoted a low balling technique in which you find a starving agent and pay them a set hourly rate to submit 100 offers at 50% off the asking price of the homes for sale in a desired area. Each offer was very professionally presented with a letter expressing all cash close in 7 days etc. The whole idea was to fish out the serious sellers.

[La Jolla Renter]

sdr and SD Realtor or any other Realtor,

Does low balling damage a realtor’s reputation? (30% to 50% off kind of low balling)

Specifically if working in snooty little markets like La Jolla, RSF, etc.

I read a real estate investing book way back when that promoted a low balling technique in which you find a starving agent and pay them a set hourly rate to submit 100 offers at 50% off the asking price of the homes for sale in a desired area. Each offer was very professionally presented with a letter expressing all cash close in 7 days etc. The whole idea was to fish out the serious sellers.

[La Jolla Renter]

sdr and SD Realtor or any other Realtor,

Does low balling damage a realtor’s reputation? (30% to 50% off kind of low balling)

Specifically if working in snooty little markets like La Jolla, RSF, etc.

I read a real estate investing book way back when that promoted a low balling technique in which you find a starving agent and pay them a set hourly rate to submit 100 offers at 50% off the asking price of the homes for sale in a desired area. Each offer was very professionally presented with a letter expressing all cash close in 7 days etc. The whole idea was to fish out the serious sellers.

[farbet]

Too many spineless “realtors” here.No offense sdr and SD Realtor. How many signs for Open Houses have you seen on a weekend?
These realtors around here want the commission without the legwork. The realtors here are on auto pilot with their fake smiles.
I was in Washington DC area this past month and the hustle by realtors is very impressive.The lowballers are getting the deals.Here you may be lucky if you get the time of the day from some of these !!!

[farbet]

Too many spineless “realtors” here.No offense sdr and SD Realtor. How many signs for Open Houses have you seen on a weekend?
These realtors around here want the commission without the legwork. The realtors here are on auto pilot with their fake smiles.
I was in Washington DC area this past month and the hustle by realtors is very impressive.The lowballers are getting the deals.Here you may be lucky if you get the time of the day from some of these !!!

[farbet]

Too many spineless “realtors” here.No offense sdr and SD Realtor. How many signs for Open Houses have you seen on a weekend?
These realtors around here want the commission without the legwork. The realtors here are on auto pilot with their fake smiles.
I was in Washington DC area this past month and the hustle by realtors is very impressive.The lowballers are getting the deals.Here you may be lucky if you get the time of the day from some of these !!!

[farbet]

Too many spineless “realtors” here.No offense sdr and SD Realtor. How many signs for Open Houses have you seen on a weekend?
These realtors around here want the commission without the legwork. The realtors here are on auto pilot with their fake smiles.
I was in Washington DC area this past month and the hustle by realtors is very impressive.The lowballers are getting the deals.Here you may be lucky if you get the time of the day from some of these !!!

[Author]

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