seller mentality

[sd_bear]

I tried it. I am no elbow kisser.

[sd_bear]

I tried it. I am no elbow kisser.

[sd_bear]

I tried it. I am no elbow kisser.

[raptorduck]

In this market, I consider “low ball” to be anything under 90% of asking. I never offer less than 80% of asking. That is a waste of time IMHO.

But asking has many flavors. If the house has been on the market >90 days, asking is “likely” to be more reasonable with respect to market conditions. If it is just on the market, it is far less “likely” to be reasonable. There are exceptions, of course. Sticky fickle sellers.

But an 80% offer on a house just on market is a waste typically. You do help the seller get a feeling for market conditions. An offer like that can help with that, but it would not help you, the buyer, get the house. At least with that round and if you do piss them off with it, when you do come back after they have come to their senses, they may, out of irrational seller pride, refuse to deal with you. You have to time your insults in this game, for when they hurt you the least.

But an 80% offer on a house 250 days on market is a different story. However, if it has had price reductions along the way and is close to market, maybe a 90% offer is more appropriate.

Either way, the offer should have logic as to your desire to purchase the house. If I love a house, I am close to 90% every time for the types of homes I go after, usually on market for a while with a few price reductions. That way, your 90% offer may be 70% of original asking.

I note that the really great great houses don’t stay on the market very long, even in this market. I lost one recently that was on market 2 weeks with 4 offers because I refused to break my 90% rule, but the price it sold for was just $50k more than I offered and worth it, even in this market. I made a mistake doing that, the only mistake I fell I have made after nearly a dozen offers. Not bad it seems, but it only takes one mistake to feel like a complete idiot.

So low ball is relative and I certainly no longer worry about pissing anybody off. I put as much logic behind my offers as I can and if that pisses a seller off, it is my fault for not anticipating that. I should make an offer that I know the seller will consider, not that he/she will tell me to shove. There is a way to low ball with kindness, which is often found in the form of objective evidentiary support for your unkind solicitation. Some sellers do respond to logic and reason, some.

Just my 2 cent.

[raptorduck]

In this market, I consider “low ball” to be anything under 90% of asking. I never offer less than 80% of asking. That is a waste of time IMHO.

But asking has many flavors. If the house has been on the market >90 days, asking is “likely” to be more reasonable with respect to market conditions. If it is just on the market, it is far less “likely” to be reasonable. There are exceptions, of course. Sticky fickle sellers.

But an 80% offer on a house just on market is a waste typically. You do help the seller get a feeling for market conditions. An offer like that can help with that, but it would not help you, the buyer, get the house. At least with that round and if you do piss them off with it, when you do come back after they have come to their senses, they may, out of irrational seller pride, refuse to deal with you. You have to time your insults in this game, for when they hurt you the least.

But an 80% offer on a house 250 days on market is a different story. However, if it has had price reductions along the way and is close to market, maybe a 90% offer is more appropriate.

Either way, the offer should have logic as to your desire to purchase the house. If I love a house, I am close to 90% every time for the types of homes I go after, usually on market for a while with a few price reductions. That way, your 90% offer may be 70% of original asking.

I note that the really great great houses don’t stay on the market very long, even in this market. I lost one recently that was on market 2 weeks with 4 offers because I refused to break my 90% rule, but the price it sold for was just $50k more than I offered and worth it, even in this market. I made a mistake doing that, the only mistake I fell I have made after nearly a dozen offers. Not bad it seems, but it only takes one mistake to feel like a complete idiot.

So low ball is relative and I certainly no longer worry about pissing anybody off. I put as much logic behind my offers as I can and if that pisses a seller off, it is my fault for not anticipating that. I should make an offer that I know the seller will consider, not that he/she will tell me to shove. There is a way to low ball with kindness, which is often found in the form of objective evidentiary support for your unkind solicitation. Some sellers do respond to logic and reason, some.

Just my 2 cent.

[raptorduck]

In this market, I consider “low ball” to be anything under 90% of asking. I never offer less than 80% of asking. That is a waste of time IMHO.

But asking has many flavors. If the house has been on the market >90 days, asking is “likely” to be more reasonable with respect to market conditions. If it is just on the market, it is far less “likely” to be reasonable. There are exceptions, of course. Sticky fickle sellers.

But an 80% offer on a house just on market is a waste typically. You do help the seller get a feeling for market conditions. An offer like that can help with that, but it would not help you, the buyer, get the house. At least with that round and if you do piss them off with it, when you do come back after they have come to their senses, they may, out of irrational seller pride, refuse to deal with you. You have to time your insults in this game, for when they hurt you the least.

But an 80% offer on a house 250 days on market is a different story. However, if it has had price reductions along the way and is close to market, maybe a 90% offer is more appropriate.

Either way, the offer should have logic as to your desire to purchase the house. If I love a house, I am close to 90% every time for the types of homes I go after, usually on market for a while with a few price reductions. That way, your 90% offer may be 70% of original asking.

I note that the really great great houses don’t stay on the market very long, even in this market. I lost one recently that was on market 2 weeks with 4 offers because I refused to break my 90% rule, but the price it sold for was just $50k more than I offered and worth it, even in this market. I made a mistake doing that, the only mistake I fell I have made after nearly a dozen offers. Not bad it seems, but it only takes one mistake to feel like a complete idiot.

So low ball is relative and I certainly no longer worry about pissing anybody off. I put as much logic behind my offers as I can and if that pisses a seller off, it is my fault for not anticipating that. I should make an offer that I know the seller will consider, not that he/she will tell me to shove. There is a way to low ball with kindness, which is often found in the form of objective evidentiary support for your unkind solicitation. Some sellers do respond to logic and reason, some.

Just my 2 cent.

[raptorduck]

In this market, I consider “low ball” to be anything under 90% of asking. I never offer less than 80% of asking. That is a waste of time IMHO.

But asking has many flavors. If the house has been on the market >90 days, asking is “likely” to be more reasonable with respect to market conditions. If it is just on the market, it is far less “likely” to be reasonable. There are exceptions, of course. Sticky fickle sellers.

But an 80% offer on a house just on market is a waste typically. You do help the seller get a feeling for market conditions. An offer like that can help with that, but it would not help you, the buyer, get the house. At least with that round and if you do piss them off with it, when you do come back after they have come to their senses, they may, out of irrational seller pride, refuse to deal with you. You have to time your insults in this game, for when they hurt you the least.

But an 80% offer on a house 250 days on market is a different story. However, if it has had price reductions along the way and is close to market, maybe a 90% offer is more appropriate.

Either way, the offer should have logic as to your desire to purchase the house. If I love a house, I am close to 90% every time for the types of homes I go after, usually on market for a while with a few price reductions. That way, your 90% offer may be 70% of original asking.

I note that the really great great houses don’t stay on the market very long, even in this market. I lost one recently that was on market 2 weeks with 4 offers because I refused to break my 90% rule, but the price it sold for was just $50k more than I offered and worth it, even in this market. I made a mistake doing that, the only mistake I fell I have made after nearly a dozen offers. Not bad it seems, but it only takes one mistake to feel like a complete idiot.

So low ball is relative and I certainly no longer worry about pissing anybody off. I put as much logic behind my offers as I can and if that pisses a seller off, it is my fault for not anticipating that. I should make an offer that I know the seller will consider, not that he/she will tell me to shove. There is a way to low ball with kindness, which is often found in the form of objective evidentiary support for your unkind solicitation. Some sellers do respond to logic and reason, some.

Just my 2 cent.

[raptorduck]

In this market, I consider “low ball” to be anything under 90% of asking. I never offer less than 80% of asking. That is a waste of time IMHO.

But asking has many flavors. If the house has been on the market >90 days, asking is “likely” to be more reasonable with respect to market conditions. If it is just on the market, it is far less “likely” to be reasonable. There are exceptions, of course. Sticky fickle sellers.

But an 80% offer on a house just on market is a waste typically. You do help the seller get a feeling for market conditions. An offer like that can help with that, but it would not help you, the buyer, get the house. At least with that round and if you do piss them off with it, when you do come back after they have come to their senses, they may, out of irrational seller pride, refuse to deal with you. You have to time your insults in this game, for when they hurt you the least.

But an 80% offer on a house 250 days on market is a different story. However, if it has had price reductions along the way and is close to market, maybe a 90% offer is more appropriate.

Either way, the offer should have logic as to your desire to purchase the house. If I love a house, I am close to 90% every time for the types of homes I go after, usually on market for a while with a few price reductions. That way, your 90% offer may be 70% of original asking.

I note that the really great great houses don’t stay on the market very long, even in this market. I lost one recently that was on market 2 weeks with 4 offers because I refused to break my 90% rule, but the price it sold for was just $50k more than I offered and worth it, even in this market. I made a mistake doing that, the only mistake I fell I have made after nearly a dozen offers. Not bad it seems, but it only takes one mistake to feel like a complete idiot.

So low ball is relative and I certainly no longer worry about pissing anybody off. I put as much logic behind my offers as I can and if that pisses a seller off, it is my fault for not anticipating that. I should make an offer that I know the seller will consider, not that he/she will tell me to shove. There is a way to low ball with kindness, which is often found in the form of objective evidentiary support for your unkind solicitation. Some sellers do respond to logic and reason, some.

Just my 2 cent.

[jpinpb]

I agree, raptor. Best to not be emotional and love the place you’re making an offer on. The way I see it, if a place has been on the market for quite a while and they’re asking a ridiculous price, then a lowball offer is what they need. If anything, the next guy’s low offer, but higher than yours, will look good and get accepted. Slowly chipping away at the market and bringing down the comps. Of course, if it is a place you really love, then that sucks. When you really love a place, you don’t want to make an offer too low and risk losing it.

I meant to add. Do you homework and don’t just go by the MLS #. Some of these people are relisting w/new MLS # to change the DOM. Some listings expire, but I’ve seen new listings as soon as a month. So when making an offer and checking how long it’s been on the market, make sure you somnehow go by the address not the MLS.

I actually don’t know how to do that, unless you are really familiar w/your area and know what’s been on the market and monitor it. But if you’re new to the area, how do people check if a place has been for sale before?

I know that when Dataquick gives information on how long a place has been on the market, they go by MLS. That’s so skewed and drives me crazy. I’ve seen places on the market for over 2 years. They just reduce slightly and change the MLS.

[jpinpb]

I agree, raptor. Best to not be emotional and love the place you’re making an offer on. The way I see it, if a place has been on the market for quite a while and they’re asking a ridiculous price, then a lowball offer is what they need. If anything, the next guy’s low offer, but higher than yours, will look good and get accepted. Slowly chipping away at the market and bringing down the comps. Of course, if it is a place you really love, then that sucks. When you really love a place, you don’t want to make an offer too low and risk losing it.

I meant to add. Do you homework and don’t just go by the MLS #. Some of these people are relisting w/new MLS # to change the DOM. Some listings expire, but I’ve seen new listings as soon as a month. So when making an offer and checking how long it’s been on the market, make sure you somnehow go by the address not the MLS.

I actually don’t know how to do that, unless you are really familiar w/your area and know what’s been on the market and monitor it. But if you’re new to the area, how do people check if a place has been for sale before?

I know that when Dataquick gives information on how long a place has been on the market, they go by MLS. That’s so skewed and drives me crazy. I’ve seen places on the market for over 2 years. They just reduce slightly and change the MLS.

[jpinpb]

I agree, raptor. Best to not be emotional and love the place you’re making an offer on. The way I see it, if a place has been on the market for quite a while and they’re asking a ridiculous price, then a lowball offer is what they need. If anything, the next guy’s low offer, but higher than yours, will look good and get accepted. Slowly chipping away at the market and bringing down the comps. Of course, if it is a place you really love, then that sucks. When you really love a place, you don’t want to make an offer too low and risk losing it.

I meant to add. Do you homework and don’t just go by the MLS #. Some of these people are relisting w/new MLS # to change the DOM. Some listings expire, but I’ve seen new listings as soon as a month. So when making an offer and checking how long it’s been on the market, make sure you somnehow go by the address not the MLS.

I actually don’t know how to do that, unless you are really familiar w/your area and know what’s been on the market and monitor it. But if you’re new to the area, how do people check if a place has been for sale before?

I know that when Dataquick gives information on how long a place has been on the market, they go by MLS. That’s so skewed and drives me crazy. I’ve seen places on the market for over 2 years. They just reduce slightly and change the MLS.

[jpinpb]

I agree, raptor. Best to not be emotional and love the place you’re making an offer on. The way I see it, if a place has been on the market for quite a while and they’re asking a ridiculous price, then a lowball offer is what they need. If anything, the next guy’s low offer, but higher than yours, will look good and get accepted. Slowly chipping away at the market and bringing down the comps. Of course, if it is a place you really love, then that sucks. When you really love a place, you don’t want to make an offer too low and risk losing it.

I meant to add. Do you homework and don’t just go by the MLS #. Some of these people are relisting w/new MLS # to change the DOM. Some listings expire, but I’ve seen new listings as soon as a month. So when making an offer and checking how long it’s been on the market, make sure you somnehow go by the address not the MLS.

I actually don’t know how to do that, unless you are really familiar w/your area and know what’s been on the market and monitor it. But if you’re new to the area, how do people check if a place has been for sale before?

I know that when Dataquick gives information on how long a place has been on the market, they go by MLS. That’s so skewed and drives me crazy. I’ve seen places on the market for over 2 years. They just reduce slightly and change the MLS.

[jpinpb]

I agree, raptor. Best to not be emotional and love the place you’re making an offer on. The way I see it, if a place has been on the market for quite a while and they’re asking a ridiculous price, then a lowball offer is what they need. If anything, the next guy’s low offer, but higher than yours, will look good and get accepted. Slowly chipping away at the market and bringing down the comps. Of course, if it is a place you really love, then that sucks. When you really love a place, you don’t want to make an offer too low and risk losing it.

I meant to add. Do you homework and don’t just go by the MLS #. Some of these people are relisting w/new MLS # to change the DOM. Some listings expire, but I’ve seen new listings as soon as a month. So when making an offer and checking how long it’s been on the market, make sure you somnehow go by the address not the MLS.

I actually don’t know how to do that, unless you are really familiar w/your area and know what’s been on the market and monitor it. But if you’re new to the area, how do people check if a place has been for sale before?

I know that when Dataquick gives information on how long a place has been on the market, they go by MLS. That’s so skewed and drives me crazy. I’ve seen places on the market for over 2 years. They just reduce slightly and change the MLS.

[svelte]

I actually don’t know how to do that, unless you are really familiar w/your area and know what’s been on the market and monitor it. But if you’re new to the area, how do people check if a place has been for sale before?

One way would be to ask a neighbor – they are usually so taken by surprise that someone is asking them about the house for sale that they’ll tell you anything.

The drawback I have found to this approach: they’ll invariably run over and tell the seller they talked to you, causing the seller to hunker down and think they are going to get full price.

Here’s an example that happened to us: we toured a house that had signs all over the interior saying “make an offer! all offers considered!”. We really liked the home, but had a few issues with the neighborhood so I went next door and talked to the neighbor. Within a day, my realtor was getting calls from the seller’s realtor asking when we were going to make an offer.

The seller’s realtor stated that someone who had toured the home a month earlier had heard we looked at the house and they had just made an offer at near asking price. Not wanting to get into a bidding war, we passed and never made an offer. Two weeks later, the seller’s realtor was calling again stating the house was still for sale. Stupid realtor – if she hadn’t invented that phony offer to entice us to bid high, we just might have bought that house.

[svelte]

I actually don’t know how to do that, unless you are really familiar w/your area and know what’s been on the market and monitor it. But if you’re new to the area, how do people check if a place has been for sale before?

One way would be to ask a neighbor – they are usually so taken by surprise that someone is asking them about the house for sale that they’ll tell you anything.

The drawback I have found to this approach: they’ll invariably run over and tell the seller they talked to you, causing the seller to hunker down and think they are going to get full price.

Here’s an example that happened to us: we toured a house that had signs all over the interior saying “make an offer! all offers considered!”. We really liked the home, but had a few issues with the neighborhood so I went next door and talked to the neighbor. Within a day, my realtor was getting calls from the seller’s realtor asking when we were going to make an offer.

The seller’s realtor stated that someone who had toured the home a month earlier had heard we looked at the house and they had just made an offer at near asking price. Not wanting to get into a bidding war, we passed and never made an offer. Two weeks later, the seller’s realtor was calling again stating the house was still for sale. Stupid realtor – if she hadn’t invented that phony offer to entice us to bid high, we just might have bought that house.

[Author]

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