We've come across some Blog posts about the topic of Buyers making offers to purchase homes 
significantly lower than the asking price. We can certainly relate to how other REALTORS feel about this topic, (and this post is NOT about having a HIGH Ball to help you deal with offers like this :) .... Recently we've had to deal with a low offer that came in on a property we had listed for sale in NW Indiana.
The saying /strategies "some offer is better than no offer" & "let's try and work with this" don't always go over very well with some sellers we represent. Especially when the offer price is very low = 26% below the list price!
The Proverb(28:25)GREED stirs up dissension,comes to mind.
Or, If the buyers agent would send over recent comps to justify the stock market like price drop - we would certainly do a double take (and wonder why didn't we already see those comps when we did the CMA ) and we would then present the facts to our seller to get negotiations going! This property was not a Short Sale. (Even on a short sale the bank has a BPO done and knows the bottom line of what they are willing to accept.)
However not on a move in condition property, well maintained and priced competitively below the sold non REO comparables in the neighborhood.
One typical seller response on offers like this may be to flat out REJECT THEM or even ignore the offer.
Especially when showings on the property are abundant and there are calls from other agents who anticipate writing offers on this very same home as well.
With this good news about the property activity in mind, Jeff shared with our seller a lighthearted strategy introduced to us by Terry Watson - a world known speaker at our Company's ( F.C. Tucker, Inc.) annual Convention this past February.
Terry talked about a mirror image offer to reflect the Buyers Low Ball offer to MAKE A POINT.
+ counter
_____________________$ List price
- offer
If the buyers offer is 26 % below the asking or list price - the counteroffer would reflect the same % of increase in list price. Our seller loved the idea and opted to do this.
Just like the Shoe on the Other Foot Idiom..... the reactions to this High Ball Counter Offer from the buyer and other agent mirrored exactly some of the same initial sentiments that our sellers felt when receiving the Low ball offer!
Exclamations like: Are You Kidding me? Is this REAL? Am I reading this correctly? Is there something wrong with the fax?
I'm Starting With The Man In The Mirror And No Message Could Have Been Any Clearer If You Wanna Make The World A Better Place
I'm Asking Him To Change His Ways
Was the BUYER willing to see & change his ways? .... we will never know....as faith has it ( the other ½ of
Proverbs 28 :25 says: "but he who trusts in the LORD will prosper" )
Another offer came in on the same home @ 98% of LIST price a 24 % difference to our seller from the 1st Low Ball offer.
The Home SOLD. Now, We will toast to that! Cheers :)
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Thanks for stopping by and reading our Northwest Indiana Real Estate Blog! Just as the seasons change here in NW Indiana, we help clients achieve their Real Estate Goals in various seasons in life. We look forward to serving you. Sincerely, Jeff & Grace Safrin - "Spouses Selling Houses" TM Real Estate Broker Associates with F.C. Tucker Advantage Realty - phone # 219-405-1232. Valparaiso residents serving Lake, Porter, La Porte, Jasper & Newton Counties in NW Indiana. On Facebook ?...... be-friend us - look up Jeff Safrin : ) Linked in??..... link to us... look up Grace Safrin : ) TWITTER?? ...Follow.... SAFRIN Disclaimer: The opinions expressed by those providing comments are theirs alone, and do not reflect the opinions of Jeff and Grace Safrin of F.C. Tucker Advantage Realty. Jeff and Grace Safrin and F.C. Tucker Advantage Realty are not responsible for the accuracy or content provided.
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Sincerely,
Jeff & Grace Safrin, Broker / Owners
F.C.Tucker 1st Team Real Estate
13 Lincolnway Suite # 203
Valparaiso, IN 46383
Office # 219-309-9930
serving Lake, Porter, La Porte, Jasper, Newton & Starke Counties in NW Indiana
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