Posted by: DD | December 8, 2006

no. 334 – First Offer

Asking price: $185,000 (lowered from $189, 500)

Verbal offer: $153,000

Counter offer: HAHAHAHAhahahahahahahahahahahahaha!

*wiping tears of mirth from cheeks*

HAHAHAHAHAhahahahaha….ah…ah…Fuck you. Counter that.

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Responses

  1. They are doing the standard 15% less then asking price just to test the waters. I was just doing the same thing a couple months ago. You never know how deperate the seller may be.

    Good luck! The buyers to my house up north did the same super low first bid and my counter to them was back at them with the listed price, I did end up dropping a little when they countered again with a more reasonable offer. Considering I was only asking $55,000 and ended up getting $54,000.

  2. UGH! And after you scraped all the wallpaper??? That ALONE is worth 32,000.

  3. “fuck you, counter that” – hahahaha

    It was a verbal offer, so another in response would be completely acceptable –

    Good thing they didn’t waste any paper.

  4. Hold your guns and, it that doesn’t work, use ’em.

  5. What a joke!

  6. I agree with Shanna – they are just testing the waters. I’ve seen realtors actually advise people to do that – as in “the house has been on the market for months and no one has made offers, start low”. Hang in there.

  7. You’ve got to admire the balls on that one.

    Hey, by the way, don’t you have a camera phone? I’m just saying…you could be tagged…

  8. I didn’t know it was standard to offer 15% less. That’s a large sum of money. I thought perhaps they were only interested in buying part of the house instead of the whole thing.

  9. Ha ha ha!!!!

  10. I had no idea about the 15% rule. Wow.

  11. Yeah right. I don’t get the 15% rule – it must be a buyers market strategy, but really I don’t get much these days so that is no surpise.

  12. I can\’t blame the buyer for the lowball offer. We recently made such an offer on a house we are flipping and we lucked out with a desperate seller. The seller had already lowered the price once. When we flip it, we are going to sell it for his original asking price, which he could have done himself if he had put a few thousand dollars into it in the first place. If the seller would have put $20K into his place before putting it on the market, he could have sold it months sooner for $100K more than he did.

  13. In a good market houses sell for 97% of asking price, so even though the market sucks that is a bullshit offer. I hope all these buyers who are being picky bastards end up NOT finding anything until mortage rates hit around 10% – fucking idiots. Obviously, I’m much in the same boat right now!

  14. As a professional real estate investor, I can go on about this subject for days, but I won’t.

    To get full asking price in today’s market, no matter what you are asking, the house should look like it was finished being built last week. It should have fresh paint, freshly refurbished flooring, an updated kitchen, and a few artistic upgrades that appear to make the house a little more special. All colors should be neutral and appealing to the general public. Otherwise, you can expect to compromise on price.

    The 15% below asking price is something that the midnight “gurus” teach ambulance chasers to help them find motivated sellers. Those people will write hundreds of offers a month just to get one or two houses a year. I can almost guarantee that this offer isn’t one of those, as they always come in writing so they can force an owner to the table with a lot of room for negotiation (motivated sellers will also counter with a lower price, further compromising their position and further solidifying them as a motivated seller and weakening their negotiating position).

    My suggestion is to ask them to give you a realistic written offer. Don’t counter with a number as it will weaken your negotiating position. When they counter with a higher number, go back and ask them to give you what they think is a decent and fair price for the house.

    Then, and only then, do you start to counter with numbers. Also, have your first counter be a small jump that makes them think you’re more flexible than you really are, say $2500. Have your next counter be much smaller, say $100. This will let the buyer think you’ve reached the absolute lowest price you’re willing to take for the house, and will probably meet what you ask. If they don’t, drop the asking price by another $100 but double their down payment.

    Also, listen to Peeved Michelle. I recently closed on a house for $175k lower than their original asking price, all because they had ugly pink, red, and purple paint, a dead lawn, and hideous carpeting. All told, I put about $40k into the house and sold it for an additional $75k (I doubled my investment after paying closing and realtor fees).

    Best of luck to you!

  15. Ah Jayzus! We sold our house and the woman had the nerve to ask that we install Leaf Guard Gutters!!!! I HATE buying and selling houses!

    We just bought a house for about 50K under market value, but it is a total wreck. So far, we’ve done some new floors, paint. Even with the market tanking, we could still make about 75K today.

  16. The house is 9 years old.
    It has new carpet in the basement (approx. 1,000+ sq ft, finished, walk out).
    It has fresh, neutral paint in the living room, and hallways.
    The flooring in the living room was installed less than 5 years ago.
    The purchase price of the house was $153,000…9 years ago.
    It’s a block off a golf course; and walking distance to a lake.
    It’s 4×6 construction.
    All kitchen appliances are included, including a tv, plus a tv in the master bedroom and a regulation pool table in the basement.
    Yard is established and neighborhood is in a highly desirable living location.
    An 18% “discount” is completely ridiculous, and even our realtor knew that since she didn’t even ask them to complete a signed offer.

    Remember: this is small town Nebraska. $185,00 gets you a whole lot more house here than it does in California or New York.

  17. Buyers smell blood right now, with the market being what it is. Screw them. An offer that low is an insult. Around here, no one does that. Not that that does you any good here.

    Good luck.

  18. That is an insulting offer! The other posters have some really great ideas about what to do with the offere though. Since we are seling our house, I think I will take some of the advice!


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