When NOT to write a low ball offer on that Los Angeles Home
I just listed a La Crescenta fixer upper. My savvy home seller decided to price the home competitively and because we did, we received offers within the first 24 hours. Interesting that the initial offers were the “low ball offers”. And out of the nine offers received, four were stupid just ridiculous.
What type of Realtor human being would I be if I encouraged my client to accept an offer over 15% less than his asking price within the first 24 hours???? In any event we listed the home in the MLS last Thursday in order to have the home in the multiple for the weekend; we had Broker’s Open House Tuesday and Wednesday my client selected the offer he thought was the best (there were 9 offers) and we opened escrow Wednesday– all within a week. And yes, it can be that easy.
But back to a potential home buyer: Yes, feel free to submit a low offer, but why waste your time writing a silly offer on a brand new listing? And, as a Realtor, I don’t want to write a stupid silly offer on a listing less than a week old – give it awhile – what seller is in a panic that their home has not sold after only two days???
With nine offers.. Do you think we are in escrow for full price or over asking?
Categories: A Buyer's Perspective, La Crescenta, A Seller's Perspective
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9/17/2008 8:32 AM
Los Angeles Real Estate Blog wrote:
I recently posted that my La Crescenta fixer sold with 9 offers in less than a week. Well the bomb dropped today, the buyer decided that he required a $20,000 price reduction in order to proceed. I asked the buyer’s Realtor if they had done an inspection – “no inspection”. I am curious as to what changed from the time they saw the home until the time they decided that $20,000 would make it better. My point… the home has not dropped $20,000 due to condition or any other reason in less than a ... -
9/17/2008 9:48 AM
Los Angeles Real Estate Blog wrote:
I recently posted that my La Crescenta fixer sold with 9 offers in less than a week. Well the bomb dropped today, the buyer decided that he required a $20,000 price reduction in order to proceed. I asked the buyer’s Realtor if they had done an inspection – “no inspection”. I am curious as to what changed from the time they saw the home until the time they decided that $20,000 would make it better. My point… the home has not dropped $20,000 due to condition or any other reason in less than a week... ...
Sing it, sister!!!
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Delighted you concur; thanks for your comment.
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