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Getting Seller To Come To Reasonable Price

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caldersky
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How can you get sellers to come to a reasonable price, there was a huge price inflation in this area a few years ago due to the BRAC, homes tripled in price. Now three years later with no huge amount of new jobs or people sellers are still asking for the moon. Granted, there will be some jobs coming but the government has until 2010 and it's constantly changing the amount of actual amount of jobs being moved.

September 14 2007 - US

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2 Big 2 Fail
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There is nothing you can do to get sellers to come down in price. You will just haveto be patient. If it means sitting on the sidelines for 3 years, so be it.

September 14 2007

caldersky
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Patience unfortunately has never been my strongest virtue

September 14 2007

klarek the realist
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klarek the realist

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It's one you'll have to learn. Believe me, they're wondering how come you aren't being "reasonable" and are losing patience waiting for offers they won't get. What area is this by the way?

September 14 2007

caldersky
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china lake

September 14 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

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Putting in a low ball offer can work against you. In today's market where there are a lot of homes for sale, buyers tend to place low ball offers to test the seller. When this happens the sellers will counter offer to bring the price back up. For those sellers who have lived in their home for a long time, a lowball offer can be offensive. If you really want the house then it is possible to go over the listing price.

September 14 2007

chuckdog24
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Robin, as we've discussed in another thread today, putting in a "reasonable" offer can work against you too when the home won't appraise at what seemed like a reasonable offer.

As a buyer you're left wasting $ for appraisal & inspection costs to educate the sellers/agent on the CMA of their property. Shame that these parties aren't always responsible to do that themselves & some don't even know or check what size their property is to boot.

So yes, if you want a home bad enough, have money to leave on the table & aren't worried about the "appraisal trap" then by all means "aim high" & bid high.

September 14 2007

caldersky
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For me buying a home is not only a huge financial prospect but a very emotional one as well, I had to sell my home before moving here so I've been on the other end as well. I do not think that offering what I think a home is worth (doing my homework on the market here) is offensive to the seller nor a waste of time. What is unfortunate is that the seller's agent is not helping the seller to price the home at a reasonable market price. The home is older and has never been updated.

When I sold my home I had to take these things into account and luckily I had an excellent agent who worked with me to to place my home on the market at a fair price. My home sold within 10 days for $2000 less than my asking price.

September 14 2007

CORONA NICK
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Send them lowball offers... they will get the point someday...lol

September 14 2007

chuckdog24
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In the end, the old "you can lead a horse to water. ..." saying holds with home sellers too. My wife & I had to walk away from sellers who demanded $5k over the highest appraisal that our bank had done. Selling is apparently an emotional prospect as well & all the logic & reasoning in the world won't change the minds of a seller who's emotionally entrenched.

I'd say bid safe & with some room left to negotiate & if it doesn't fly, move onto the next one.

BTW: I've found it to be a tough time to balance the emotional vs. logical aspects of house hunting in the current market.

September 14 2007

Space_Truss
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Ask this question to the people who are trying to sell their homes for months.
There is a lady around who is asking 515 for her house, ask her the starting price and why she dropped in such a strong market.

Newer send lowball offers and risk the house! If you can not buy, your realtor can not get her comission and feed her family. Offer what the seller is asking! As you can see all around the country, houses are selling very fast nowadays.

September 14 2007

Bobbie Goodrich, "BobbieSellsRE"
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Bobbie Goodrich, "BobbieSellsRE"

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The motivated seller will recognize, if their agent points out to them, that they they have a qualified buyer and that they should try to negotiate with the buyer. If I have a buyer making a reasonable offer on an overpriced listing, I sometimes try to present a group of comparable sold properties with the offer to show that the offer is in line with what has recently sold. In a stagnant or declining market, what is pending and what is on the market is as important as what has sold. In the end some sellers just aren't very motivated to sell. Thise sellers are stuck thinking about what their neighbors' houses sold for last year. Youwill have better luck making an offer on those homes with motivated sellers: job transfers, bank owned, estate sale, divorce, the sellers have another house under agreement are a few of the scenarios. Good luck. Get an experienced agent to help you.

September 14 2007

Roberto Ribas, "azrob"
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send some explanation along with your lowball offer:

such as a market comping showing there are x number of similar priced homes that have all stayed on the market for y days.... print out the zillow price change over the last month or two, etc.

Lowballing on a vacant home generally works better then one someone is still living in... (as someone is losing money and receiving nothing in return) Send offers to REO property, banks like to get it off their balance sheet so they may consider lowballs if nothing else shows up...

And be patient; more homes are coming for sale in most markets, and people are waking up to the fact that real estate in most USA markets is getting a painfull enema right now; By not accepting your lowball today, they may be doing you a favor!

September 15 2007

lkbryant
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azrob will never buy a home

September 15 2007

Roberto Ribas, "azrob"
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azrob owns 2 homes free and clear, i purchased over a dozen at different time during the late 80's early 90's here in phoenix, i held 5 until 2005 and liquidated the last 3 then.

September 15 2007

Roberto Ribas, "azrob"
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alpine292 it gives the simplistic agent representing the seller, someone probably like you, some info to help the seller make the decision to lower the price...

September 15 2007

lkbryant
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azrob, now is the time to buy

September 15 2007

lkbryant
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not true. becoming a RE Agent require hard work and requires a lot of studying to become a GOOD RE Agent.

September 15 2007

x0x0
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The fog of testosterone wafting up from this thread....Sheesh.

September 15 2007

Roberto Ribas, "azrob"
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mine came from UC berkeley!

September 15 2007

Marci Reinheimer
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Marci Reinheimer

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Anyone that comes on to a forum anonymously and brags about his credit score, real estate holdings, and degrees is so credible. I'm sure your clients would be really proud to know how professional their agent is. No wonder you don't put your name on here.

September 15 2007

lkbryant
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i am a real estate agent in Los Angeles area. i am a buyer's agent and you can rest assure I will help you buy a house in the lowest price possible.

September 15 2007

2 Big 2 Fail
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" am a real estate agent in Los Angeles area."

NO YOU ARE NOT!!!!!!! Just a few minutes ago, you started a thread asking how you can become a real estate agent! You are a troll impersonating a realtor!

September 15 2007

Roberto Ribas, "azrob"
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My clients are international companies. I am a professor of finance, my agents license was for me and me alone; I could not see a single reason to give a commission to an agent on my own transactions, and access to MLS data proved invaluable to me in my heyday of buying distressed properties, and fixing them for rentals. I have worked with the odd friend, and when I want to buy more investment properties, it helps to be out on the street with buyers. The houses nobody likes as they are too beaten up are the ones I keep an eye on.... but we are years and big fall away from that being a sensible investment strategy right now.
Marci go sit an open house, and fret about the lease of your realtors luxury car!

September 15 2007

2 Big 2 Fail
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azrob,

I thought you had to leave to go do some business; "something we know nothing about."

September 15 2007

Marci Reinheimer
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lmao, I don't do open houses and my cars are owned free and clear. Perhaps you have a class to teach.

September 15 2007

pinksandbaby
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I'm a stripper/astronaut/landscaper

wanna buy my old weed whacker?

September 15 2007

x0x0
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"Anyone that comes on to a forum anonymously"

Has a few brain cells firing and has realized the alternative.

September 15 2007

2 Big 2 Fail
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I am a professor at Princeton and today was a hard day. It was the first day of class and Pres. Bush's niece is one of my American history students.

September 15 2007

Marci Reinheimer
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Marci Reinheimer

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rofl pink - after I got out of the senate, I decided to get my broker's license.

September 15 2007

pinksandbaby
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just so you could hang with the Big Dogs on zillow w/ that much saught after tag :oP

September 15 2007

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