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Got a low offer after 6 days on market, potential buyer won't budge on price...

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DisaL

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There's lots of interest in our completely updated home for sale (several showings, realtor cards), and after 6 days on the market, we got an offer from our next door neighbor, who bid lower than 10% of our asking price.  He says he won't budge.  We priced it to sell and originally weren't planning on coming down much in price.  Our home is 3 lots, so this would give the neighbor a total of 4 lots.  He says he's planning on renting out his current (run-down) home.  He also mentioned he could go down to California and buy the same thing as our home for half the price (but, hey -- this is Seattle and not CA, right?).  I think we'll wait out the weekend to see if there's more traffic and interest.  After all, it's only been on the market for barely a week.  Any advice?
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August 07 - Seattle
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rockinblu

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Tell him if his house wasn't such a blight on the neighborhood, you would be asking more. He's costing you enough money as it is. lol
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August 20
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DisaL

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Firstly, I'd like to thank all of you for taking the time to answer this.  Your responses were numerous, diverse, and at times very humorous!  I'm greatly appreciative.

Some background:  This is the second home my husband and I have flipped and sold in under 3 years, and we've made a point to study the market(s) in depth.  We have a discount agent at 1%. 

We did make a counter offer, and that's when the neighbor said he wouldn't budge.  We tried not to panic, but we'd also heard that one of the biggest mistakes sellers make is to reject the first offer.  Given the uncertain market, we decided to accept their offer verbally.  They had supplied a loan approval letter from their bank.

 Then, the neighbor brought in a "builder friend" who convinced him to demand that we replace all the windows (this is after his witnessing us do a total remodel for four months).  We scoffed at this and have never had any communication with them since.

The GOOD news is.....We got another offer after 13 days on the market, and it was much, much higher!  It was outstanding.  Our agent was already telling us to lower the price, and we were just about to do it when the offer came in.

It closes on Wednesday.

Thanks, everyone~
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September 21
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Mack McCoy

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Wonder how this turned out.

Usually, the first offer is the best offer, especially in a slow market. But hope does spring eternal, and it's possible that the Right Buyer will fall into their lap.

Then, again, we don't know if the "next door neighbor" submitted a formal, written offer - or just said, "Hey . . . "
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September 20
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Robert Stoeck, "rstoeck2"

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Tell your neighbor to go to California then. But if he wants your property counter him with where you feel comfortable with price. Good luck!
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September 19
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agentblu15

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in most markets, average marketing time can be 6 months or more.  So after only 6 days, unless the offer is spectacular, or you're really pressed for time, I'd wait it out.

As others have said, because the purchase would give your neighbor 4 contiguous lots, it should actually be worth MORE to him than the average buyer.  So if he really wants the property, he may need to realize that it will take a stronger offer to get it.
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September 10
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mnmlod

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After 6 days?, I would wait. Sounds like your neighbor is trying to scare you into a deal. If he wants to go to southern California, give him a map. I also don't know your financial situation either. If you can wait it out, financially, do so. Tell your neighbor " Thanks, and have fun looking for a house in SoCal. ".
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September 10
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jkonstant

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Go to the "Buyer's section on Zillow and ask this question..."If I sell my home for less will I make it up when I buy again?" I bet you get plenty of buy, buy, buy answers from a slew of unqualified individuals who have no idea what your specific circumstances are.Re-read the two shortest answers above. One seeks more information and the other suggests influences outside your four corners might be a bigger concern than you thought.
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September 07
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Jeffrey Rainwater, "jrainwater"

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First call an agent. Even if you don't list with him/her, that is fine. Just have one do a market analysis. If it's advantagous to your negotiation, show the market analysis to your neighbor and say "look this agent says it's worth more than my asking price as it is." and tell him its not enough and if he really wants it he should offer more. You could simply counter offer as others have suggested. That is probably a better route. Remember that a counter offer is the same as REJECTING his offer and creating a NEW offer. Whatever you do, don't get wrapped up in the emotion of it. That is a common mistake by for sale by owners. They make emotional decisions. That is a great reason to use an agent. They are an outside, educated, professional, unemotional opinion that can help, let them!
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September 06
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DEBORAH CONTI, "ListingSpecialist"

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I don't see where you "Mentioned" an agent?  First of all, if you are selling yourself as a FSBO, your price could be lower than it should be, since you got an offer in 6 days!  And, since you stated they bid lower than 10% of the asking price (which is normal in this market), I am assuming you are selling yourself.  GET AN AGENT. Since I work for Re/Max I do promote that company, but call any real estate office if you don't have a Re/Max Office around you and ask the agent to do a Current Market Analysis for you.  It will show you what is currently Active, SOLD and Pending in your area and will give you a listing price range.  Then, you will have a better grip on what the market value is.  Buyer's are smart, they have done their homework and if they see a "Deal" they will grab it and seller's get excited because they have a live buyer, so soon.  DON'T RUSH INTO ANYTHING!  You could loose thousands of dollars!  If you do have an agent, then follow their advise, we are well educated and most of us are very experienced in dealing with buyer's like that.  Good luck.
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August 24
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Tiffany Bond, "TiffanyBond"

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We could probably give better advice if you could narrow down the geography a bit.
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August 20
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Mack McCoy

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I'm with Sam - nobody knows your situation better than you and your agent.

For our readers, however - negotiations involve risk and reward. The risk in countering is that you lose the deal, the reward is that you get a better price or better terms.

Negotiations are not a science, and although we have a pretty good idea of how the general population of negotiations typically go, each one has individual characteristics.

A lot of times people complain that their agents are "too eager" for them to accept an offer (or a counter), to which I say, well, maybe not eager enough!

You can not control the other party, you only have control over your side of the deal. If you can bear to have the other party walk away, then, counter!
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August 20
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Rebecca Carlson, "Rebecca finds homes"

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I think you just need to call his bluff.  If you haven't done so already, make a counter-offer for a price you feel comfortable with.  This will at least keep the conversation going.  You might also want to know what the average days on market is for your neighborhood.  This will give you a sense of the activity and interest in your neighborhood.

Good Luck!!
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August 10
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Kevin Lisota

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I would excercise a little bit of patience. If this gains your neighbor 4 contiguous lots, it is potentially worth MORE to your neighbor than any other buyer. But if it remains on the market too long, this buyer will likely lower his already low offer.
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August 09
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David Young, "number 1 agent in SC"

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Before taking his offer, you might consider reducing your price 5%, rather than immediately taking a 10% lower price.  You may even propose "carrying" the difference on a second deed of trust for 5 years.  Even if the neighbor pays no interest, 5 years will come and it is better than giving it all up at the beginning.
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August 07
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Sam DeBord, "SeattleHome.com"

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Do you have a listing agent?  If so, you should be listening to his/her advice.  If not....

Waiting a weekend rarely will lose you a buyer (especially if it's a neighbor).  However, after you're 3-4 weeks on the market, buyers can "smell blood in the water".  You may get a lower offer from the same person.  If no other offers come in shortly, strongly consider whether or not you're comfortable with the neighbor's offer.  If not, stay on the market.  If it's good enough, move forward.   It's still a buyer's market.
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August 07
 

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