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Listed house on Thursday and have a "lowball" offer

Posted on 12/6/14 at 10:12 pm
Posted by Golfer
Member since Nov 2005
75052 posts
Posted on 12/6/14 at 10:12 pm
Lowball in quotes because it's not that terrible, but we're about $7,000-$8,000 off from what the lowest amount we need.

House was just listed and we aren't in a rush to move because we're building.

Would you counter with the $8,000 increase or counter higher and if they don't accept just wait for another offer?
Posted by RebelOP
Misty Mountain Top
Member since Jun 2013
12478 posts
Posted on 12/6/14 at 10:23 pm to
I'd counter with what your asking. Still early.
Posted by AbsolutTiger
New Orleans
Member since Sep 2006
4796 posts
Posted on 12/6/14 at 10:29 pm to
I'd give them a little but not much.
Posted by matthew25
Member since Jun 2012
9425 posts
Posted on 12/6/14 at 11:44 pm to
Maybe it is just a first offer, not a lowball.

December is the slowest month if you are a seller, buyers know you aren't getting much traffic, and will see if you bite. Take a little off the top and see if they are serious.
Posted by Kramer26
St. George, LA
Member since Jan 2005
6397 posts
Posted on 12/7/14 at 1:06 am to
7-8 K isn't that far apart. Counter offer by coming down some from asking but not your bottom number. Some people like playing the negotiating game.
Posted by LSUGUMBO
Shreveport, LA
Member since Sep 2005
8486 posts
Posted on 12/7/14 at 1:35 am to
Counter with a slightly higher offer, but push back closing until your new hours is done- that way you only have to move once, and you reward them for waiting to close,
Posted by C
Houston
Member since Dec 2007
27816 posts
Posted on 12/7/14 at 8:53 am to
When do you need to sell by? If you're still 6 months away, I'd stay with your original number for now. What % are we talking? $8k is a lot for a small home but if you're in a mansion it;s just a drop in the bucket.
Posted by GFunk
Denham Springs
Member since Feb 2011
14966 posts
Posted on 12/7/14 at 9:15 am to
Typical to get low balls expecting more eager seller's this time of year...
Posted by Golfer
Member since Nov 2005
75052 posts
Posted on 12/7/14 at 9:35 am to
House won't be ready until spring. We were already preparing to move. And this is a starter home so we're about 5% off
Posted by LSURussian
Member since Feb 2005
126934 posts
Posted on 12/7/14 at 10:27 am to
Drop your price $1,000 and have your agent tell the buyers it's your final price. Then be prepared to walk away.
Posted by LSUregit
Member since Dec 2013
1620 posts
Posted on 12/7/14 at 10:27 am to
Your house has been listed less than a week. Final counter with what you think is acceptable and move on if not accepted.
Posted by ItzMe1972
Member since Dec 2013
9766 posts
Posted on 12/7/14 at 10:46 am to
Sometimes...

The first offer is the best. Not likely, but consider if you do not get any additional offers.

I would try to get to a compromise position with them if they are truly interested.
Posted by BigAppleTiger
New York City
Member since Dec 2008
10374 posts
Posted on 12/7/14 at 12:56 pm to
quote:

Drop your price $1,000 and have your agent tell the buyers it's your final price. Then be prepared to walk away.


Best advice so far.
Posted by Golfer
Member since Nov 2005
75052 posts
Posted on 12/7/14 at 2:24 pm to
quote:

Drop your price $1,000 and have your agent tell the buyers it's your final price. Then be prepared to walk away.


That's what we're doing.
Posted by MoreOrLes
Member since Nov 2008
19472 posts
Posted on 12/7/14 at 2:30 pm to
quote:

but we're about $7,000-$8,000 off from what the lowest amount we need.



Has nothing to do with the value of the house by the way.
Posted by I B Freeman
Member since Oct 2009
27843 posts
Posted on 12/7/14 at 2:41 pm to
Ask the realtor to cut their commission and lower the price with that.
Posted by I Love Bama
Alabama
Member since Nov 2007
37693 posts
Posted on 12/7/14 at 2:45 pm to
I wouldn't even respond. You just listed it.
Posted by I B Freeman
Member since Oct 2009
27843 posts
Posted on 12/7/14 at 2:47 pm to
Betcha a realtor would be quick to cut commission to make a sale this quick.

What is the overall price? $7000 may not be much or it may be huge
Posted by BigAppleTiger
New York City
Member since Dec 2008
10374 posts
Posted on 12/7/14 at 3:32 pm to
quote:

Ask the realtor to cut their commission and lower the price with that.


Unless the realtor is the listing broker, it is not up to them to alter the contract he has signed. They may have some flexibility depending upon their standing with the broker but not always. Also, why try to undercut a realtor that has brought an offer after two days? I know you don't know the ins and outs of real estate by your question or think that a realtor is not necessary- but that's another question and answer altogether.
Posted by BigAppleTiger
New York City
Member since Dec 2008
10374 posts
Posted on 12/7/14 at 3:33 pm to
quote:

Has nothing to do with the value of the house by the way.


And your comment has nothing do to with the fact that the prospective buyers obviously want the house.
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