Low ball offers on Brentwood real estate -
Recently I was eavesdropping on a group of realtors at my office talking about lowball offers. There was a general consensus that lowball offers are driving down real Brentwood real estate prices and insulting sellers all over middle Tennessee. Many of these agents said that they wouldn't even respond to low offers. Is that representing your client's best interest? Starting low does not mean that you cannot find a suitable ending point.
As a buyer's agent in Brentwood and Franklin,TN, I am hired to get the very best deal that I can for my client. It is not supposed to easy, or even comfortable, all of the time. If your Brentwood listing is priced above fair market value, warn your clients not to get insulted by offers that are 8 -10% below true market value. Also let them know that all of those upgrades and that beautiful landscaping are what brought us to your home first, it doesn't mean that they will get a 100% return on their "investment." Prepare them that they will be asked for closing costs and prepaids.
If you come as a buyer's agent to one of my listings, please don't lowball me. Just kidding, present any offer. My selling clients are prepared for a tough negotiation, are yours?
Julie McLeland.The Brewer Team
Serving clients in Nashville and surrounding areas
Brentwood-Franklin
Low ball offers are the result of watching too much HGTV.
That was TV folks, not the real world.
It is funny that clients selling will hate the low offer but still want the awesome deal on a new home.
I try to help them understand it is a trade off. You give up a bit and you gain ALOT.
PS. I'm just the Loan Officer, helping crazy sellers and buyers all day long.
Larry,
Actually many of our higher priced foreclosures are starting to sell above asking price so low balling is not working here any more.
Melissa - You are correct in the double standard that some seem to have. It's just a stupid reaction to think that you can have it both ways.
Are really low ball offers generally from serious buyers or are they from people who don't want a home they want a steal?
When a client comes to me (generally after getting trained at HGTV, BTW) and say they want to get approved to buy a foreclosure, I generally ask do they want a foreclosure or a home.
I do home financing.
Richard
Richard - Most of the people I talk to really want to buy a home. Unfortunately they get a lot of advise from experts (mom,dad, brother, sisters, golfing buddies) who know so much more about current market prices and negotiating than I will ever know, that they think I'm crazy when i tell them that the best they can hope for might be a 3 or 5 percent reduction on a well priced home. but if they want to bid on a home that overpriced, we have more room to negotiate.