Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I plan on making offers that our lowball like on several pieces of property before I settle down and buy a house (that is essentially a lot for about the same price I'm offering) 1/2 to 1/4 the listed price..
This lot in question was 10k sqf and was listed at 50k on our local market for 6 months likely with 0 offers and little interest based on the local market.. I got the realtor for it all the way out to my home to make a offer of 20k on it.. after I mentioned my offer, the realtor said "well, I don't think they'll take that" after which I decided I guess we were done..
The question here is if I make all these lowball offers (it's only about 5-6) is every single realtor going to tell me that.. and am I just supposed perform the offer anyway to see if the other party is interested?
I realize significantly that those selling lots seem to have some kind of long term investment philosophy, maybe don't care about market factors and think a person is fine with (here in my region) paying 50k for a lot and 20-25k for tap fee's.. where one can buy a house here for about 50k with tap fee's..
If you were asking me to lowball 5 or 6 properties just to see if one will hit, without any basis for your pricing thinking, I wouldn't take you as a client. To me lowballing means to offer less than what you think the property is worth and not taking into account the comps and such. SOunds to me you are playing a game and I personally do not think realtors have time to play games in this market-they want to work with serious buyers and sellers.
(I am no expert, just my honest opinion)
I think the property is worth the amount I offered in this market.. it's the sellers that don't.. I'm not trying to get a realtor to do the job I was just going to do it..
In your case, I would recommend writing a "letter of intent." It's less time and expense consuming for everyone involved. Should you receive any interest, you can proceed with the formalities.
The letter of intent should be prepared by a real estate attorney. That said, part of the verbiage might include something to the effect of: "seller understands that buyer is making multiple offers simultaneously and this offer may be revoked by the buyer at any time without penalty to buyer."
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
