I am currently working with a buyer in Chandler and they wanted to place an offer on a house. The house was listed at 310,000 and based on my comps I thought the house was worth 295-300k.
I discussed offer strategies with my buyer and they decided they would be willing to pay around 300,000, but wanted the best deal possible. I discussed putting in an offer of 292,000 and including some comparable a to help support our offer.
After I wrote the offer my clients called me back and decided after talking to his father, they wanted to offer 275,000 to start. We had a conversation about why I thought this was a bad idea, but this is what they wanted to try.
I have a personal philosophy of allowing a new buyer to make this mistake up to two times, after that if they were not willing to listen to my advice then we are probably not a good fit.
I discussed with the buyers their top line and they were still wanting to buy it for up to 300k, they just wanted “more room to negotiate.”
We submitted the offer and I had a conversation with the agent. When the agent said it was a little low I told him to let me know if his sellers wanted to accept it or to counter.
At the end of the next day I called the agent for a status update and was told the seller was insulted and would not be replying. If we wanted to submit a more reasonable offer the sellers would consider it.
My clients decided to keep looking to see if there was anything else out there. They were put off that the sellers would not even counter offer their offer.
Fast forward three weeks. And that house my clients were willing to pay 300k for has just had a price drop and my clients are now under contract on another house.
If the sellers had just counter offered instead of taking it personally I’m fairly certain they would be about a week out from closing instead of still looking for a buyer.
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