Home Buying in Boynton Beach>Question Details

Janetvoltagg…, Home Buyer in Rocky River, OH

Should I accept first offer after 2 days that is 8% lower than asking with heavy interest/showings?

Asked by Janetvoltaggio, Rocky River, OH Thu May 23, 2013

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10
None of us know the details of your transaction, so we can't really give you any valuable input.

Your Realtor is aware of all your parameters... and s/he should be able to give you pertinent advice.
2 votes Thank Flag Link Thu May 23, 2013
Alan May, Real Estate Pro in 60201
MVP'08
Contact
It depends on the comparables, what does your agent recommend?
2 votes Thank Flag Link Thu May 23, 2013
Frequently the first offer is not only the best offer, also the only offer. I had a seller refuse the first offer received, even thought he would still have made some cash from the sale. Six months later, the listing expired, then he tried another broker, then he moved away and left the home on the market, then the bank foreclosed. He could had made money, but greed let them to nothing plus damaged credit. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
Antonelli Realty
1 vote Thank Flag Link Thu May 23, 2013
Janet.
The real estate professionals responding to you could each and every one, share hours of war stories all sharing the same theme.

All share in common a seller JUST LIKE YOU!
Too often, the seller comes to the realization the first offer was the best offer and wish they could have a do-over. The motivated buyer has already moved into their new home...you know, the home that was competing with yours.

If you have a contract in writing...make it work. If the heavy interest was by design rather than by accident, then this is EXACTLY the outcome you wanted. Consult with the professional you hired. They have the data and skills you need at this moment. Second guessing your agent is not going to be beneficial to you.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
1 vote Thank Flag Link Thu May 23, 2013
Excellent
Flag Thu May 23, 2013
Janet,

Hard to saw without knowing the features, condition and orientation of your home in relationship to the most recent sales in your community. Knowing the metrics surrounding your neighborhood including sales, inventory, absorption rate, etc. also are critical as are the terms of the offer and the strength of the buyer. Your motivation is also very important when deciding on if the offer is one you want to accept. While the percentage of list price and the number of showings are factors there are many others that need to be considered and discussed with your agent.

Hope this helps....




Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
1 vote Thank Flag Link Thu May 23, 2013
You can always counter the offer if it's not quite where your Realtor and you have determined value. Keep in mind that it will also need to appraise and appraisals are often coming in below the contract price due to the escalating market; Sellers either have to agree to lower the price or the contract is canceled unless the buyer agrees to come in between the contract price and the appraisal. I would look at the strength of your buyer more than anything regardless of the price. I have often found that buyer's who are pushing their purchase to their limit can be a long hard closing. Your Realtor will be the best person to go over the sales with you and know if the offer is realistic. An offer within 10% of the asking price is not uncommon and if that is the initial offer it usually comes together. Good luck!
0 votes Thank Flag Link Sun May 26, 2013
I wouldn't read too much into getting a few showings during the first couple of days the property in on the market. For a home in a nice location, with good curb appeal, and priced in step with the current market activity this is no unusual.

Janet, your agent is the best resource on this. They know the area, the terms of your purchase offer, should have an appreciation for your area market activity. Speak with your agent about whether or not a cushion was built into your listing price that would accommodate a price decrease or anticipated lower buyer offer. If this is indeed the case, you may be where you needed to be....Again, your agent is your best resource.

Best wishes,

Bill
0 votes Thank Flag Link Sat May 25, 2013
Seriously, you need to turn to your agent for advice that really matters, and for advice that you should follow.
- we can only share war stories and trivial mantras like "the first offer is the best offer" (actually, I just had two listings receive offers for more than the "first " offers the sellers rejected).

Biggest question is........is the offer on the table a number in the expected selling range you discussed with your agent when you came up with the list price?

best wishes.........
0 votes Thank Flag Link Sat May 25, 2013
Janet, The offer that offers the most "certainty" for you to
get a closing and meet yor objectives is what you
want to look for! If that's what you have before you-
do it! If not, that would be the reason to wait.
We can all agree waiting for the' Best Offer" can
can bring consequences!
A time honored perspectives that may
apply : " a bird in the hand is woth... in the bush",
heavy interest and market projections not withstanding!
In short- Selling should be about You- first!

Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Sat May 25, 2013
I always found that heavy interest/showings does not mean much but a contract does. I have had plenty of agents show my listings and end up with only one offer. Ask your agent their opinion and look at the recently sold homes that are similar to yours. Remember terms are as important as price :) Good Luck
0 votes Thank Flag Link Thu May 23, 2013
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