Home Selling in Texas>Question Details

bt7070, Home Buyer in Navarre, FL

Making Unreasonable Offers

Asked by bt7070, Navarre, FL Wed Jun 26, 2013

If a buyer is interested in a home that is priced way above market value and other comps in the area is it feasible to consider making an offer and chance insulting the seller? Or would it be more reasonable for the buyers realtor to verbally present the offer before putting anything on paper?

Help the community by answering this question:

Answers

9
BEST ANSWER
Put it on paper, but see if it will work or makes sense.
For example I often check the mortgage amount .
If you're offering 1/2 of the mortgage, it probably would not work.

Is there something else at play?

Is the house different?...more upgrades...more land, etc?
0 votes Thank Flag Link Wed Jun 26, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Neither.

My advice is: pick on houses that you can actually buy. Don't get hung up on the idea that you can persuade an unreasonable seller of True Market Conditions. Pick out a house that you can buy, close on, and be happy with.

All the best,
0 votes Thank Flag Link Wed Jun 26, 2013
Like it was said before it is not of True Market Conditions but priced much higher than market. If that were the case I wouldn't be concerned about the seller's response.
Flag Thu Jun 27, 2013
When making an offer that you feel may be interpreted by the seller as unreasonable or insulting, try to provide as much supporting data with the offer itself that you can...comparable sales, condition of other homes for sale in the area compared to the home seller has listed, neighborhood amenities, etc. In addition to providing the above information, write the sellers a letter to be presented with your offer explaining all the things you like about the home and why you want to buy it...sometimes it helps a seller to hear some good things and know your intentions are not to insult when an offer comes in lower than they might expect.
0 votes Thank Flag Link Wed Jun 26, 2013
Support your offer with supporting data.
It is very likely yours will not be the first offer below list price received.
Just down the street from me is a home priced $200,000 above what it will sell for.
The 3,000+ days on market clearly indicate there is another game in play.
-
Don't take it personal or expect the seller to justify their price. What you can do is start the conversation with a written offer, then move on.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
727.420.4042
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Jun 26, 2013
Bt,
A good written offer, based on a comparable market analysis will begin a meaningful conversation. Data is data, facts are facts, eventually the seller will either realize they are over the market or they will decide to stay and not sell.
I advise seller's that no offer is an insult, it may not be worthy of a full response, but someone likes your home well enough to want to buy it. I don't always advise a counter offer if it's just ridiculous, but I'd rather have the offer. Often one offer leads to another.
My advice is to write the offer, back it up with the facts and see what happens.
0 votes Thank Flag Link Wed Jun 26, 2013
Nothing wrong with having your agent explain that you're emailing some basic offer terms first since the offer will be substantially lower than asking price, but well within fair market value. I often do this to save time and energy on overpriced listings. Sometimes it works, sometimes it doesn't, but either way, there's no harm in giving it a shot since the seller may really believe their own view of value.
0 votes Thank Flag Link Wed Jun 26, 2013
If your offer is unreasonable your agent will advise you of it prior to writing the offer. I would say write the offer and have your agent present it as normal.

You do not know what the seller will do and the listing agent must present all offers to the seller unless they are instructed not to take certain offers.

It may also open discussion to negotiate the sales price. You have to make an offer to get anything going in this business. Its the starting point. In addition you should make offers where you need them to be to work for you.

Regards,

Chris Hutchinson
REALTOR(R)
972.809.0607
http://www.chrishutchisnonrealestate.com
0 votes Thank Flag Link Wed Jun 26, 2013
Just lost spouse. No mortgage. Appliances original, 20 yrs old. new AC, and some new upgrades. Not 100k worth. Price per sq ft is way high for area. House next door sold for $400k less 2 mths ago. Same Amt of land just smaller home.
Flag Wed Jun 26, 2013
Some listings agents will not take a verbal offer. The listing agent might tell the buyers agent to present an offer on paper. I say go for it and present the offer. Have the buyers agent submit the comps along with the offer. Anything is negotiable.

Make it a Great Day!

Tamika A. Goree
Broker | Owner
The DFW Property Shop
Cell: 972.697.1178
Fax: 972.665.7148
Email: tamika.goree21@gmail.com
0 votes Thank Flag Link Wed Jun 26, 2013
If the seller is going to be insulted, he's going to be insulted either way. BTW - in my experience it is extremely difficult to get a seller to come down to a reasonable offer if he is, in fact, priced way over market. Even though he may be wrong, that is what he thinks it is worth.
0 votes Thank Flag Link Wed Jun 26, 2013
This person just lost their spouse and did not take advice of realtor. Even though it may be priced at what they think its worth its often times not realistic.
Flag Wed Jun 26, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Texas > Home Selling in Texas > Question
Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer