I've seen this question pop back up as others have answered it, and I have a couple more thoughts and questions for you. Are you overpriced, not by what you want to get or hope to get but in relation to what the most current market data indicates? Have you been sitting on the market for a long time with few showings and no other offers until now?
If this is the case, your agent and the buyer may be doing you a favor, sort of. There are agents who won't write an offer that may be considered a "low ball.â€ I don't know why, perhaps they take it personal when offers are rejected or if sellers choose to be offended, but they shouldn't. If you are overpriced compared to your active competition and most recently sold homes, this buyer's agent may want to find out if your "bottom line" is realistic or not and they may be afraid of offending you.
If I were your agent, I would try and handle this differently than perhaps your agent may have done. First, overpricing is a terrible strategy, you get fewer offers and end up selling for much less and it takes longer.
Next, I would suggest you and your agent come up with a realistic price and tell the buyers agent this, "On Friday we are going to drop our price to $XXX,XXX but we wanted you to know first. It may not be our bottom price, but we believe it will create a lot more interest. We'd love to do a deal with you so if this makes sense, tell your buyer to make their best offer before someone else does".
This will accomplish two things, you will be priced right for the market and have a better chance of getting other activity if this one does go away and it gives this buyer something to work with.
Price for what is REAL, not what you hope to get. No one has ever asked me what the seller hopes to get, they ask how low they can get it for.
If the buyer is interested in your property, and we have done a good market evaluation for the market value of the home, then the agent for the buyer, can do exactly the same, put that information in front of
the buyer, can even show the buyers other similar homes and then discuss what they want to offer and
how far they would go to get a signed contract, or where they feel that they would be paying too much for the home.
The buyers side should present to you a fully written offer, with all other terms spelled out, if you give
a bottom line to the buyers, and after that you see the other terms you may really regret what you did.
It is just not a good or a right way to go about it, how much is the buyer going to put down, is he pre-approved by a lender and has it in writing, when does he want to close and move in, does he have
property to sell himself....
Get all the terms and details and then negotiate with the buyer all the terms, all of them including
of course the price!
hope this helps
Good Luck to you
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
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Douglas Elliman Real Estate
offer to you. I would never advise a Seller to to give "my best number" to a Buyer. Sounds like your agent is more interested in getting his commission than getting you the best price for your property.
NO. Your list price is what you want. It's up to the buyer to offer what they feel it's worth to them. I would never advise my sellers to make the first move, the list price and then under cut that with a lower offer to buyer A. You don't know what other terms and conditions their offer will have. Are they even pre-approved? If they want to pay cash, do you have proof of funds?
If you are overpriced, lower your price to everyone. This may shake loose another more serious interested party. I wouldn't take this buyer too seriously. They want to rewrite the rules to favor themselves.
You should price your home right from the start.
If the buyer is serious he/he/they will write a reasonable offer.
Your list price should be in accord with the comps for your area. You do not have to tell the buyer anything to urge them to write an offer.
Best of luck to you!!!
Kawain Payne, Realtor