Sometimes my job makes me giggle. Today was one of those days.
Received a fax today from a seller’s agent in response to an offer my buyers clients made.
List Price $695,000 Buyer’s Offer $660,000
Note: Sold comps in the past 60 days are $685,000 and $669,000 with a recent low of $625,000 and a recent high of $715,000. I sent copies of those comps with the buyer’s offer, explaining how they’d compared the Seller’s house to each of the sold homes.
Seller’s Counter: $690,000 and a note that says “Bank of America appraised it in January of this year at $810,000. Would you like a copy?”
Would I like a copy?!? Um, no. If you really thought your house was worth $810,000 you’d have listed it at $810,000. And it would have sold. But you listed it at $695,000, and we all know you’re not leaving $115,000 on the table out of the goodness of your heart.
We all know the house isn’t worth $810,000. The question is, is it worth the $660,000 we offered?
Dear Mr. Seller,
While you might hope your house is worth $695,000, we all (should) know that non-bank owned homes in this price range are still a buyer’s market. We offered 93% of your asking price. You countered us at 99.3% of your asking price. We’ll come up a little bit more. But you’re going to have to do better than dropping $5,000, or you’re going to have to wait for another set of buyers to come along.
Sincerely,
Buyers.
PS – Our Realtor has a letter from a book agent who says he can get her a $250,000 advance on a book deal for her blog. Would you like a copy?
Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.
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Why all the hostility? If you can get a home worth $810k for only $690k… that’s a smokin deal!!! ;-p
I’m surprised they didn’t pull out the appraisal from when they bought the home in July ’05 for $1.3 mil.
Yes, it is the “non-bank owned” properties that are in hot demand. I have seen this trend for months.