Real Estate Crash thread

[glademaster]

You miss every shot you don't take. If it offends someone, they can go fuck themselves.

[MontuckyFried]

You miss every shot you don't take. If it offends someone, they can go fuck themselves.

Sure, but if you try buddy fucking one of your "friends" then you're a jerk. It's one thing if you're in a slow market and a friend has a property they need to unload, but in a hot market? GFY.

Did the pre-emptive lowballer "offend" me? Not really, but it also showed me they were no true friend. They never reached out since so whatever. Nothing lost. Again, no need to hook up people like that. What, so THEY can turn around and flip it for a tidy sum? Lol, nope.

[Kevo]

I'm honestly not offended. They were off by 13% from what I'm wanting. Plus, therly were trying to feel out if I was desperate to sell, which I also don't blame them for. I wouldn't have listed this weekend anyway, so honestly no harm done.

They went with the comp down the street minus RE commissions to come up with their number and I can't fault them for trying.

The comp with an ADU does add value, but my house is like $35k from having an ADU if someone wants it so badly and the view on my side of the street has historically commanded a $50k premium.

So, we'll see if we can close a 13% gap before I list. They have an artificial time crunch in that they are out of cell service for 7 days starting Tues. I've heard from two other prospective buyers yesterday. We'll see where things go.

Edit to add, they aren't friends. Just neighbors and we've been neighborly for a couple years.

[The AD]

So tear-down properties in Whistler are close to $2 million CAD these days:
https://www.point2homes.com/CA/Home-.../95058378.html

You know the house sucks when they don't even bother to post any photos.

[schuss]

You miss every shot you don't take. If it offends someone, they can go fuck themselves.

Yes, but if you low-ball/skinflint everyone you meet, guess who's not gonna come knocking when they see something in your ballpark. It's a double-edged sword.
He shouldn't be truly offended, but they also should get zero slack or exclusivity

[XXX-er]

We don't need your stinking H1B visas! We work from home!

My sister told me they were using contract workers from india at her bank the HSBC and I said next it will be Chinese but she said no they don't speak good engrish but India was colonized by the brits so they do


I drink beer a lot with the guy I bought this house from, I tried the low ball after he had already dropped a bunch, I couldn't get him to budge but it was a good deal so I bought it anyway and we laugh about it all the time

[SKIP IN7RO]

So tear-down properties in Whistler are close to $2 million CAD these days:
https://www.point2homes.com/CA/Home-.../95058378.html

You know the house sucks when they don't even bother to post any photos.

Tapley Farms sounds pretty interesting, "Halloween has been a special experience at Tapleys Farm since 1983 when 800-1000 goblins arrive for the festivities. (id:1937) "

[Danno]

On the flip side, you miss every shot you don't take. It's foolish to be insulted by a low offer, but given that the comment was made by someone who regularly demonstrates that they are a fool, it makes sense.

When you low ball, sometimes you don't get a second shot. If I were Kevo and was offered 690, I'd have told them to pound sand. Some offers are so low as to be insulting, and tells you that these are not people to do business with. Because even if they finally offer what you want, the low initial offer says they'll try to take you down over the inspection report, once you're somewhat committed.

Regardless of what you think, there's a reason that some people believe low ball offers are risky.

[glademaster]

It's also ok to admit that you're looking to sell to a sucker and not to a discerning, well-informed buyer.

That certainly plays to a seller's advantage.

[Danno]

You miss every shot you don't take. If it offends someone, they can go fuck themselves.

That's one way to look at it. But sometimes that one shot you take precludes you from taking a second shot. It's not rocket science, but you're missing a pretty crucial piece of the picture.

[Name Redacted]

When you low ball, sometimes you don't get a second shot. If I were Kevo and was offered 690, I'd have told them to pound sand. Some offers are so low as to be insulting, and tells you that these are not people to do business with. Because even if they finally offer what you want, the low initial offer says they'll try to take you down over the inspection report, once you're somewhat committed.

Regardless of what you think, there's a reason that some people believe low ball offers are risky.

Yup, they'd get a highball return offer from me and I wouldn't budge on it for them. I haven't been keeping up with the whole saga, but it kinda sounds like the guy should just get an agent, set a price, and go from there. Why deal with the brain damage? It's just a house. No need to get all emotional about it unless you are emotionally attached to the house, which sucks.

[glademaster]

That's one way to look at it. But sometimes that one shot you take precludes you from taking a second shot.

Right, but...

It's just a house. No need to get all emotional about it unless you are emotionally attached to the house, which sucks.

[Danno]

Well, the point isn't "how people should act when buying or selling a house", it's how people DO act when buying or selling a house.

Plus, even if you view it a completely dispassionate transaction, someone who low balls seems more likely to be someone who nickels and dimes you post inspection, even if they finally offer a proper price. Regardless of how mercenary you view the transaction, low balling sends a message, at least to me (and some others), a message you don't want to send if you hope to purchase the property.

[Self Jupiter]

.

[MontuckyFried]

Some offers are so low as to be insulting, and tells you that these are not people to do business with. Because even if they finally offer what you want, the low initial offer says they'll try to take you down over the inspection report, once you're somewhat committed.

Regardless of what you think, there's a reason that some people believe low ball offers are risky.

PRECISELY. Every low baller I've ever dealt with in business of all kinds have ALWAYS been the most giant pains in the ass, even far beyond when the transaction has been concluded. Conversely, every time people have offered me my asking prices (or at least close) without any trouble, the entire process has always been smooth sailing. Drama-free buyers who won't try and further screw you over at the 11th hour.

[MontuckyFried]

Well, the point isn't "how people should act when buying or selling a house", it's how people DO act when buying or selling a house.

Plus, even if you view it a completely dispassionate transaction, someone who low balls seems more likely to be someone who nickels and dimes you post inspection, even if they finally offer a proper price. Regardless of how mercenary you view the transaction, low balling sends a message, at least to me (and some others), a message you don't want to send if you hope to purchase the property.

x1000!!! Thanks for driving the point home even further. Seems you've been through it all a time or two, huh?

[Danno]

x1000!!! Thanks for driving the point home even further. Seems you've been through it all a time or two, huh?

Not really, actually. Never sold a house. But I've been dealing with humans my entire life, so...

[Ted Striker]

The shenanigans go both ways.

Potential buyers make a high offer to tie it up, with the intent to renegotiate upon inspection. And/or even a sight-unseen full price offer with escalation to fend off competition, and then demand a massive reduction and threaten to walk during the first five days.

I've seen both of those strategies employed in this market where correctly priced properties sell within the first few days, and a large proportion of the buyers are from somewhere else.

[CascadeLuke]

Yeah, but what's the downside for her? And who knows, may find that deluded buyer. Bingo.

I guess but that’s not how it has been working around here. Savvy buyers. They may wind up spending on emotion but they didn’t fall off the Amazon Ride bus.
You get your best offer in less than 8 days here and most of the time by days 2-4. That doesn’t come about by overpricing your market by 25%+

What I really wanted to say was: lady this is Everett not the Eastside. But I just rolled out

[goldenboy]

What I've found representing sellers is that when they get a lowball, if they keep the conversation going, the buyers will come around about 80% of the time. And I haven't seen one yet (knocks on wood) where the buyer then tries to get it all back during inspection or something.

I guess it's just a different negotiation mentality or something...

[yeahman]

Just depends on the market. We put in a lowball offer on our house 50k below asking and it was countered only 5k above our offer and we had a deal. But that was 2010 and the house had been on the declining market for two years. Asking price started 145k above what we eventually paid. Overpricing it initially when the market was about to drop cost the seller a lot of $$. But from our perspective, we wanted the house but were only approved for a little above what we offered, so we went for it. I give a lot of credit to our RE agent. You need a 3rd party to make the pitch when you are coming in low. He did a great job explaining how much we loved the house but...yada yada.

As is almost always the case, a good agent makes you far more $$ than they cost you.

[Kevo]

What I've found representing sellers is that when they get a lowball, if they keep the conversation going, the buyers will come around about 80% of the time. And I haven't seen one yet (knocks on wood) where the buyer then tries to get it all back during inspection or something.

I guess it's just a different negotiation mentality or something...

Yep, my thought is that there is nothing to lose by being friendly with the lowballers. I was just out at my mailbox and talked to the wife side of the lowballers. She said that she thought about my reasoning (extra bed and bath compared to $730k house) and was thinking more like 730k, which is equivalent to $775k with real estate commissions. I told her I had other people looking and to keep in touch.

So, they've come up about halfway towards where we'd have a deal in 18 hours.

While I was talking to her I got a call from another neighbor who wants to talk pricing. We'll see where things go.

[MontuckyFried]

While I was talking to her I got a call from another neighbor who wants to talk pricing. We'll see where things go.

Ha! Nice. You said earlier that said lowballers were trying to feel out how desperate you were to sell your house. Time to turn the tables and see how desperate THEY are to buy. I love it.

[Danno]

They should realize that they don't get to recoup all the savings of not having an agent, both sides are supposed to spli that. So if $775k is the theoretical price you're working off of, the actual price should be more in the 750 range.

[4matic]

If they were willing to pay the agent price they should be willing to pay the same price to the owner.