Home seller (at-least initially) declined only offer at list price

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B4Xt3r
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Home seller (at-least initially) declined only offer at list price

Post by B4Xt3r »

Hi all,

Just curious for your thoughts on the following real estate transaction. A home was listed and received one offer at list price. Seller is then disappointed at lack of a bidding war and then says they will sell to the buyer only if buyer raises their price. Market is extremely hot.

What would you do in such a situation?

Best,

B4xt3r
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Nate79
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Re: Home seller (at-least initially) declined only offer at list price

Post by Nate79 »

How bad do you want the house?
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Re: Home seller (at-least initially) declined only offer at list price

Post by esteen »

Real estate is an illiquid market with non-fungible assets. This house is not the same as the house in the next town over or the next street over. If the market is super hot and they only got 1 offer, then maybe that's all the house is worth. Then again they could pull it and put it back on in a month and maybe they'd get a bidding war... none of it is efficient, in the end you have to act on how much it is worth to you.
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Re: Home seller (at-least initially) declined only offer at list price

Post by afan »

Sounds like the only offer was above market.
Seller is gambling that the market will move up and waiting will pay off. Could be right. Could be wrong.
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Re: Home seller (at-least initially) declined only offer at list price

Post by fabdog »

Will be interesting to see what seller's agent does... since a full price offer was received, I believe the agent is entitled to their commission even if the seller doesn't accept the offer

I'd (or tell you friend) to sit tight and see what happens... if the seller declines a full price offer, so be it... as noted above, that could well be above market

Mike
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Re: Home seller (at-least initially) declined only offer at list price

Post by cadreamer2015 »

The seller might owe their realtor a commission.
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Re: Home seller (at-least initially) declined only offer at list price

Post by Jack FFR1846 »

I would resubmit my offer $10,000 less with a number of contingencies making the contract easily broken by me.
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B4Xt3r
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Re: Home seller (at-least initially) declined only offer at list price

Post by B4Xt3r »

Jack FFR1846 wrote: Tue Jun 08, 2021 6:56 pm I would resubmit my offer $10,000 less with a number of contingencies making the contract easily broken by me.
I’m confused by this response. What’s the goal?
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Re: Home seller (at-least initially) declined only offer at list price

Post by afan »

Well, with a lower amount than the first time. How much lower would depend on comparable selling prices. But the seller could simply refuse to entertain any offer from you if emotions get in the way

Not all sellers use brokers so this individual may not have anyone to whom they are obligated to pay a commission.
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B4Xt3r
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Re: Home seller (at-least initially) declined only offer at list price

Post by B4Xt3r »

fabdog wrote: Tue Jun 08, 2021 6:50 pm Will be interesting to see what seller's agent does... since a full price offer was received, I believe the agent is entitled to their commission even if the seller doesn't accept the offer

I'd (or tell you friend) to sit tight and see what happens... if the seller declines a full price offer, so be it... as noted above, that could well be above market

Mike
Is that a part of the sellers contract? I didn’t know that.
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Re: Home seller (at-least initially) declined only offer at list price

Post by quantAndHold »

List price is irrelevant. How does the place compare to similar places? Can the buyer buy a similar place for the same or less money? If so, they should walk away and do that. If not, their two options are to wait the seller out and risk losing the place, or raise their offer.

My suspicion is that the list price is higher than the price required to get a bidding war going. Our last house was one of those. It was a hot, hot market, where houses had multiple offers and buyers were waiving contingencies. The house we bought was priced above where the market was. We made a below list offer, with full contingencies. Once the seller got over their disappointment about the lack of a bidding war, they sold their house to us for a fair price.
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Re: Home seller (at-least initially) declined only offer at list price

Post by livesoft »

I would laugh and say the real estate agent will probably have to reduce their commission, so that the seller nets more money.
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Re: Home seller (at-least initially) declined only offer at list price

Post by Longdog »

If you are still interested in the house, and you feel the offer was fair, I suggest telling the seller that the offer stands for 3 more days, and add a contingency that it is subject to passing inspection (if you haven't already). If the seller accepts, then go through with it. If, after 3 days, there is anything other than an acceptance, then continue looking around for your ideal house.

[Note: I am assuming you, the OP, are the potential buyer.]
Last edited by Longdog on Tue Jun 08, 2021 7:16 pm, edited 1 time in total.
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Re: Home seller (at-least initially) declined only offer at list price

Post by neverpanic »

B4Xt3r wrote: Tue Jun 08, 2021 6:37 pm Hi all,

Just curious for your thoughts on the following real estate transaction. A home was listed and received one offer at list price. Seller is then disappointed at lack of a bidding war and then says they will sell to the buyer only if buyer raises their price. Market is extremely hot.

What would you do in such a situation?

Best,

B4xt3r
If "you" is the seller: Make a counteroffer.

If "you" is the buyer: Accept, reject, or counter the counter.

If "you" is either agent: :oops:
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Re: Home seller (at-least initially) declined only offer at list price

Post by Normchad »

livesoft wrote: Tue Jun 08, 2021 7:07 pm I would laugh and say the real estate agent will probably have to reduce their commission, so that the seller nets more money.
+1. I’d walk away. They’re not serious.

I wouldn’t do business with people like that. I guarantee you they will be a PITA during the entire process.
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Re: Home seller (at-least initially) declined only offer at list price

Post by Jack FFR1846 »

B4Xt3r wrote: Tue Jun 08, 2021 7:00 pm
Jack FFR1846 wrote: Tue Jun 08, 2021 6:56 pm I would resubmit my offer $10,000 less with a number of contingencies making the contract easily broken by me.
I’m confused by this response. What’s the goal?
They don't want to sell. As I'm leaving town, I'm throwing gas on it and lighting a match.

I might also insult the seller's mother.

Or.....if they then go a month with no other offers, perhaps I'd get the house for $10k less than I was originally willing to pay.
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Re: Home seller (at-least initially) declined only offer at list price

Post by JoeRetire »

B4Xt3r wrote: Tue Jun 08, 2021 6:37 pm Just curious for your thoughts on the following real estate transaction. A home was listed and received one offer at list price. Seller is then disappointed at lack of a bidding war and then says they will sell to the buyer only if buyer raises their price. Market is extremely hot.

What would you do in such a situation?
Assuming I am the buyer, I would decide if I thought the house was worth more than I bid or not.
If I thought it was worth more, I'd make one final offer.
If not, I'd walk away.

A seller can choose to reject a bid for any non-discriminatory reason - even a bit at list price. Depending on the state and the listing agreement the seller may or may not be on the hook for a sales commission.

These days, it's common practice to list a house at a price below what you expect to actually receive. In many markets, you'll get more - often a lot more.
Last edited by JoeRetire on Tue Jun 08, 2021 7:34 pm, edited 1 time in total.
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Re: Home seller (at-least initially) declined only offer at list price

Post by EddyB »

Normchad wrote: Tue Jun 08, 2021 7:23 pm
livesoft wrote: Tue Jun 08, 2021 7:07 pm I would laugh and say the real estate agent will probably have to reduce their commission, so that the seller nets more money.
+1. I’d walk away. They’re not serious.

I wouldn’t do business with people like that. I guarantee you they will be a PITA during the entire process.
I don't see why. Many agents are very confident in their views on listing below the "real" expected sales price. Most people buy and sell very few homes in their lives and listen to the advice of their agents. When things don't turn out like the agent expects, I don't see why that would suggest a difficult seller.

From what I've heard of similar situations, my understanding is that a seller's agent in this situation in a generally hot market will likely reduce his or her commission (and that sometimes the buyer's agent will go along with it, too).
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Re: Home seller (at-least initially) declined only offer at list price

Post by Normchad »

EddyB wrote: Tue Jun 08, 2021 7:30 pm
Normchad wrote: Tue Jun 08, 2021 7:23 pm
livesoft wrote: Tue Jun 08, 2021 7:07 pm I would laugh and say the real estate agent will probably have to reduce their commission, so that the seller nets more money.
+1. I’d walk away. They’re not serious.

I wouldn’t do business with people like that. I guarantee you they will be a PITA during the entire process.
I don't see why. Many agents are very confident in their views on listing below the "real" expected sales price. Most people buy and sell very few homes in their lives and listen to the advice of their agents. When things don't turn out like the agent expects, I don't see why that would suggest a difficult seller.

From what I've heard of similar situations, my understanding is that a seller's agent in this situation in a generally hot market will likely reduce his or her commission (and that sometimes the buyer's agent will go along with it, too).
Nah. They only got one offer, and declined it. They’re just stupid...... the market has now told them what their house is worth.... it’s not like they got 20 offers and are, asking for BAFOs. ....

If they wanted to sell, they would have accepted. Guarantee they aren’t serious about selling, and will be jerks throughout the process..... nothing in their behavior suggests otherwise.

On the other hand, if they are serious, they will call the OP back in a week or three.....
Last edited by Normchad on Tue Jun 08, 2021 7:42 pm, edited 1 time in total.
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Re: Home seller (at-least initially) declined only offer at list price

Post by rockstar »

I ran into sellers like this. They're testing the market. They don't really want to sell.
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Re: Home seller (at-least initially) declined only offer at list price

Post by andypanda »

I was going to suggest upping the offer by 50 cents and demanding an exorcism prior to closing. If they can be goofy so can I.
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Re: Home seller (at-least initially) declined only offer at list price

Post by adamthesmythe »

fabdog wrote: Tue Jun 08, 2021 6:50 pm Will be interesting to see what seller's agent does... since a full price offer was received, I believe the agent is entitled to their commission even if the seller doesn't accept the offer

I'd (or tell you friend) to sit tight and see what happens... if the seller declines a full price offer, so be it... as noted above, that could well be above market

Mike
If it's a full price offer, no contingencies, usually the seller would owe his agent a commission if he does not proceed.

Making a revenge offer is pointless. At most resubmit the offer with a minor change and a short fuse. In the meantime perhaps the seller's agent will explain about the commission.
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Re: Home seller (at-least initially) declined only offer at list price

Post by RickBoglehead »

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Re: Home seller (at-least initially) declined only offer at list price

Post by winterfan »

This same thing happened to us once. We just walked away. They ended up selling the house for less in a few weeks.
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Re: Home seller (at-least initially) declined only offer at list price

Post by fyre4ce »

I don't agree with other posters who say you should resubmit an offer that's a hair lower out of spite, or accuse the sellers of discrimination, or something. These courses of action most likely don't stand to benefit you in any way, and will consume your time and energy and have other possible collateral damage. I also don't agree that the sellers are necessarily aren't serious about selling, or will definitely be a pain to work with. As you point out, in this market they probably got dollar signs flashing in their eyes, and this story was reinforced by their agent who told them they could get a gazillion dollars for the house by marketing it the right way. Then, they set the listing price too high to spark the bidding war they wanted, and are now disappointed. Maybe they will come around and realize their mistake and what their house is actually worth. Maybe they won't. But that's not something you can control.

My view is that this puts you in a good position to possibly get the house, if you want it and are willing to pay the price you offered. You have a lot more negotiating power when you're 1:1 with the sellers, as opposed to just one of 5, 10, 15 sellers, throwing whatever bennies you can onto the negotiation table trying to beat out the rest of the pack. If you have anything in your offer that you're uncomfortable with, like waiving an inspection or finance contingency, I would resubmit an offer to plug those holes, and let the seller know you're serious, but that you're firm on the price. If they accept, great, and if not, move on.

If you honestly think your initial offer was too high (which could be reasonable given that it was the only one), you could resubmit a lower number, but their psychology is working against you and there is a high chance they will reject that one too. Only do this if the cost savings is important and you're willing to probably lose the property.
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Re: Home seller (at-least initially) declined only offer at list price

Post by Chuckles960 »

I think most replies are missing the point. If you auction something on eBay, and also on live auctions, it is thought that you should put a low starting price, because a high starting price discourages bidders. You will end up with a higher final price if you start the bidding lower and get a bidding war going. Of course, you have to accept the risk that the price will not be bid up.

In many markets, home sales have become like that, and homes are listed below market value to ignite a bidding war. Well, this seller gambled and failed to get a bidding war going. Unfortunately, they generally have the right to withdraw the home from the market and then relist it. On eBay auctions there are consequences for doing that, but not for home sales
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Re: Home seller (at-least initially) declined only offer at list price

Post by Mel Lindauer »

I'd walk. I don't like to deal with folks who want to play games.
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Re: Home seller (at-least initially) declined only offer at list price

Post by gips »

i suggest you ignore any frustration and treat this as a dispassionate negotiation. over the course of my career i’ve done a lot of salary and contract negotiation. the good news is you’re the only bidder, which should put a little pressure on the seller.

having supplied the last bid, it’s unreasonable to expect you to bid against yourself. ask the seller for a price they’d be willing to accept, purchase at the new price or negotiate.

good luck,
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Re: Home seller (at-least initially) declined only offer at list price

Post by yohac »

The seller may be untrustworthy, or they may have just made a tactical mistake that they want someone else to make all better. Doesn't really matter because that someone else would definitely not be me.
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Re: Home seller (at-least initially) declined only offer at list price

Post by dogagility »

B4Xt3r wrote: Tue Jun 08, 2021 6:37 pm A home was listed and received one offer at list price. Seller is then disappointed at lack of a bidding war and then says they will sell to the buyer only if buyer raises their price. Market is extremely hot.

What would you do in such a situation?
I'm assuming the seller counter-offered and the ball is in the buyer's court now.

The seller is risking an increased time to sell and potentially losing this particular buyer.

The buyer is free to counter with a No or to change the offer. If the counter is a No, the buyer risks not purchasing the house.

Since only the seller and buyer know the situation, it's difficult to give specific advice. However, if I'm the buyer and I HAVE to purchase THIS house, then I increase my offer. If not, then I walk away or say my previous offer is final. If I'm the seller, I've already made my view clear to the buyer, and I wait for their response.
Last edited by dogagility on Wed Jun 09, 2021 5:38 am, edited 1 time in total.
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Re: Home seller (at-least initially) declined only offer at list price

Post by dogagility »

andypanda wrote: Tue Jun 08, 2021 8:43 pm I was going to suggest upping the offer by 50 cents and demanding an exorcism prior to closing. If they can be goofy so can I.
That would be... awesome! :D :beer
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Re: Home seller (at-least initially) declined only offer at list price

Post by AllMostThere »

Having just sold a home with multiple offers in 48 hours with best offer 11% over list price, I can relate to the Seller. Seller was hoping for a bidding war; however, they appear to have listed the house at top of market price. IMO, take emotion out of the equation. Do you want the house and feel it's worth more, then adjust offer and resubmit. If you do not want to increase the offer then have your Realtor make it known your offer is "best offer". Regardless of option selected, give a 24 hour deadline for their response. Additionally, try to avoid an adversarial negotiation process as this benefits no one. Push your Realtor that she/he needs to establish reasonable price alignment with Seller Realtor (they both have skin in the game to be successful). If agreement cannot be reached, then you both move on in separate directions. Good luck and please provide an update on progress. :beer
Last edited by AllMostThere on Wed Jun 09, 2021 5:52 am, edited 2 times in total.
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Re: Home seller (at-least initially) declined only offer at list price

Post by galawdawg »

You made an offer, it was rejected. Don't submit another offer or negotiate against yourself. Don't try to pressure or cajole the seller by giving them another deadline. Doing those things just means you will be negotiating from a position of weakness. If the seller was serious they would have tendered a counter-offer, they didn't. Time to move on.

Unless you have substantiation that the rejection of your offer was due to unlawful discrimination, don't go down that road. Unlike an apartment community or developer selling a quantity of homes, you won't find a pattern of discriminatory practices when you are dealing with a "one-off" home seller.

If the house is overpriced and doesn't sell, a serious seller may contact you in the future to inquire if you are still interested in buying at the price you offered. More than once I have seen an unrealistic seller return to a prospective buyer, hat in hand, and the parties are able to agree on terms favorable to the buyer and successfully conclude the transaction.

So cross this one off your list and keep looking. Unless and until you hear from the seller that they are interested in your offer terms, don't spend any more time or energy on this house.
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Re: Home seller (at-least initially) declined only offer at list price

Post by BlueCable »

I almost did this as the seller, but my realtor talked me out of it.

Situation:
  • Hot market
  • Not in a hurry to sell
  • Seven showings in the first 24 hours. One offer at list price and several long deliberations with no offer
  • The offer had 60 days to close due to the seller needing to go through a program for down payment support
It seemed unlikely to me that we actually found the best offer the first day we listed. However, the hassle of cleaning up the house and packing up the kids for a showing was large enough to decide to accept the offer.

Also, the upside of waiting for another offer was maybe just a few thousand dollars, not tens of thousands.

Was I unreasonable? Maybe. Probably. I just wanted to get as much as possible for my house, and the number of showings and list price offer suggested we priced the home too low.
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Re: Home seller (at-least initially) declined only offer at list price

Post by johnubc »

so, they essentially rejected your offer. Is the house worth more? If yes, offer more. Is it right priced or below market? You made a legitimate offer. Walk away if you are not willing to pay more. This happens all the time in Real Estate - as folks are buying/selling a very large chunk of their net worth - and only do it a few times in their life so there is much confusion, mistrust and stress.

Walk away - go find another house. In a few weeks, they may contact you - and maybe you have found a better home/location in the mean time. If they do call, at that time you can further negotiate.
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Re: Home seller (at-least initially) declined only offer at list price

Post by andypanda »

Do people sell used cars, boats or riding mowers like this seller is selling their house? Do they park a 10-year-old Toyota in the front yard and hang a sign on it that says FOR SALE - $5000 and then when you knock on the door and say, "I'll take it" they respond, "Oh, that's not the real price, that's just to get you to stop and knock. How much will you give me for it?"

There are names for people like that.

And I don't care if everybody is doing it.
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Re: Home seller (at-least initially) declined only offer at list price

Post by JonnyDVM »

Normchad wrote: Tue Jun 08, 2021 7:23 pm
livesoft wrote: Tue Jun 08, 2021 7:07 pm I would laugh and say the real estate agent will probably have to reduce their commission, so that the seller nets more money.
+1. I’d walk away. They’re not serious.

I wouldn’t do business with people like that. I guarantee you they will be a PITA during the entire process.
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Re: Home seller (at-least initially) declined only offer at list price

Post by Ping Pong »

andypanda wrote: Wed Jun 09, 2021 6:18 am Do people sell used cars, boats or riding mowers like this seller is selling their house? Do they park a 10-year-old Toyota in the front yard and hang a sign on it that says FOR SALE - $5000 and then when you knock on the door and say, "I'll take it" they respond, "Oh, that's not the real price, that's just to get you to stop and knock. How much will you give me for it?"

There are names for people like that.

And I don't care if everybody is doing it.
Yes they do, they’re called dealers. The car advertised with the low price is never on the lot, but they have more expensive cars they can show you. Then the price goes up more when you get to the final room and they let you know the car will fall apart without a warranty.
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Re: Home seller (at-least initially) declined only offer at list price

Post by hand »

If I was the buyer, I would go radio silent with the seller, and insist that my agent immediately show me a number of comparable, but lower priced houses (that I would specifically identify).

I might make mention to my agent that I feel like I dodged a bullet since my offer was clearly over market and should have been lower.

Hopefully, I find a better / cheaper option and leave this seller behind.
I would also suspect that my agent would be backchanneling my feeling on price and willingness to walk to listing agent / seller with a possible outcome of a renewed willingness to sell at the price listed/offered.
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Re: Home seller (at-least initially) declined only offer at list price

Post by andypanda »

"they’re called dealers."

That's true, but look at the reputation car dealers have had since at least the '50s when I was a kid. Has professional real estate sales gone too far down that path by encouraging sellers to list nonsense prices?

I believe that if you want to auction something off you should advertise it as an auction, not falsely advertise it as a sale with a fixed price.
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Re: Home seller (at-least initially) declined only offer at list price

Post by bwalling »

EddyB wrote: Tue Jun 08, 2021 7:30 pm
Normchad wrote: Tue Jun 08, 2021 7:23 pm
livesoft wrote: Tue Jun 08, 2021 7:07 pm I would laugh and say the real estate agent will probably have to reduce their commission, so that the seller nets more money.
+1. I’d walk away. They’re not serious.

I wouldn’t do business with people like that. I guarantee you they will be a PITA during the entire process.
I don't see why. Many agents are very confident in their views on listing below the "real" expected sales price. Most people buy and sell very few homes in their lives and listen to the advice of their agents. When things don't turn out like the agent expects, I don't see why that would suggest a difficult seller.

From what I've heard of similar situations, my understanding is that a seller's agent in this situation in a generally hot market will likely reduce his or her commission (and that sometimes the buyer's agent will go along with it, too).
This is ridiculous. If an agent wants to play games, I'm out. You listed a house at a price - essentially an offer of sale. I accepted by sending over a contract at the terms you described. You didn't even counter - you just said "make a better offer" in response to my offering exactly what you asked.

You can make whatever "charitable" interpretations you want, but either the seller or the seller's agent here are dishonest and are playing games. There will be more games to come after the inspection, etc. I have no interest. None. If others wish to be suckers and participate with people making bad faith listings, let them.

Don't let other people set the terms and boundaries of a negotiation. Know your alternatives and goals, and know their goals and alternatives. Frame your responses accordingly. Don't let them frame them.

Last time I sold a house, there was an agent that sent in offers with expirations of 1 hour, multiple times. Each time, I rejected them, responding that offers would be considered and responded to by the end of the next day. Eventually, she relented, but she wound up being awful and playing games the entire process. I wish I had simply rejected the offer altogether over the agent's behavior. I sold the house and got my money without conceding anything, but I wasted an incredible amount of time countering her games.
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Re: Home seller (at-least initially) declined only offer at list price

Post by bwalling »

johnubc wrote: Wed Jun 09, 2021 6:16 am so, they essentially rejected your offer. Is the house worth more? If yes, offer more. Is it right priced or below market? You made a legitimate offer. Walk away if you are not willing to pay more. This happens all the time in Real Estate - as folks are buying/selling a very large chunk of their net worth - and only do it a few times in their life so there is much confusion, mistrust and stress.
What happens all the time? The listing is dishonest. The selling agent should not have done it or should not have allowed the seller to do it. Even worse, the seller didn't counter.

Walk away. Feel free to send a message back through your agent exactly why.
BrooklynInvest
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Re: Home seller (at-least initially) declined only offer at list price

Post by BrooklynInvest »

If I really liked the house and think the price is about right I'd try and take emotion out of the game -

1. Tell the realtor you understand and will think about it.

2. Raise your offer nominally a few weeks from now.

Of course if you think they're just being greedy or if there's other houses in the area you like I'd just do the first part and move on. It's always possible they come back to you.

Best of luck OP,
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F150HD
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Re: Home seller (at-least initially) declined only offer at list price

Post by F150HD »

Hi all,

Just curious for your thoughts on the following real estate transaction. A home was listed and received one offer at list price. Seller is then disappointed at lack of a bidding war and then says they will sell to the buyer only if buyer raises their price. Market is extremely hot.
....and other offers were not at list? (above? below?)

to me, seems like there's a reason the home did not get any offers, regardless of the price.
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galawdawg
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Re: Home seller (at-least initially) declined only offer at list price

Post by galawdawg »

B4Xt3r wrote: Tue Jun 08, 2021 6:37 pm Hi all,

Just curious for your thoughts on the following real estate transaction. A home was listed and received one offer at list price. Seller is then disappointed at lack of a bidding war and then says they will sell to the buyer only if buyer raises their price. Market is extremely hot.

What would you do in such a situation?

Best,

B4xt3r
Maybe the seller just doesn't want to deal with a buyer who refers to themselves in the third person... :shock: :happy
an_asker
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Re: Home seller (at-least initially) declined only offer at list price

Post by an_asker »

dogagility wrote: Wed Jun 09, 2021 4:10 am
B4Xt3r wrote: Tue Jun 08, 2021 6:37 pm A home was listed and received one offer at list price. Seller is then disappointed at lack of a bidding war and then says they will sell to the buyer only if buyer raises their price. Market is extremely hot.

What would you do in such a situation?
I'm assuming the seller counter-offered and the ball is in the buyer's court now.[...]
What counter offer? What use is a list price if you as a seller won't sell at it?

I would absolutely walk or make a ridiculous lowball counteroffer!
an_asker
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Re: Home seller (at-least initially) declined only offer at list price

Post by an_asker »

galawdawg wrote: Wed Jun 09, 2021 7:28 am
B4Xt3r wrote: Tue Jun 08, 2021 6:37 pm Hi all,

Just curious for your thoughts on the following real estate transaction. A home was listed and received one offer at list price. Seller is then disappointed at lack of a bidding war and then says they will sell to the buyer only if buyer raises their price. Market is extremely hot.

What would you do in such a situation?

Best,

B4xt3r
Maybe the seller just doesn't want to deal with a buyer who refers to themselves in the third person... :shock: :happy
At that rate, Munchkin Man would never get a house!
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jfn111
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Re: Home seller (at-least initially) declined only offer at list price

Post by jfn111 »

Unless my client "loved" the house I would advise we keep looking. If we hadn't found another house, in a week or two, I'd get back in touch with the listing agent and let them know our offer is still on the table. Sellers don't have to be reasonable and buyers just need to continue looking.
Exchme
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Re: Home seller (at-least initially) declined only offer at list price

Post by Exchme »

Presumably the pool of hungry buyers knows the market, so if I was the only offer in a seller's market, I would wonder what defect I missed that everyone else knew about. Is there something about the house - plumbing, foundation, electrical or something about the location - new developments nearby, floodplains, noise, smells, bad schools, deteriorating neighborhood, impossible traffic, etc. that this buyer missed?

The search for another option needs to start right away. Agents talk, so there is value in showing a willingness to move on. Either on this house or the next, the buyer's agent will understand them better and will convey their seriousness but unwillingness to play games.
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SmileyFace
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Re: Home seller (at-least initially) declined only offer at list price

Post by SmileyFace »

Market is extremely hot AND seller only recieved one offer.
Something is wrong (house over market or has serious issues...or you are wrong about the hot market in your area). I am in a hot market - my neighbor listed their house - 16 offers over asking in a week - sold for nearly $100K over asking. That's what might happen in a "hot market" with a reasonably priced home - not what you describe.
Sounds like you may have inadvertently dodged a bullet to me. Walk away.
Last edited by SmileyFace on Wed Jun 09, 2021 8:55 am, edited 1 time in total.
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