Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-24-2016, 11:16 AM   #21
Full time employment: Posting here.
Cobra9777's Avatar
 
Join Date: Jul 2012
Location: Texas
Posts: 807
Seems to me that 3 showings plus a boat ride indicate they are very seriously interested in buying your house. They just followed their agent's advice about where to start negotiations. There's always a risk that you insult the sellers with the opening offer. Their agent obviously crossed that line in your case.

It's clear that you still have a lot of pride and "attachment" to the house. So it's understandably hard to keep emotion out of these deals. I've been there. Just make your counter and move along. No reason to get angry and potentially lose a seriously interested buyer.

I agree with youbet, don't insert your emotion into the counter. Let the numbers speak for themselves. I also think a serious buyer deserves a serious counter. It's entirely possible that you have a very enthusiastic buyer who was completely dejected by what he considers a "high-ball" counter. And now that he knows you were insulted, he'll just move along. Assuming you really want to sell the house, leave emotion out of it, and get the deal done. It's just a business transaction.
__________________

__________________
Retired at 52 in July 2013. On to better things...

AA: 45% stock, 35% bonds, 15% real estate, 5% cash
Cobra9777 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-24-2016, 11:19 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 16,485
Quote:
Originally Posted by frayne View Post
Selling a house is a business negotiation, nothing more and nothing less. Don't lose your objectivity and keep emotions out of play. Make a reasonable counter and you will see if the prospective buyers are serious. Everybody wants a deal and everybody thinks their property is worth more than what it is.
Quote:
Originally Posted by Silver View Post
The low offer isn't personal. People just look for an opportunity to get something for less. I have sold several houses and gone through the same thing but always reminded myself that it isn't personal...
Quote:
Originally Posted by travelover View Post
I'd blow it off. If it is priced right it will sell, if not you will have to adjust.
Quote:
Originally Posted by razztazz View Post
It's The Free Market. Sellers are always trying to schnorr extra from anyone willing to pay it....

Don't be mad at them. It's only business.
Quote:
Originally Posted by W2R View Post
My goodness, don't take it personally...

If you don't like the offer, then counter (or don't if you think it will get you nowhere). Another buyer will come along, as will more offers, and if your house is priced correctly you will get a better offer. Above all, take a deep breath. It is only a house. There is no reason to get upset...
A house, a car, a stock and all objects are only worth what the highest bidder is willing to pay, and no more than that.
__________________

__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leo Tolstoy
NW-Bound is offline   Reply With Quote
Old 07-24-2016, 11:24 AM   #23
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Posts: 1,040
how long did you leave the offer open? If you gave no time limit... when does it become invalid?
__________________
“Remember where you came from, where you're going, and why you created this mess you got yourself into in the first place.”
― Richard Bach, Illusions
bingybear is offline   Reply With Quote
Old 07-24-2016, 11:28 AM   #24
Recycles dryer sheets
Quantum Sufficit's Avatar
 
Join Date: Jan 2011
Posts: 81
Quote:
Originally Posted by Cobra9777 View Post
Seems to me that 3 showings plus a boat ride indicate they are very seriously interested in buying your house. They just followed their agent's advice about where to start negotiations. There's always a risk that you insult the sellers with the opening offer. Their agent obviously crossed that line in your case.

It's clear that you still have a lot of pride and "attachment" to the house. So it's understandably hard to keep emotion out of these deals. I've been there. Just make your counter and move along. No reason to get angry and potentially lose a seriously interested buyer.

I agree with youbet, don't insert your emotion into the counter. Let the numbers speak for themselves. I also think a serious buyer deserves a serious counter. It's entirely possible that you have a very enthusiastic buyer who was completely dejected by what he considers a "high-ball" counter. And now that he knows you were insulted, he'll just move along. Assuming you really want to sell the house, leave emotion out of it, and get the deal done. It's just a business transaction.
Yes i get it. Not sure its a sellers market . Average days on market is 90 to 120. Its just not 2009 with 3 foreclosures on every street. Hell i countered very respectfully. That Insult statement went to their realtor and was meant to say "get real". Our realtor put a list of comps in front of the realtor to which he replied "the comps are right on".

All the comps have the same time to the gulf of mexico and are behind a lock. Ours isnt. None of the comps are 2015 built. Not trying to convince you all but suffice it to say 36 DOM is not an old listing in these parts.
__________________
Quantum Sufficit is offline   Reply With Quote
Old 07-24-2016, 11:30 AM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 16,485
Still, do not get upset. Another buyer will come along.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leo Tolstoy
NW-Bound is offline   Reply With Quote
Old 07-24-2016, 11:33 AM   #26
Full time employment: Posting here.
 
Join Date: Jan 2013
Posts: 612
The rule of thumb in real estate is no showings means you are 10 percent or more above market value. Showings but no offers means you are at least 5 percent over market value. My guess is you have not adequately accounted for the busy street or something about your property that does not appeal to buyers. If you lowered the price to $670k, you might generate an acceptable offer. You might not want to do that yet, but keeping a stale listing active may hurt your ultimate selling price, because buyers will expect a discount.

I don't understand why you are selling now if your new property won't be finished for almost a year and it is not the selling season in Florida. If prices are really increasing, why not wait a few months and try again?
__________________
Another Reader is online now   Reply With Quote
Old 07-24-2016, 11:35 AM   #27
Thinks s/he gets paid by the post
Options's Avatar
 
Join Date: Jan 2008
Location: Los Angeles but not for long
Posts: 1,398
There is no place for emotion of any type during negotiations. Your reaction immediately made me think of The Art of War by Sun Tsu. I wish I'd read it before I bough my car last year, but glad I've read it before selling my place and buying a new one in a few years.

It's a little late for OP now, but I highly recommend reading the following book before selling or buying anything. It contains so much practical information on the art of negotiation that I'm going to take the highly unusual step of buying it after having borrowed it from the library. The tactics it contains will figure strongly into my future house selling and buying plans.

https://www.amazon.com/Never-Split-D...7L2#nav-subnav

From Amazon:

Quote:
Life is a series of negotiations you should be prepared for: buying a car, negotiating a salary, buying a home, renegotiating rent, deliberating with your partner. Taking emotional intelligence and intuition to the next level, Never Split the Difference gives you the competitive edge in any discussion.
__________________
"He who knows that enough is enough will always have enough."
40/60 AA; < 2.5% WR; Delaying SS until 70
ER Date: 5/15/15
Options is offline   Reply With Quote
Old 07-24-2016, 11:40 AM   #28
Thinks s/he gets paid by the post
2017ish's Avatar
 
Join Date: Apr 2012
Posts: 1,140
Our first major home purchase, we opened with an offer that was 1/2 the list price.

9 months later we closed for 70% of the list price. In the interim, I'd walked away a couple or more times, then came back weeks or months later with initiating offers at or even below where we had left off.

My understanding was that the seller was insulted all the way to closing, but he never received a better offer.

As others noted, it is not personal. Merely a market transaction.
__________________
OMY * 3 2ish
2017ish is online now   Reply With Quote
Old 07-24-2016, 11:45 AM   #29
Thinks s/he gets paid by the post
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 3,293
Quote:
Originally Posted by 2017ish View Post
Our first major home purchase, we opened with an offer that was 1/2 the list price.

9 months later we closed for 70% of the list price. In the interim, I'd walked away a couple or more times, then came back weeks or months later with initiating offers at or even below where we had left off.

My understanding was that the seller was insulted all the way to closing, but he never received a better offer.

As others noted, it is not personal. Merely a market transaction.
sounds like you bought that house from my dad
__________________
Swing hard, look up
Big_Hitter is online now   Reply With Quote
Old 07-24-2016, 11:55 AM   #30
Thinks s/he gets paid by the post
2017ish's Avatar
 
Join Date: Apr 2012
Posts: 1,140
Quote:
Originally Posted by Big_Hitter View Post
sounds like you bought that house from my dad
To make the disclosure accurate, I am far from a great real estate investor. We lost our butts when we sold the house (unfortunately, we planned to die in it, made it "perfect," then life intruded to encourage us to relocate .... ).

I had no psychological difficulty in slashing the asking price up to 100K at a time after first floating it at our basis. But it still wasn't fun.
__________________
OMY * 3 2ish
2017ish is online now   Reply With Quote
Old 07-24-2016, 12:01 PM   #31
Thinks s/he gets paid by the post
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 4,624
To me the offer didn't sound like a deliberate insult, like the kind I've seen where people criticize everything about the property in hopes of convincing you they would be doing you a favor by deigning to buy such a hovel. It was just the start of negotiations and they were leaving you plenty of room, ha ha.

Why, they even complimented your taste by demanding your furnishings

Meanwhile, I would find overt buyer flattery very suspicious. We had a couple try to convince us to rent to them by writing a note complimenting the property in the most flowery terms; even implying that they would be upgrading the place by renting it, because they were big-time people with a boat and priceless heirloom furniture. This would have been funny in itself, but the icing on the cake is that they turned out to have the worst credit ratings I have ever seen - low 500's, both of them. If B.S. were money, though....

As others have said, maybe you could consider lowering the price a smidgen at this point.
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Amethyst is offline   Reply With Quote
Old 07-24-2016, 12:02 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 8,652
Quote:
Originally Posted by 2017ish View Post
Our first major home purchase, we opened with an offer that was 1/2 the list price.

9 months later we closed for 70% of the list price. In the interim, I'd walked away a couple or more times, then came back weeks or months later with initiating offers at or even below where we had left off.

My understanding was that the seller was insulted all the way to closing, but he never received a better offer.

As others noted, it is not personal. Merely a market transaction.
I had a similar experience. Ended up paying for an appraisal which he sold for. He was so made he stole all the fixtures, even the medicine cabinets.
__________________
Yes, I have achieved work / life balance.
travelover is online now   Reply With Quote
Old 07-24-2016, 12:03 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 16,485
My high-country 2nd home is in a really soft market. Not looking to sell, but there are tons of homes on the market in this little unincorporated town. When I bought it new 10 years ago, there were only a few listings, and they were snatched up within a week or 2. These homes are mostly owned by weekenders, as the locals do not make enough money to buy them.

If I were to sell it, I would be shocked and angered with the offers. But as I am not, I save myself the aggravation.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leo Tolstoy
NW-Bound is offline   Reply With Quote
Old 07-24-2016, 12:21 PM   #34
Dryer sheet aficionado
 
Join Date: Feb 2013
Location: Small town in flyover country
Posts: 43
We bought our current home from someone selling it on their own instead of using a realtor. Unfortunately, the seller drastically overvalued their home and had a ridiculous asking price. We worked with a realtor to get comparable sales and ended up wanting to make an offer that was 22% below the seller's asking price. Our realtor refused to make the offer. She said that even though our offer was a fair price for the home, the fallout from such a lowball offer wasn't worth it to her. She didn't want a lowball offer to tarnish her reputation in our small town.

So...we cut ties with that realtor and I talked directly to the seller about the situation. I calmly explained how we arrived at our price, shared all of the comparable sales info, and told him to let us know if he wanted to pursue the opportunity further. A month later, they called us back and, other than a few minor tweaks, agreed to go with a price very close to our opening offer.

My takeaway was that calmly talking things out with all the data out in the open was an immense help. If the seller thought we were trying to screw him, emotions would have gotten in the way and we never would have come to an agreement.
__________________
Spirit of FIRE
Fean is offline   Reply With Quote
Old 07-24-2016, 12:28 PM   #35
Full time employment: Posting here.
 
Join Date: Mar 2015
Location: winnipeg
Posts: 583
Quote:
Originally Posted by Quantum Sufficit;1759955[quote
After the 3rd agonizingly long showing AND forcing their realtor to take them on a boat ride up the canal system to our house THEY (after 48 hours) come in with an infuriating offer:

600k sales price, 50k down, AND....GIVE US YOUR OFFICE FURNITURE, THE TV ON THE WALL IN THE OFFICE AND YOUR LANAI FURNITURE!!! and the close date is Jan 11 2017!!!

I saw red.
You got an offer 15% under list with a request to toss in a $500 TV and some easily replaceable furniture, and you found that insulting?

Perhaps you over-reacted??
__________________
Music Lover is online now   Reply With Quote
Old 07-24-2016, 12:34 PM   #36
Recycles dryer sheets
Quantum Sufficit's Avatar
 
Join Date: Jan 2011
Posts: 81
Um music lover....yes!

Sent from my SM-N920V using Early Retirement Forum mobile app
__________________
Quantum Sufficit is offline   Reply With Quote
Old 07-24-2016, 12:38 PM   #37
Recycles dryer sheets
 
Join Date: Dec 2014
Location: St. Charles
Posts: 146
I am not suggesting your price is too high, but years ago, as a buyer, I encountered a house we liked, but priced too high (FSBO). Asking price was 160k, I thought 130k was more in the price range. DW did not want to "insult" the seller with that price, so we never made an offer. It was a hot market, in a sought after area, and we eventually bought a house around the corner that was much larger for less than 160K. A few days before we closed (3 months after we looked at the first house), the owner of the first house called us and offered it to us for 130k. Too late for us. But at least he accepted his asking price was too high.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
CardsFan is online now   Reply With Quote
Old 07-24-2016, 12:51 PM   #38
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 6,960
Quote:
Originally Posted by Big_Hitter View Post
As a "real" buyer, I probably would have started at $600K. heck it's still within 15% of asking.

I'm not sure why sellers get butthurt about those kind of offers. I've sold three properties within the last 5 years with similar opening offers.
When I bought my condo I offered 17% within the asking price. Ended up getting it at a 12% discount. Before buying it, I made a low ball offer on one in the same complex at about 25% less than the asking price. The owner came back with just a minor compromise. I made a low offer because the unit had been on the market for close to a year and needed a lot of work. Plus no water view. I know what the eventual buyers paid and after upgrades, it ended up around the same price as mine. But my unit has a water view. Boy am I ever glad they didn't accept my offer.

You just never know how it will go. In my view, as a buyer I can always go up on an offer if it's something I really want. Of course one day I will sell my condo so I don't want any of you cats coming in with a low ball offer.
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 07-24-2016, 01:09 PM   #39
Thinks s/he gets paid by the post
DFW_M5's Avatar
 
Join Date: Sep 2003
Posts: 4,699
Quote:
Originally Posted by Bestwifeever View Post
If that is your first offer in 36 days in a sellers' market and you think it is a lowball, something is wrong with your house, whether the price, the location on a "busier" street, etc. Rethink your goal (to sell it and move on with your life or to get top dollar for it) and your strategy (entertain all offers without being offended).

Good luck!
+1 I have no knowledge of Florida market, but that doesn't sound like a sellers market if you had to wait that long for an offer. In the Dallas market if you don't get an offer within 10 days realtors will usually recommend a price drop, but even here the market has probably cooled off a bit from Springtime, so maybe thats what you are seeing.
__________________
Doing things today that others won't, to do things tomorrow that others can't. Of course I'm referring to workouts, not robbing banks.
DFW_M5 is offline   Reply With Quote
Old 07-24-2016, 01:12 PM   #40
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 1,462
I would wait for the snowbirds to happen. Some will be checking homes with intent to buy and the weather will be wonderful.

I just love Florida in January -
__________________

__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Blood test : Calcium low, Vitamin D Low, Sodium low Lakewood90712 Health and Early Retirement 16 05-15-2016 06:07 PM
Noticed more people holding signs &amp;amp;amp;quot;need work or food&amp;amp;amp;quot; rayinpenn Other topics 3 05-03-2015 03:51 PM
Hay guyz OMG WTF like Everyone is named Jennifer just liek me jennnifer Other topics 34 02-27-2006 08:07 PM
Warm,Low cost of living,No/Low taxes, inexpensive golf & water sports JohnnieRed Life after FIRE 60 01-16-2006 10:54 AM

 

 
All times are GMT -6. The time now is 04:16 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.