Tuesday, July 7, 2009

Real Estate Funnies

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?