Comments on: Lowball! December 2007

By: brjhe

brjhe — Thu, 17 Jan 2008 08:26:11 +0000

By: RayC

RayC — Wed, 09 Jan 2008 15:10:10 +0000

Grim,

If you get a chance I am looking for sales data in Union County, I’m looking mostly in Mountainside and Westfield. Thanks.

Ray

By: Hard Place

Hard Place — Wed, 09 Jan 2008 09:47:46 +0000

Grim,

I’d be interested in seeing the Essex & Morris data.

Much appreciated.

By: Dan Ducharme

Dan Ducharme — Wed, 09 Jan 2008 02:31:53 +0000

I am glad that I am not a seller right now. I am looking to purchase late this year and will certainly not buy anything unless it costs me the same net amount or less to purchase over renting a place. I fully expect to see another 20 percent downfall in Southern California this year!

By: grim

grim — Tue, 08 Jan 2008 22:07:59 +0000

Sorry, changed the program I used to pull the data and I don’t have the spreadsheets readily available this time. If you let me know which county, I can recompile it for you.

By: Hard Place

Hard Place — Tue, 08 Jan 2008 20:09:37 +0000

Was the spreadsheet posted for the lowball? Did I miss it?

By: Hard Place

Hard Place — Tue, 08 Jan 2008 20:03:51 +0000

Wow, what happened to 11 Bruce Circle?

This looks like a major lowball for Short Hills.

Thanks Grim!

By: MT

MT — Tue, 08 Jan 2008 16:18:12 +0000

I always check the property’s highest price(Around 2006 comp) and make 22% lowball offer. I haven’t suceeded yet. At the depression era the house price came down about 30% from the top and hit the bottom. Let see how much % will come down till the bottom.

By: Wendy

Wendy — Tue, 08 Jan 2008 13:10:37 +0000

MLS ID# 2424370
I got lowball offer accepted:
Original price: 1129000
LP: 995000
accepted price: 910000.

Home inspection result: a lot of termite. I hesitate to continue.

By: grim

grim — Tue, 08 Jan 2008 03:03:17 +0000

11 Bruce Circle – $740k
22 Canterbury – $570k

By: MrK

MrK — Tue, 08 Jan 2008 01:47:15 +0000

Grim, ugly numbers. Could you post the addresses for the two Millburn Twp properties? Thx.

By: PGC's wife

PGC's wife — Tue, 08 Jan 2008 00:27:29 +0000

Thanks grim.

#10, does that mean re-lists don’t make it into the lowball category, i.e. if they re-list at a lower price rather then doing a price reduction on the same listing #?

Also, just curious do you have an average DOM for lowballs above?

Anne – I think you are right, but we’re pretty bold and have bid $450 on a $650 list. Trust me when I say $450 is spot on -MLS ID# 2420721 in Sparta (Sussex Co). We knew our chances were slim, and didn’t get it, but we feel we did a bit of public service providing valuable seller feedback (current list is $599 or $2500/month rent). Ages ago (20+ years) my Aunt and Uncle bid $150k on a $200k listing. My Uncle almost sh1t himself when they accepted the offer. He put in lowball bids to shut my Aunt up who was house hunting without him.

By: Ann

Ann — Mon, 07 Jan 2008 20:38:10 +0000

17 Eagle

Do you say that from personal experience? I’m not sure if you are an agent, or buyer…

I see a peak-or-higher price as a sign that you’re dealing with stubborn sellers that are not in reality, making it less likely that a buyer will get the house with a low offer (let’s say 10 to 15% off). Add in a high days on market, and I’m convinced of it.

By: Eagle

Eagle — Mon, 07 Jan 2008 19:47:35 +0000

I usually do not have a problem if the sellers do not lower their listing price. If the house has been on the market for a while, they will still be open to lower offers, and the higher price may keep away other potential bidders (as well as increase the likelihood of the house staying on the market even longer)

By: Ann

Ann — Mon, 07 Jan 2008 19:39:05 +0000

I think sellers have to get there themselves personally, but every reasonable bid that is put in by buyers helps them get into reality. We put a 16% lowball in (roughly a 2004 comp) that was utterly rejected complete with insults thrown back at us. But I’m sure we chipped away for the next person who tries. As someone said on here, sellers see silence as affirmation.