Saturday, September 24, 2011

Lowball offers...

Why do buyers' agents submit lowball offers on my Short Sale listings without running the comps? If I have a property priced at $200K (based on Fair Market Value/FMV) some buyers' agent will send me a "low-ball" offer for $160K. It never fails. Then when I ask the buyers' agent if this offer is based on him or her recently running the comps, I always hear "no", that's just what my buyer wanted to offer. That makes no sense and also means that the buyer's agent is not doing their job by running the comps to determine FMV and advising their client(s) accordingly. Yes, the banks are discounting properties to get them sold, but it has to be within reason. Banks are NOT accepting ridiculous "low-ball" offers.

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