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Wednesday, March 06, 2013

Will a letter of explanation help get a low ball offer accepted?

Many sellers have an emotional attachment to their home.  Even the sellers who are not emotionally attached are proud of the place they call home.

Sellers want prospective buyers to, at a minimum, have an appreciation for their home's qualities.  An unwarranted, low ball offer is the ultimate sign of disrespect!

Back in the days of multiple offers (coming soon to a market near you) it was not unheard of for a prospective buyer to include a hand written note expressing their enthusiasm and desire for their offer to be accepted.  And sometimes this technique would be the the thing that sealed the deal!

I recently saw a case where the seller received a list identifying everything little thing that was (in their opinion) wrong with the house.  This was an attempt to justify a low ball offer. It was a failed maneuver.

I think such a problem list is an unneeded step - assuming the listing agent has "done the comps" and the listing price is somewhere in the ballpark. Otherwise it is unlikely I would ever show the listing unless I want to reinforce a better priced similar property.

If there are indeed problems that need to be identified I am sure the home inspector will find them - once an offer is accepted.

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