multiple offers withdrawn - why????

[missbonnie]

I am trying to sell my house -

3 offers this month

1 = made a verbal offer subject to finance, R/E agent gave them brokers phone number, met with broker, advised couldn't get finance, offer withdrawn

2 = older couple, came through multiple times, emailed offer to agent, now wont return agents emails/phone calls

3 = came through multiple times (never came through at open inspection times) Real estate agent had to keep making special appointments just for them, said loved it, brought parents through - they loved it, made an offer, then had another appointment & took partner through, partner doesn't like it - offer withdrawn

All offers were around 20% less than neighbours place sold for in 2010 - I knew prices had come down a bit - but not 20%.

What is going on?

I felt so lucky in this market to get 3 offers - but
1. they were all really low ball
& 2. they were all withdrawn as quickly as they were made ????

this is the 1st time I have sold a house & it is driving me CRAZY!!!!

 

[marg4000]

I really never consider it an offer unless it is in writing with a deposit attached. You have just attracted a few tyre kickers who go around making lowball offers in the hopes of a desperate vendor.

All part of the game - don't take it personally.
Marg

 

[DaveM]

The market is slow, persons 1 and 2 were tyre kickers, 3 was a dislike withdrawl from the partner.

My neighbours house sold recently, was on for $415-435k, ended up selling for $373k.

 

[Empty Pockets]

Time for a new agent. One that knows how to qualify buyers.

 

[The Y-man]

I really never consider it an offer unless it is in writing with a deposit attached. You have just attracted a few tyre kickers who go around making lowball offers in the hopes of a desperate vendor.

All part of the game - don't take it personally.
Marg

Actually, even then it's not an offer. I don't consider it a true offer unless it is (or has gone) unconditional on finance, and is past the cooling off.

In the past, when seling houses, we would get all sort of offers, but it was inevitably the unconditional offer that we took most seriously (note this for next time you are buying - for example, if right now someone came to you with an even lower offer but unconditional, would you take it?)

The Y-man

 

[pennyk]

we recently sold our PPOR, and I'm selling a few houses for my mothers estate.
The experience of the 2 has been extremely different.
Our PPOR sold in less than a week, with 6 offers. They were all serious offers andall within 10K of each other. The house was well presented, in good area of the suburb, in good condition, furnished etc. The house was pretty much "perfect" in terms of what people are looking for in the area... 4 bed, 2 bath, 2 car.

We have had plenty of offers on my mum's properties, but all low ball and none have followed through. The properties are not so well presented, they are in the lower price range for the suburb. I agree with Marg, that they are people who are hoping to get a desperate vendor and put in low ball offers on lots of properties. they are not really serious offers.

I found our agent wasnt really able to deal well with these offers. They worked better with properties in the higher priced, well presented properties. So, I'd also look to change agents and strategy for the property.

But prices have also come down, so you may need to adjust your expectation of the sale price you'll be able to achieve.

 

[Rolf Latham]

. they are not really serious offers.

they are often serious and will buy at or very close to their price ............but as is taught in most courses, buy below actual value ......to do that you need to make lots of offers

ta
rolf

 

[knightm]

they are often serious and will buy at or very close to their price ............but as is taught in most courses, buy below actual value ......to do that you need to make lots of offers

ta
rolf

but don't the courses teach to put offers in writing with deposit? thats diff to a verbal who doesnt even want it was probly either undecided or entertainment

 

[DaveM]

You could always use the Starr Partners method.

1) Advertise a "Property Launch Event"
2) Set a price range of $40k less than asking to $10k more than what you want
3) Tell people that offers have to be submitted in writing at the event and that the top 5 offers will be contacted
4) If you are in the top 5, you will then have the chance to increase your offer to secure the property
5) If you are the highest offer you have to attend their office and sign the contract before close of business that day. Which is usually on a Saturday. Keeps those pesky lawyers out of it.

Its a very fair and ethical procedure which makes the buying process pleasurable and no stress.

 

[vendoradvocacy]

I think the agent may be giving you fake offers to get your price down.

It sounds fishy to me