What If I Insult The Seller With My Offer?

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Viewed 481 Times Date : 05.09.2019
Author: Chuck Marunde

There’s a logical sequence of thinking on how much to offer and how to deal with counteroffers. The first step is understanding the true fair market value of a property. If a home is listed at $429,000, and you want to make an offer, the first question is what is the fair market value of that home? That’s where we start. Do not make the mistake some buyers have made by saying, “Well, I want to make an offer, and I understand homes in Sequim are selling for an average of 94% of the listing price, so I want to make an offer of 94% of the listing price.”

That is upside down and backwards. If the listing price is grossly over fair market value, forget about average percentages. What makes the most sense is to figure out true fair market value, and base your offer on that number, not the seller’s listing price. Whether that offer insults the seller is of no significance to a buyer. You want your offer to be based on real values, not on the seller’s emotions.

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After practicing real estate law for 20 years in Washington, Chuck opened iRealty Virtual Brokers covering the Sequim and the beautiful Olympic Peninsula. Chuck is the author of numerous magazine and Internet articles with a primary focus on real estate. He is also the author of over a dozen books, mostly about Sequim real estate. Chuck is a photographer, videographer, and Registered FAA Drone Pilot. Chuck has combined his love for real estate and technology to create a growing Internet presence in his market, and enjoys building his websites and blogs, including SequimBlog.com and Sequim4Sale.com and LuxuryWaterViewHomes.com. Chuck has degrees in Economics, Law, and Education.