Should You Make a Lowball Offer on an Overpriced Listing?

I recently had a client that was looking at homes in the $400K to $500K range in the Boise Idaho Real Estate Market. They came across some listings that were well out of their range but wanted me to to do some research on whether or not they would take a lower offer. In doing this research I found a couple listings that had been on the market for over 2 YEARS!

When I come across these types of listings, I ask myself the following questions:

1. Does the owner really want to sell the property?
2. Why would an agent have a listing for over two years?
3. Is there something unique and special about the property that justifies the price?

I am sure that most buyers have run across these type of listings, laughed and went on to other properties. But since I come across these more often than not, I think it takes a combination of a VERY unrealistic seller and a Realtor that took the listing just to have it. We are in the business of selling homes, aren't we? Why would an experienced full time Realtor allow a seller to list at a price that is OTHER WORLDLY???

So the answer to the the question is MAYBE! If the buyer and the Realtor have the time to write up a lowball offer and submit it, then the answer is YES! I typically try to steer clear of these types of listings as you know you'll be chasing a rabbit down a hole.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

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Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com