I just received a call from someone asking the price on one of my listings. He wanted to know the price & how low would the sellers go. He did not want to see it just the lowest price. I don't know how serious he was, said he is qualified that he has seen several houses & lives in the area. He said he is looking at $250k (my listing is $295k lowest closed $277k). He said to find out the lowest price. I will let my sellers know, but how serious are these callers? What is your experience on these type of calls?

Stop.

You are working for your sellers. Your job is not to undermine their position.

What this gentleman is giving you is not an offer. It is an inquiry. Go back to him and tell him: "Make an offer and we'll see what happens."

I feel (strongly) that these kinds of conversations are dangerous. And, you really can't answer the question. Your folks might, on any given day, agree to a particular price. But, it is dependent on which closing costs are paid by which party, items included and excluded, etc. And, on another day, their answer might be different. Prices are determined by negotiation at one particular point in time -- considering all the terms of the particular offer.

Assume you come back and the guy doesn't buy. He tells a buddy your folks "bottom-line". Then the buddy will use that against your seller.

The correct answer to this dumb question is simple: "Make an offer and let's find out." Anyone not willing to do that is a flake, not a potential buyer.

Even if you did justify this inquiry with an answer, you'd find them to be a huge time waster.

Sounds like an investor or homebuyer that is fishing for a good deal.The buyer probably doesn't want to spend alot of time with the seller if the seller is not motivated at the price the buyer wants.

A buyer could always send a 1 page loi that spells general price and terms without being a full contract to test the waters.

um....yes if youre the listing agent you tell them that you can't give that information out. hell...I wouldnt give it out if I werent the agent...if I did just so happen to know.

I agree, you shouldn't give an answer to this person. That is SOP. That is what we, as agents, are trained to do. However, if your sellers find out, they MAY become very angry that you didn't consult them.

Think about what if you were out of the picture and the sellers were approached by the same person with the same question. What do you think they'd do? I'm betting they'd answer with a dollar figure, "take it or leave it, Pal". More than likely they wouldn't be enigmatic and say, "Make me an offer". They'd see a possible buyer, and they'd be excited and hopeful. Why should they NOT want you to do the same thing?

Touting the old rag that an agent is responsible for getting the MOST money for a seller is just agent baloney. Sellers want their homes sold without getting too badly killed financially. Gone. Period.

You might ask him how high he is willing to go Seriously, I would not tell him anything other than bring me an offer and I would be happy to present it to the sellers.

mr buyer---hte sellers asking prixe is X. what would you like to pay? let me know and i will get back to you with an answer from the sellers.

Nothing is nothing until it is in writing! First ask if he is qualified or has the buying power to purchase the home at any price. Then when he says yes what is he qualified for? That five minutes should tell you whether or not he is serious and how far he can go form there. DO NOT tell him what your sellers are willing to do, DUH!! You represent your clients and work on there behave, remember the CODE OF ETHICS???

This caller is a waste of your time for so many reasons.

First, maybe you can use my answer when someone is so stupid as to ask me how low MY SELLERS, whom I represent, will go:
"Well, you know, I represent the sellers and so I am working in their best interest. I know that they will accept a full price offer. Whether they'll accept anything else, I don't know and I would not in any case tell you, since I do represent my seller. [Yeah, this is a bit challenging---&^%$# 'em if they can't take it.] You can make an offer and I'll present it to them."

This buyer is probably someone who just got his real estate investment course or got back from his REI seminar, and is just calling to fish. He also does not understand who you work for or else thinks he can find an agent who will give up his ethical obligations. In any case, there is almost no likelihood that your seller's minimum would, even if you had their permission to tell him, match the formula he is using to come up with the price he will buy the house at; he needs to get it lower than dirt cheap.

In addition, what he's using on you is a classic precept of bargaining: "He who speaks first loses." He's trying to get YOU to name a price, in the hope that your price named will be lower than he would pay if he were to name his maximum.

And by the way, asking him if he's qualified is pointless. He's going to say he is. He will either not even know what that means, know what it means but not know, or he'll just lie. And QUALIFIED is not the point. You want PREAPPROVED buyers PLUS qualification such as, ready and willing to buy soon.