How do you respond to the question "How much will the bank take"?

Almost every agent asks that question and I always fumble on it. Haven't quite gotten a response down I am comfortable with...Also something that can express not to low ball offers

I have never had trouble with "You know I can't tell you that. Submit your offer and let's see what we can get done."

I am pretty much the same - I usually say, well, make an offer - we have to start somewhere.

"The bank is my client and I can not divuldge that kind of information. Write an offer it will be presented. How much is your client willing to pay though?"

Over half of the agents tell me their clients price ???? WOW!

I just say I have no idea. I really don't have any idea until the first offer goes through.

"A full priced cash offer will do it." Stupid questions deserve smart-[censored] remarks.

Full price usually will do. REO Dayton, I've had similar experiences with agents showing their cards by giving me their buyer's upper limit.

I get that from the public but not from agents.

That's pretty much what I say, too.

I follow up with I know they will take a full price, cash offer no inspections closing in 30 days....

you can't fix stupid

I just say "I can't speak for my client.Submit your best offer and we will see what happens."

What if ask less direct?

For example if you have multi-offers, they ask if your offers are they above asking? or Or how many offers do you have? etc.

How do you answer those questions?

Don't get that stupid question too often but usually the same as above. Basically, "Well how much is the list price? "(as if I don't know. Sometimes its fun to play dumb with dumb)

In that case, I always state that I cannot discuss offers.

If it is multiple offer situation, they get the paperwork to sign off on and the request for highest and best.

I ask them what they were thinking of offering and will tell them if they are in the ballpark.

Example house is listed at 400k and I have an 2 offers on the table for 365k and 380k.The buyer on the phone is preapproved for up to 345k and wants to offer 325k. Obviously they are trying to buy a home OUTSIDE of there approval range. With other offers on the table and they can't get financed higher it would be a waste of time to bring an offer.

If they are in the running I tell them to submit there best and highest in a multiple offer situation. I tell them to submit the offer they feel if it's not taken they went to the top of there comfort zone and can walk away if it doesn't happen.

My stock answer is:"Did you miss the pre-licensing class where this was addressed?"

I upload a document in the MLS's that spells out what is required for me to submit the offer to the bank, the usual stuff. Yet I still get offers submitted as one page "Intent to Purchase" instead of on the standard contract. I get them without proof of funds/pre-approval letters, without the addenda (which are also available via the MLS) without a copy of the escrow check, etc. etc.

I'm thinking about starting remedial reading classes for real estate agents.

I normally tell a buyer that the listing client does not tell me their bottom line but that I'd be willing to submit whatever offer the buyer wants to make that is supported with an earnest money deposit and either proof of funds or a prequalification letter, and see how they respond to it.

In the response to questions about multiple offers I normally will say how many offers are currently outstanding; anything more than that and I tell them I can't discuss the details of anyone else's offer anymore than I would give out details of whatever offer they might make.

My standard response is "I know that they will entertain offers at list price, do you have an offer you would like to present?"

My favorite is when they ask who the lender is... like they will have some magic formula if they know. I always ask them why that matters.. they usually stumble and bumble before saying.. uh, OK. If they press the question further I just tell them that I think that it is the bank of Dubai.

I guess you will never get away from stupid offers too...

I got one today for a house that is listed at $686K. Which is a very good price. We just did a price reduction and I have had lots of activity. I got an offer today for $500K. I really don't understand what the point is?? I mean why waste my time and yours on offers like that. Do they really think they have a chance with an offer like that? It has been on the market less than 60 days. You can hardly buy a shack in this city for $500K and my listing is nice!!

I was hoping there was some magic answer that would cut down on things like this, but I have been telling agents basically what all of you are advising...

It's just PERCEPTION in the current marketplace.

GULF now in my area I can actually say why they ask this.

I have been tracking foreclosure data in my MLS. There are certain listings where lenders are still only reducing 5k a month and are not realistic and then there are others who are always real aggressive with mark downs and pricing.

In my county in the tax record anything with Well Fargo,Taylor Beam and Whittiker,and Bear stearns sell there stuff pretty low to move. So when I check the tax record I know some lenders/banks are more open to dealing then others based on who owns the loan. I was actually shocked to find a pattern but there was one in my mls. I guess it would be fun to do the same in your local area. I also do this to find which lender has most of the defaulted REO's in my county as it varies from county to county.

I just say, "well, it's listed for $330,000, so they'll probably take that.

love the shades!

I often get asked in multi-offer situations if the offers I have received are higher than asking price. I never know what to say.

Look, it is so simple you represent the Seller and our job is to get the best possible price and terms for our client. So, if that is the goal it preferrably would be the list price; which is what I tell them. Also, I mention that my Seller does not disclose their bottom line to me and if they did I couldn't tell you anyway and the I state; "have your Buyer write their best offer and we'll let my client decide if it is acceptable". I do not want to discourage getting any offer, an offer is better than no offer and then we can let the games begin. I always go back to the Selling agent when I get a counter with this comment, "no matter what, don't let my client be the last to respond, have your buyers come back with something; even if it is the same price". You'd be surprised how many AO I get because of this technique.

How about "If there are no other offers, I'm sure they'll take $$$(the list price).

I usually tell agents, the bank wants the most they can get for their house; its currently listed for XXXX. Submit an offer and it will be either rejected or countered.

When I have multiple offers I just say we have multiple offers going as high as list price or over list price or close to list price.

I never give buyer's agents a number. I got $20K over list price once because I never revealed my highest offer. It is none of the buyer's agents business.