Multiple 'Lowball' Offers

Most agents realize that a home properly price is half sold in any market. Some agents discover multiple offers even at the list price or higher in buyer’s markets if the price is right. But, it takes a ‘special’ property to receive multiple ‘lowball’ offers. I’m blessed with the opportunity to represent one of those ‘lowball’ magnet properties.

The property is in Mesa, Arizona. It was listed around Christmas in 2008. Little did I realize that this would be the gift that keeps on giving. In the past three months there have been dozens of showings and three ‘lowball’ written offers, plus several other ‘lowball’ letters of intent.

What sort of marketing magic does it take to attract numerous showings and ‘lowball’ offers in a market where many sellers are as lonely as the Maytag repairman? All the seller needs to do is make sure the property looks decrepit.

This past week, I showed the property to a lovely couple. As they approached the property from the front they glanced in each other’s eyes. That look said weeds and peeling paint form a strong first impression if you are looking for a haunted house.

The faded yellow front door did little to cheer up the dubious buyers. They could tell the floors were real wood by the rotted board that was not removed after the recent termite treatment. The ‘dust bunnies’ on the floor, and dead flies on the window sills were silently whispering, ‘lowball’.

Mrs. Buyer commented that the drapes reminded her of a “funeral parlor”. Seldom have I showed a property to a couple that used the word different so frequently. I could see the mental estimate for needed repairs race by the 100k mark. To my surprise, they decided to view other properties rather than join in the lowball line.

The showing feedback and listing agent has suggested that the seller needs to invest some money in the property. Good intentions, numerous painting estimates, prayers, a buried statue, and a positive attitude will not stop the laughs and multiple ‘lowball’ offers. Looking back, the nuns were right, God helps those who help themselves.