A few weeks ago I showed a condo in Coconut Grove to some clients. After the second showing, the sellers called me and begged me to get my clients to make an offer. They said “make any offer, we are negotiable”. They also conveyed the fact that they were desperate to get out of Miami.
My clients made an all cash offer for $100,000 less than the asking price. Now I know that it is a pretty low offer, but it is an all cash deal which is hard to come by in this market. These are good quality, solid clients, and the sellers know that.
After sending the offer, we didn’t hear from the sellers for a week. Finally, they countered for $10,000 less than the original asking price, and changed all of the terms in the agreement.
Why on earth would you not make a reasonable counter offer in this market? Had they done so, surely my clients would have raised their offer. Instead, the seller lead them to believe there was no way of making a deal and walked away.
My clients have moved on, and the above mentioned condo is still for sale.