They are out there, low ball buyers preparing to pounce and take advantage of sellers in what they hope is a moment of weakness. This is their business plan, to identify sellers in distress and/or in need of quick cash. I consider this nothing short of predatory, even if it is a legal business practice. I have no respect for these people and their ‘businesses’, and I often receive offers from them on my listings. Note to said buyers, don’t waste your time or mine!
This week I entertained multiple offers on a property in Terra Linda which we intentionally priced low to generate interest and offers. Even at our already discounted asking price, which got substantially bid up, I had two offers come in several hundred thousand dollars lower than our asking price. One of them was an LLC, and they included an assignment clause. They came in 25% lower than our asking price, and all this added up to was them trying to get in contract with us, so they could turn around and assign the contract to someone else. In the process they’d make money from the assignee. Personally, I would never advise a client to accept an offer with an assignment clause, even if the buyer came in at the asking price.
Even worse, this ‘buyer’ wrote in their email to me the terms of their ‘offer’, and requested that I write a contract for them and send it to back them for their signatures. Getting an email from someone, and not a contract, is no offer at all. I would never write such an offer for any potential buyer. We get to choose who we represent as clients, and I would not choose to write that offer for this buyer. I replied to the buyer’s email, “Ha, ha, ha!” and let him know we had several offers in hand and more were expected.
The buyer took exception to my reply and was not happy with me laughing at him. He replied back that I was being unprofessional, which I was. He said I was undermining my credibility, which is like the pot calling the kettle black. He also pointed out that all offers need to be presented to sellers. But an email is not a contract, and no contract is no offer.
Long story short, if you are a predatory buyer don’t waste your time contacting me. I see you for who you are and I have no respect for what you do. I will laugh at your weak ‘offers’.