We submitted the purchase offer, utilizing the new strategy dubbed, “Tuna Melt”:
List Price: $2,375,000
Offer Price: $1,800,000, with $100,000 reductions each month. Offer good for 4 months.
I always like to include a compelling case to help justify the offer.
- Sellers’ purchase price: $1,750,000, November, 2005.
- Zillow Zestimate: $1,295,000 (up from $900,000 less than a year ago).
- Tax Assessor’s Value: $1,600,000 (even number = re-assessed within the last year).
- House has been on the market since the beginning of 2008.
There has only been 4 sales in the last six months over $1 million. One of the four sales that closed for $1.3-something had mentioned in the remarks, “Was once listed for $3,500,000”.
I also said that it’s not just us, that all buyers would look at this evidence the same way, and expect to buy the house well under list. This was the response from the agent, who CC’d the sellers too:
Zillow does not know CRAP. The Sellers are not going to counter. The offer was too low, and the approach as to the $100,000 reduction per month was offensive.
Watch the creative techniques, sellers are sensitive enough.