Making a Low Offer on a "Only Full Asking Price Will Be Accepted" contract???

[marmentrout85]

I'm fairly new to these parts but have been wondering if it's basically just a waste of time trying to put in a low offer on contracts labeled "Only Full Asking Price Will Be Accepted". Has anyone ever had success with this?

 

[Shoktherapy]

I haven't made an offer on contracts with those labels yet but that wouldn't stop me from making an offer if I was so inclined. All they can say is "No", which is the same as if I don't make the offer in the first place.

 

[GrumpyInPhilly]

I did once and was told in no uncertain terms that full price meant full price. I've crossed them off my list of brokers I'll deal with.

 

[marmentrout85]

I haven't made an offer on contracts with those labels yet but that wouldn't stop me from making an offer if I was so inclined. All they can say is "No", which is the same as if I don't make the offer in the first place.

That's been my line of thinking too. Just wasn't sure if it was a major faux pas or anything along those lines with what little shame I have

 

[Shoktherapy]

I did once and was told in no uncertain terms that full price meant full price. I've crossed them off my list of brokers I'll deal with.

See that would make me send in a slew of low ball offers...

 

[jcolvin5]

I'm fairly new to these parts but have been wondering if it's basically just a waste of time trying to put in a low offer on contracts labeled "Only Full Asking Price Will Be Accepted". Has anyone ever had success with this?

I'm a firm believer that it never hurts to try, but in this case I doubt you would make it past the broker. The seller has essentially given them the instruction not to go below that price. And the thing you have to remember is that the broker works just as much for the seller as they do for the buyer.

 

[gmi3804]

Brokers are required by [license] law to present all offers, unless the seller has instructed them otherwise.

 

[jcolvin5]

Right. I believe the listing stating "Only Full Asking Price Will Be Accepted" is the seller instructing the broker not to engage in bidding.

 

[MsChristy12]

I've tried it once and I didn't even lowball, It was $5 less than asking and the agent flat out told me no and only full asking price will be accepted.

 

[jolynne28]

I always assume that the broker has given them the OK to list it that way b/c they've determined they have a desirable contract at a price they know they can get, so I wouldn't bother.

 

[DanCali]

I did once and was told in no uncertain terms that full price meant full price. I've crossed them off my list of brokers I'll deal with.

I was told the same, but I have found that the contracts labeled as such are also usually priced lower than others with higher asking prices without that label. I've also found that quite a few of these listings have something "rarer" in nature like a subsidized contract, a small point contracts, a fixed week etc. In any case, I'm not sure you need to take it out on the broker if the buyer wants to list as as a (often somewhat reasonable) firm price and not be bothered with multiple lowball offers every day for several weeks.

 

[lilsonicfan]

Personally, I wouldn't bother. I assume that the listing was done that way for a reason. A month ago when a few of us were buying AUL-subsidized contracts, the seller had 5 total, I noticed that the last two, he changed to "only full price offer will be accepted". In my view, there's no point wasting even my own time in making an offer in those circumstances.

I think we have had the convo of whether brokers do or don't need to present offers and the consensus seems to be that they don't have to, if the seller has said, for example, don't even bring me a less-than-full-price offer.

 

[miTnosnhoJ]

If I made such an offer, I would include an expiration date.

 

[Sandisw]

I never have put in an offer but I have contacted the broker and let them know that I was interested and that if the seller ever changes their mind about entertaining a lower offer, they could contact me.

 

[davidhr]

Very personal, but I'd be very annoyed if I explicitly say I will only consider full asking price offers and still get lowball offers sent to me.

That's why I don't offer for contracts that say that.

 

[we"reofftoneverland]

I'm fairly new to these parts but have been wondering if it's basically just a waste of time trying to put in a low offer on contracts labeled "Only Full Asking Price Will Be Accepted". Has anyone ever had success with this?

I like your style.

Your problem will probably be the broker who will block you. We once tried to do this on a contract that had been sitting for like a year! And the broker wouldn’t even pass on our bid to the seller.

 

[CVG]

Do other brokers other than the board sponsor have "Only Full Asking Price...."? I assumed that they were contracts that the board sponsor themselves owned and therefore it would be pointless to offer less.

The other issue with the board sponsor is their Instant Sale facility. It sets a floor below which any negotiation is likely to be successful. If it prices the contract above what I'm willing to pay (and it almost always will) then there is little point even looking here. The bargains are to be had elsewhere.

However, I would probably use them to SELL my contracts.

 

[CarolMN]

From the Florida statute 475 regarding brokerage relationships:

TRANSACTION BROKER RELATIONSHIP.—A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. The duties of the real estate licensee in this limited form of representation include the following:
(a) Dealing honestly and fairly;
(b) Accounting for all funds;
(c) Using skill, care, and diligence in the transaction;
(d) Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
(e) Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
(f) Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
(g) Any additional duties that are mutually agreed to with a party.

Source: http://www.leg.state.fl.us/Statutes...ute&URL=0400-0499/0475/Sections/0475.278.html

 

[chazas]

Do other brokers other than the board sponsor have "Only Full Asking Price...."? I assumed that they were contracts that the board sponsor themselves owned and therefore it would be pointless to offer less.

The other issue with the board sponsor is their Instant Sale facility. It sets a floor below which any negotiation is likely to be successful. If it prices the contract above what I'm willing to pay (and it almost always will) then there is little point even looking here. The bargains are to be had elsewhere.

However, I would probably use them to SELL my contracts.

Are they successful in selling, though? For the most part these things are fungible. I have no idea why someone would pay higher prices for what is essentially the same thing. With prices dropping if I wanted to sell I'd price low and have my "I'd rather just keep it" number in the forefront of my mind.

 

[Sandisw]

Do other brokers other than the board sponsor have "Only Full Asking Price...."? I assumed that they were contracts that the board sponsor themselves owned and therefore it would be pointless to offer less.

The other issue with the board sponsor is their Instant Sale facility. It sets a floor below which any negotiation is likely to be successful. If it prices the contract above what I'm willing to pay (and it almost always will) then there is little point even looking here. The bargains are to be had elsewhere.

However, I would probably use them to SELL my contracts.

I have sold through them and while the instant offer was there they did advise me to try for a higher offer than that, even though I was willing to list well below market but higher than instant.

So, it never hurts to offer because my instant was $118, average at the time passing for SSR was closer to $130 and I listed for $125.. got offer at $120 which was taken by DVD.

All this to say is they really do a great job with sellers and advising them based on the needs of the seller.

I wanted a quick sale so it’s why we did what we did.