Why did your buyers want nothing to do with the property? What's the deal on this property? Compared to similar properties on the market, how does it measure up. There's a missing bit of information here.

Maybe there is something about the house that makes the low price valid? Maybe they should have accepted the original list price + $1?

Not knowing the area, house, condition, it's hard to answer this question.

I call the situation wierd. The first listing agent had his listing cancelled? The second agent could not get market value offers? What else don't we know?

Ironically, we have a few of those so-called master listing agents in San Diego who list properties far below market value and we avoid their listings instead of playing games with them. Yes, the same guys who claim if they don't sell you property within 60 days, they'll buy it from you. What a load of crap!  So much for upholding the integrity of our profession!!!

I think something is up.  Have you talked with either agent?

Bidding wars come from value.

They shot their value (and credibility) in the foot.

Doesn't seem to be a successful strategy.

Nothing wrong with bidding wars, sometimes there is a reason for that low price though, and this could be one of those times.

That's a strategy that often works. Clearly, this time it didn't. Then again, too low a price might be generating the "wrong" buyer for the property. I'm not surprised that after relisting the property didn't get attention. It was stigmatized to some degree. I would have stayed off the market longer than two weeks so that the original listing was more of a distant memory. But that being said, I don't know enough about the property and what happened to opine if the house wasn't underpriced and why buyers think it's worth less than market value. (Of course, market value is what buyers think it's worth.)

Who knows what the original strategy was and who owned that strategy Paul S. Henderson, REALTOR®, CRS ? What ever, who ever it obviously didn't work to the home owners satisfaction but said home owner had to have been on board at some time. Sometimes, even in RE, it's try, try, try again.

I think that it's the seller. Sometimes advice is given & it is not listened to. 

I bet it's not in great condition because it's priced low. Buyers said that also with a lower bid.

As it is up to the seller to put the price on the property and we give comps to help them, shame on the first agent for taking the listing and probably buyers had a perceived problem with the price it had no traffic.

Paul, what were the issues with house or on disclosure that resulted in the low offers?

Sounds like plan A didn't work. I would just make an offer of what my buyer and I thought property was really worth. At one time, list prices could be 10-20% below market and buyer demand would drive price back up to and over current market values.

You seem to have quite a pulse on the listing details of this property. I'd call it unsuccessful marketing...

Paul,

What is the missing factor here?  I am not certain I can answer this without knowing more. 

Mismanaging is afoot. Getting a second chance to make a first impression is often at work by nonprofessionals or by those that act before they think

I hope the agent who wrote the full price + 1$ is suing the first listing agent for the commission due. Sellers can not be allowed to cancel and agents need to be discouraged from playing games.

Misfire?

Backfire? 

I get the sense there is more to the story. There almost always is. 

No offers at a ridiculously low price?  Hmmmm.  I wonder what the rest of the story is. 

Why didn't your buyers want anything to do with the property? Occasionally we see lowball listing prices but not often unless there are serious deficiencies. Karma? I don't know.

Sounds like there may be an issue with the house or it's hood that prevented any offers at the low price.

Not sure what's going on there.  Maybe the house was in bad shape or completely outdated and therefore, listed at a low price.  No offer came and they decided to fix the home and now selling it at market.  They probably didn't fix the home properly or did very minimal since they only took two weeks to repair.  The house still doesn't appeal and has been on the market for awhile. Now it attracts low offer(s).

Thanks for sharing this story.

Hmm someones idea of a smart move which could have been hatched by either the agent or the seller. Who knows.  Why mess with it as far as your buyer goes.  We've got on close to us that was listed ridiculously high and is now down about 75K with another 75 to 100 to go. Now why would anybody do that......stupid.

Buyers always determine market value. They will pay what it's worth given the condition and location of the home. If they got two offers about the same price - that's about as good as an indication of value that one can get. Of course more offers about the same would give one even more certainty.

In this case the sellers trust was shattered.   It came back to bite the agent and I am sure the sellers not being happy had nothing good to say about this agent.   It was a gamble they took and lost.

your buyers did you a great favor by eliminating that property.....  

Your assertion that the property was originally underpriced and then was re-listed two weeks later “at market value” seems to be in error. If the property was attractive enough and priced lower than warranted, it should have attracted buyers. It got one offer.

It came back at the market, priced higher, and is getting no offers.

The property is now overpriced, Paul S. Henderson, REALTOR®, CRS 

Otherwise, I agree fully with Candice A. Donofrio 

If you are that close to the situation and don't know the answer I cannot offer an opinion from 2,436 miles away.

I agree with Candice A. Donofrio 

One would think that a 'ridiculously low price' would prompt an immediate bidding war. It's crazy that they only received one Offer after a full week. Sounds like they should have taken that original list price + $1 Offer, Paul!

I feel sad for that homeowner the first agent talked them into such a low price.

Hi Paul, 

There is definitely more to this story. 

Wow that is a new one on me.

There are agents in my area who under price homes joping for a bidding war. Offers come in and teh seller gets upset and often vocal the offer is low , although at what the asking price was. These are homes i target for deals as eventually they have to sell, and a good deal may be had when no other buyer has snagged it. 

Odd. Something's off with this property.