Someone once asked me what the worst offer I have ever received.  I asked them if they had all day because I have had several of them. 

I recently had a bank foreclosure home that had been listed for $1,399,000 when the owner had it.  The bank foreclosed on it and wanted to sell it quickly and priced it at $799,000 which I thought was a great value and most people agreed. 

I received an offer for $200,000; I thought the agent was joking when he called me.  Oddly enough, the agent said that he thought the bank wanted to sell it.

I told him that the bank did want to sell the house which is why they reduced the price from $1,399,000 to $799,000 but this agent was not embarrassed to present a $200,000 offer.

I would have personally been too embarrassed to present that offer because it would have made me look like I was crazy and my purchaser who thought he could have bought it for $200,000 would have been very unrealistic.  This was a brand new, never lived in 4,300 square foot house in one of the finest developments on Hilton Head Island.

I often have people say that if they really wanted to sell it, they will take an offer.  Yes, they will take an offer but there is a limit to what people will take. 

When I started asking other agents what the worst offer they ever received was I was amazed to hear that all of them had stories like I did.  One agent had a $1 million house listed and someone offered $100,000 was upset that they did not receive a counteroffer.  The market is slow, but is it that slow – I do not think so.