Does Final Offer make you less likely to make an offer?

[Anonymous]

I saw a house I like on the Final Offer. The Final Offer terms have a minimum that is above the asking price and specifically rule out contingencies. I gave up on making an offer.

[Anonymous]

Requiring waiving contingencies unless it’s finance contingency would make me opt out.

[Anonymous]

Agent X here.

I've seen a few agents use this. It's supposed to have "more transparency" in the process. I don't understand what the upside would be to using this. It's just a way for a seller to say that they want more than list price like you found with the home you liked, and no contingencies. To me all that is just like a suggested retail price. Sure we WANT $4M and no contingencies so we'll put that on Final Offer, but we know the house is only worth $240,000 and the roof is clearly falling in. But maybe people won't notice, honey!

[Anonymous]

What is Final Offer?

[Anonymous]

https://www.finaloffer.com

[Anonymous]

Anonymous wrote:I saw a house I like on the Final Offer. The Final Offer terms have a minimum that is above the asking price and specifically rule out contingencies. I gave up on making an offer.

Final Offer makes you less likely to make offers that will go nowhere and simply waste both parties time.

[Anonymous]

Anonymous wrote:Agent X here.

I've seen a few agents use this. It's supposed to have "more transparency" in the process. I don't understand what the upside would be to using this. It's just a way for a seller to say that they want more than list price like you found with the home you liked, and no contingencies. To me all that is just like a suggested retail price. Sure we WANT $4M and no contingencies so we'll put that on Final Offer, but we know the house is only worth $240,000 and the roof is clearly falling in. But maybe people won't notice, honey!

NP. Would these Final Offers turn up in cases where the listing agent knows it's not worth $240,000, but the owners are insisting on $4M, so they compromise on this? Still wouldn't tempt me to bid on something that, as another pp noted, would probably be wasting my time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I saw a house I like on the Final Offer. The Final Offer terms have a minimum that is above the asking price and specifically rule out contingencies. I gave up on making an offer.

Final Offer makes you less likely to make offers that will go nowhere and simply waste both parties time.

It's not clear that they would go nowhere. The house has received zero offers on Final Offer. The MLS listing price is lower than lowest acceptable price on Final Offer. There is no mention of contingencies. The Final Offer actually turned me off the house and the owner.

[Anonymous]

Yes. I'm out!

[Anonymous]

Anonymous wrote:Yes. I'm out!

Agree. Best to avoid this service.

[Anonymous]

We just bought a house and were looking for about four months - I've never heard of this! Looking at the website, it sounds like it's much more common in MD and DC. Only a few houses in Virginia, so I guess that's why we never saw it. Seems super sketchy.

[Anonymous]

So many ways this can go south. This is why Zillow’s instant offer (?) didn’t work.

[Anonymous]

Honestly it’s a business transaction, you need to take emotion and feelings about it out of it. I think the approach is silly but if you like the house ignore the suggested terms of the “final offer” and make whatever offer you’re comfortable with. It may look good to them if they have no other offers that meet their terms. You don’t have to like the sellers, they won’t be living there anymore if you get the house. They are probably trusting their agent who isn’t making the best decision for them. I’d make the offer, lower than asking if that’s what you want to do, and with whatever contingencies you want.

[Anonymous]

Anonymous wrote:Honestly it’s a business transaction, you need to take emotion and feelings about it out of it. I think the approach is silly but if you like the house ignore the suggested terms of the “final offer” and make whatever offer you’re comfortable with. It may look good to them if they have no other offers that meet their terms. You don’t have to like the sellers, they won’t be living there anymore if you get the house. They are probably trusting their agent who isn’t making the best decision for them. I’d make the offer, lower than asking if that’s what you want to do, and with whatever contingencies you want.

Yes

[Anonymous]

Final offer reminds me of the old joke.

An old man asks a young hot girl would she sleep with him for one million dollars and she says Yes!

He then asks would she sleep will him for 50 dollars. She goes no way what type of girl do you think I am!

He says I know what type of girl you are I am just negotiating the price.