What's a lowball?

[riander5]

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It's a lowball offer if they somehow try to justify it by saying "I'll give you cash". Of course you will. You're still not getting my car for half price...

Yep, i've had multiple, $XX cash today

I always respond, were you planning on paying me in bitcoin? Monopoly money? Carbon Credits?

They usually dont reply to those

[Buster]

I find it interesting that people are offended by low offers, but we have no term for people who post stuff that is priced way too high. Shouldn't people be up in arms about "highballers" just as much?

[03ozwhip]

I dont understand the whole not coming to look at it issue? I live usually an hour away from sellers and im not driving down there if we don't have an agreed price if its as they describe.

[Tik-Tok]

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I dont understand the whole not coming to look at it issue? I live usually an hour away from sellers and im not driving down there if we don't have an agreed price if its as they describe.

Everytime I've let someone haggle over the phone before they see it, they end up lowballing me when they actually show up, in the hope I'll just take the cash, and using some perceived "undisclosed" flaw in the item.

Instead I tell them to piss off, and thank them for wasting my time. So know I won't deal with anyone who won't see it in person first.

[firebane]

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Everytime I've let someone haggle over the phone before they see it, they end up lowballing me when they actually show up, in the hope I'll just take the cash, and using some perceived "undisclosed" flaw in the item.

Instead I tell them to piss off, and thank them for wasting my time. So know I won't deal with anyone who won't see it in person first.

Maybe what your selling is flawed and has issues and the seller thinks its justifiable to ask for less than what you first agreed on?

[black300]

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For example, you're about to never buy a house, ever.

Lol seems like someone lowballed you. I’ve seen $50k less than asking and SOLD.

[The Cosworth]

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I dont understand the whole not coming to look at it issue? I live usually an hour away from sellers and im not driving down there if we don't have an agreed price if its as they describe.

I think if you said, hey I am from Red Deer so can you send me some pictures, what is your price, yada. I wouldn't have an issue. But people usually go

I can be there in 10 minutes
Great here is my address - cash please
Awesome! can you take 50%?
What? No......

Then they get mad we had a deal.

[Tik-Tok]

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Maybe what your selling is flawed and has issues and the seller thinks its justifiable to ask for less than what you first agreed on?

Im always 100% upfront with any issues with anything I sell. They're just looking for excuses to lowball me in the hopes I'll just say yes.

[03ozwhip]

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Im always 100% upfront with any issues with anything I sell. They're just looking for excuses to lowball me in the hopes I'll just say yes.

Could be that im just not a piece of shit.

[ThePenIsMightier]

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Lol seems like someone lowballed you. I’ve seen $50k less than asking and SOLD.

A properly priced house in Calgary or Edmonton will sell within 3% of asking and very rarely wander into the 4% discount. I don't think I've seen a single one sell for 5% below asking in over ten years of monitoring properties in a couple different neighborhoods. 10% is a unicorn with a stripper riding it, or, it's someone who asked $620k for a $550k house and you're just another idiot who bought a 2019 domestic truck demo model and "saved thousands".
Also, why did you say "after 60 days" as if that's a long time to have a house for sale? That is not a long time. I think the average is currently over 60 days and I've seen it stretch to 90 days. Properly priced house don't sell in 48 hours.

[zechs]

A lowball is when an offer is below the low end market value. That is the generally accepted definition.

"Price discovery", unless an item is rare, is pretty easy to accomplish these days with the internet.

So yes, technically correct that lowballs are price discovery, but its a waste of everyone's time because there are more efficient ways to do it. It is not the act of the lowball itself that is infuriating, but the knowledge that the item is priced reasonably versus its comparables and an offer is made anyways. Imagine walking into virtually any business, with no intention to buy, and asking them for a service at 20%+ discount. Good luck with that.

As an example, had a high mileage diesel GMC. Lots of "lowball" offers when clearly the price was reasonable based on comparables. Sold it for slightly less than asking.

Does lowballing work? I don't think so, except maybe on the rare occasion someone is very desperate. Again, with how efficient price discovery is nowadays, even "desperation selling" can be accounted for in a offer. Anytime I see an item listed on Facebook or Kijiji and think "that's a good price" the item is already sold, as there are people that just sit in front of the computer all day and buy the good deals and flip them.

I don't think people who are desperate to sell try and sell at or above market value, because that would defeat the purpose of a "desperation" sale to begin with.

This all assumes people are rational, which they are not, but certainly it holds true a majority of the time.

TLDR; fuck lowballers, especially because both Kijiji and Facebook Marketplace have such shitacular user interfaces.

[Buster]

If you get infuriated over someone offering a price below what you think is acceptable, I think you should probably adjust your attitude.

Actually, if you even get mildly annoyed at someone offering less than what you deem acceptable, then life is probably more difficult for you in general than it needs to be.

Being able to control the who, when and how your emotions get impacted is a significant asset. I laugh at people who get annoyed when driving, or worse road rage. You're allowing some dipshit that you don't even know to control you. Getting a random email from someone from kijiji annoys you? You're letting some dipshit you don't even know to control you.

[killramos]

Do people have a hard time typing out the word “no” to unacceptable offers or something?

As for the “house” comments. I bought my last house at 80% of ask, and 70% of what the previous owner paid for it. Not my problem what their financing situation is.

Lowballs are free entertainment, we are happy enough to post about them on here for the lulz.

[shakalaka]

We have our sylvan lake beach house up for sale a got an offer $60K less than asking ($460k list - $390k offer). Obviously we’re not going to accept that and the house is pretty much free of mortgage, but is that a lowball?

[03ozwhip]

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Do people have a hard time typing out the word “no” to unacceptable offers or something?

As for the “house” comments. I bought my last house at 80% of ask, and 70% of what the previous owner paid for it. Not my problem what their financing situation is.

Lowballs are free entertainment, we are happy enough to post about them on here for the lulz.

This is something I've been thinki g about because I'm looking to buy a house and in this market, I dont wantto overpay(whatever that means right now).

So theres this house im looking at that needs nothing, has been on the market for 100 days but they want 500k(strathmore). I highly doubt these people are desperate, but i just cant justify 500k for that house in this market.

Definitely having a bit of moral issues with what to offer when its time to make an offer, because i feel like it should be significantly less, but what do I know.

[Twin_Cam_Turbo]

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We have our sylvan lake beach house up for sale a got an offer $60K less than asking ($460k list - $390k offer). Obviously we’re not going to accept that and the house is pretty much free of mortgage, but is that a lowball?

Nice Marth.

[killramos]

If they can’t afford to accept your offer, you know what they definitely can’t afford?

Carrying costs.

Now a shelf on Kijiji? Minimal carrying cost so it’s easy to tell lowballers to fuck off. But something big, where you need to sell to become whole. That’s a real debate. And it’s good those low ballers are sometimes there to provide liquidity.

Maybe it’s not market discovery, but it’s a valuable tool to have out there. Just like Calgary Honda offering you 60% of ask in cash for your listing. Saying no is easy and cheap. I think where lowballers piss people off the most, is when they are tempted to take the offer.

[ExtraSlow]

Just like when Calgary Honda goes bankrupt and someone is there to scoop up the fire-sale civics, you mean.

[killramos]

Someone’s got to pony up for the civics. It definitely isn’t going to be happy hopping.

[legendboy]

I list a lot of pro audio gear on Kijiji and if someone offers me 50% of my asking price I explain that they should buy off Ebay and pay the shipping charges. Usually changes their offer or they just stop communicating.

Fuck low ballers. I had a guy come from Edmonton and made me a fair offer on all my equipment. Sold. Kijiji sucks