$150,000 Lowball Offer Backfires! (Vaughan, Richmond Hill, Markham Real Estate Market Update) 

It's not a lowball it's a realityball

Here in Vancouver, you'd be lucky to get an offer.

…why are you taking it so personally…it’s “business” at the end of the day. Everyone is sensitive about money nowadays.

Is there anything you want to do, if you want to improve the offer, you have until 8pm. I hate agents like this guy.

Interesting story.

Santo what was the price of that house? 1.9 M ? 150k less on 1.9 M feels very different than on 500k..

Low ball people. I've been seeing some of these homes selling way under asking. Low ball, low ball, low ball

I would make $300k lowball offer on a 1m+ house during this high interest rate era.

I like your content, but this time you made it sound like property was listed for $200k and you had an offer asking to drop $150k, which would have been low balled, but when number are 1.2-2 million, those $150k does seem like much Market is ridiculous so as the real estate agents heating it up by saying that $500k 1 bedroom condo that is the same size as walk in closet is normal thing and you should buy now before prices went even higher.

where were these videos when people were offering 300K above asking? I am sure you wouldn't have found anything wrong with those offers or any rudeness in the agents then. I wish there are more buyers and agents like the one you described. If a lot more rudeness is required to burn the RE market in Canada so be it, the next generation will be thankful!

500k 5 years ago - fair value. 1.2m in 2022 fair value. 1m in 2024 low ball. this country and the whole real estate scam is a disaster.

This is heights , Sentos I thought you have a rationale but it seems you are also inclined towards the greedy sellers who bought for 300-400k 5-10 years back and are used to not have a job or don’t really want to work just want the house prices to keep going up so that they can be lazy and still enjoy high home prices , I mean 10-15% appraisal every month(not annual). Tell me one thing, the property prices increased because RoI were almost zero percent and because of that the prices went so high in 2022 Jan/feb right???. but when the rate of interest increased to 7% don’t you think the prices of houses should come down to the same proportion? What a common person is going to do ?These greedy sellers are expecting the same 2022 Jan/feb pricing at today’s RoI and you are supporting them, it doesn’t look good on a decorated agent like your self. I wanted to buy something in Burlington but now I am getting my inclined towards John Flynn.

All the greedy thinks their shanty huts worth millions, let them hold it don't even bother.

If is +$150k over price is OK, time to bring price down to make affordable for all Canadians.

He can offer whatever he wants, you don’t like the offer just say my client is not interested, end of story. Don’t need to make a video about it.

maybe he real value of the house is $150k below the asking price.

You sound like a baby, people should be free to offer whatever they want, even if it’s absurd. The seller can accept, or decline, and frankly, Toronto real estate is absurd.

An arrogant real estate agent????? I'm SHOCKED!

We should have more agent like that guy, it's the best one I have heard about.

US inflation still hot. Interest rates staying high for much longer. This spring is just another bull trap.

lol the guy offers low and is offended why they didn’t wanna sell to him. Money talks, end of story. Why sell something for less when the market says you can sell it to them for more. Do you all think you’re gonna sell $150k or 300k less just because you’re a nice guy ….. cmon let’s be real, you would be greedy and want top dollar when selling.

Stop telling people what to offer. Are you putting money in their pocket? You are the one who are arrogant.

I think the low ball offer was a good one.

A large part of the Real Estate industry has been part of the reason properties are about 50% in price higher than they should be. What percentage of the $150K is the price? Stop blaming…..

150K under asking will be common soon 😂. Bubble crash

Unfortunately in Toronto and the GTA there are so many arrogant realtors. Sellers don't have to accept any low ball offers.

haha you should get used to it.

Not really backfire, they werent going to pay your price regardless

If it’s the only offer means it’s the real value,,, that’s it .. seller must accept the reality, the interest rate high ,, so the prices must go down

Totally agree Santo ... There are people like that in every vocation . If I come across someone like that in life I avoid them and wont even consider doing business with them . Kudos to you for pricing the property for what the seller would be happy with even if some thought it was over priced . I have much more respect for the guy that is massively over priced than the guy that tries to post a stupidly low price to create a frenzy and the poor buyer ends up paying way more than he/she should have . What is really funny is these people that post their property for 1 $ LOL ... I would go in and offer them .95 cents . May be a little off topic but I think that bidding wars are rife with corruption . No matter how much I loved a property ... if there was an offer night ...seeya I would not even consider getting involved . Pricing low and having an offer night .. to me ... is not a strategy ...its little more than playing off peoples emotions to get more for something than its actually worth Heres a thought ... outlaw "offer night" ... make it law that if a buyer gets an offer at his asking price and his conditions are satisfied he is legally required to sell the property ... might be a bit extreme ... i know ... but that would level the playing field ... young couples going to see homes that are priced so low and they are excited to think that mabe they have a shot at home ownership... but in the reality of this market they dont stand a chance . Greedy sellers trying to suck every last penny at any cost including bribery ( yea that was one of your other vids ) What a shame .... What ever happened to good old one on one negotiations ? I could go on but you get my point Any way ...always a pleasure watching your vids .... and I can relate to pretty much all of your insights

Coaching at its best Santo, appreciate you taking the time to share how negotiation goes from an agent's POV. Enjoyed the storytelling, particularly how you pointed out the specifics of the situation, how you felt, and your perception of the arrogant agent. As a new agent entering the industry, I consider this content to be extremely helpful. Looking forward for more Tales of the life of Santo ;)

How dare he speak to Santos that way!

All buyers should lowball by $150k. Buyers set prices. Why does society want to be house poor?

LOL, agents won't be 'arrogant' anymore soon. Get ready to be humbled while the famine sets in😂

Nothing like paying for boomers who didn't save up a dime for retirement!

Santo, how long have you been a real estate agent? You clearly have only seen the good times. Those days are gone. Back in March I saw a home that was asking 1.8 million…. The listing was exclusive. I told the agent I could not offer more than $1.65 m…and he did not even want to put the offer on paper and present it. I moved on. The house remained unsold for 60 days. It sold last week for $1.60M Bottom line you agents have no clue what you are doing. You simply push a pen and get easy money for doing very little. Time to pull up your boot straps and recognize that your job for the last 20 years has been TOO easy.

I think you’re the one who’s expectations are out of line

So many people here totally missing the point of the video. Clearly it was not that it was a lowball offer, thats not the point. Santo even says sometimes he will submit a buyer's lowball offer accompanied by justification. It was the way it was presented by the entitled rude jerk.

Geez do your job Santo…be nice when money is involved..

Bravo for the buyer's agent! Contra Mr. Sessa, it is NOT the job of the agent to "quarterback a transaction" and generate a commission for himself and the other agent... Rather, it is his job to help HIS buying client make money by taking advantage of the seller's past recklessness. In fact, it is best to wait until the property is owned by the seller's lender, and stink bid it then. As rich people often learn, you make your money when you buy, because that's the only price you can control.

Have dealt with assholes like this. Great video

In Canada, the seller pays the commission of the buyer's agent. Why is that? In Australia, most transactions are done without a buyer's agent. It is optional and the seller does not pay the commission of the buyer's agent.

Great story and I laugh at the comments below - I have lived the story and for laughs I once countered list plus 100k

If the objective of the buying agent was to buy a property, then I would agree with you - his actions are unwarranted. If his objective was to get a good deal, then his actions are just fine. He does not have to be nice. Him calling you after the sale, is just an ego thing. Still fine.

Some buyers get remorse and change their mind before giving the deposit draft. They can still be sued by the sellers.

Hi Santo, can you please do a video on when it’s a smart business decision for a small investor to incorporate if they have multiple rental units?

As a listing agent, do you have to disclose all offers to your client by law even if they are lowbal offers?

Always make sure you’re ready to buy at your offer number and that you have solid financing in place before going in…even if you’re sure this is the home for you.

👍

I don't know who that approach works for. I keep running across other agents who are savvy and diplomatic and we get the job done together. Almost had a chance to work with you recently Santo but the house sold before you were able to get your people in. My loss.

prices will fly this year and next year will rock, by 2026 and 2027 we will be at least 10 or 20% higher than higest of February 2022, come back to this comment in a few years..

It's always the lowball 25th best offer that cries the loudest.... happens every time...... these same people are spamming this board with bear posts too lol! The agent must have been one of these real estate bear agents floating around here hah