Have You Met Low Ball Larry? He’s Buying AND Selling Orange County Homes!

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Have You Met Low Ball Larry? He’s Buying AND Selling Orange County Homes!

Low Ball Larry Plays Both Sides of the Orange County Real Estate Market


Yes.  It’s true.  Low Ball Larry is active in buying AND selling in today’s Wild Wild West of Orange County Real Estate.  Oh sure, he’s got lots of other names – like Terry, Perry, Sherry, and Jerry to name a few.  But let’s just stick with Larry and see what he’s up to, shall we?

Low Ball Larry the Buyer – You Know Him!

This is the Larry you are probably most familiar with – the ruthless, take all prisoners buyer who ritualistically makes offers to buy Orange County homes for 20 – 40% less than the list price or the true current market value, which ever is lower.  He can handle massive rejection, name calling, tends to be loaded with cash, and cares less about things like upgrades, schools, and parks than he does about the deal.  He is emotionally attached to nothing but the bottom line.  Period.  There is a sort of calm persistence about Low Ball Larry the Buyer.  He’s patient, has his eye on the market around the clock, and sometimes gets what he’s looking for.  Sometimes.  What are the stats on Low Ball Larry the Buyer’s success rate?  Pretty low, for sure.  Here in Southern California, the Riviera of the United States.  Where there is massive competition for desirable homes – even in today’s strained economy.  But he preservers and wins, sometimes.

Why Should You Care About Low Ball Larry the Buyer?

Because as a home seller, you need to be prepared.  Low Ball Larry the Buyer may find you in his sights and fire off an offensive offer on you home.  You remember my motto, right?  Don’t freak, just deal with it.  Count your blessings that you got an offer, and make some lemonade out of it.  Don’t worry about Larry’s feelings, he’ll slink on over to the next likely target if it doesn’t work out with you.  Be teflon seller – just let Larry’s offer slide right off without sticking or creating a mess.

Because as a home buyer, you need to know that you’re competing with Larry.  And he’s a pro at this.  So have your offer package ducks in a row – deposit check, proof of funds, pre-approval letter, credit report, tax returns, pay stubs – all the ammo you need to do battle in today’s market.

What About Low Ball Larry the Home Seller – Have You Heard of Him?

This is the guy who lists his house 20 – 40% undercurrent market value.  That’s right – he throws out a low  ball listing.  Why? Why, to launch an open auction, of course.  This is Low Ball Larry the Seller’s way of announcing quite publicly “Come and get it!  Let the bidding war begin.”  This strategy is mostly used in today’s market on Short Sale listings where it’s in Larry’s best interest to get as many offers, as fast as possible, and at the highest price possible.   Like a Short Sale in Mission Viejo that was on the market for 25% less than the neighborhood comps and got three offers at market value within 5 days.  Low Ball Larry the Seller is moving forward to avoid foreclosure and has a couple of back up offers as Plan B and Plan C.  Strategy worked perfectly.  Even made Low Ball Larry the Buyer’s head spin when, before he could fire off that low ball offer, he’d been thwarted by three buyers willing to pay market value.  Move along, Larry, move along.

Low Ball Larry the Seller also shows up when there are “issues”  with an Orange County home.  Issues like partially reconstructed fire damage, or totally stripped of appliances and fixtures, carpet, doors, and windows.  Or wet, soggy and reeking of mold.  Yes, we’re talking about the REO homes.  When Low Ball Larry the Seller gets a hold of one of these puppies, he’ll list them at 50 – 60% of current market value.  This is quite fascinating to watch.  One South Orange County shell-of-a-tract home, listed at about half of what the neighborhood was selling for, was literally a revolving door for buyers, their agents and contractors.  The contractors were comparing notes – “how much did you bid to re-build the master bath?  HOw much for the down stairs bathroom” they’d ask one another.  At the end of four days, there were more than 60 cash offers and the home sold for 29% over the asking price.  Low Ball Larry the Seller is once again successful.

Well, that’s at least a fly by on what Low Ball Larry is up to in Orange County today.  And now you know he’s playing both sides of the Real Estate market.  Heck, you have to play to win, right?

I’m Leslie – just keeping it real in Orange County Real Estate.  You and Larry (or Terry, Perry, Sherry or Jerry) can call me anytime.  949-679-3373

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