Property listed for $20g, I offer $25, bank counters at $31. I'm working with listing agent who says my offer was highest he saw, and doesnt understand the banks counter. I offered to go $26, which is really my max. Any insight?
Yep...It was a phantom offer to generate some buyer interest. Let's not forget, sellers may use many methods to get a property sold for above market. It all about money. You could also call it bait and switch. Generate a bidding war and get 30k or better for the property. It is entirely possible.
I know an agent in Palm Springs CA that frequently lists properties at about 20 % of market value (80 % BELOW average) and gets so many offers in the first two - three days that it makes her head spin. And usually the property sells close to true value. I'm sure this method only works well in certain high demand areas though.
