The Taos Real Estate “Will They Take Less?” Question

Posted by Jim Kimmons, Broker/Owner • January 23, 2009 • Printer-friendly

Actually, it isn't just a Taos question, it's pretty universal. However, the law in New Mexico states that a broker cannot divulge whether a seller will take less than list price, and they can't divulge if their buyer client will pay more than offered. It's in the contract representation disclosure pages.

It does say that you can if you have the written permission of the buyer or seller to do so, but I've never asked for that permission, and doubt any other brokers normally do either. So, if a broker starts volunteering that information, it could be a lot more than an ethical violation.

That said, it is a question asked very often by my buyer customers. I can't answer it, and will just tell you to make the offer you believe is the right first offer for you. Never offer full price unless you REALLY want to lock up the property fast in a seller market (certainly not the case when this is being written).

Too low risks a backlash of a high counter or the seller sending you away
But, "too low" is a hard number to peg
Too high and you'll likely pay more than you had to

In most cases, when I discuss this with a buyer, we come to a first offer that leaves room to bargain on both price and contingencies, with the outcome of a purchase price below their "walk-away" price.