The listed price is $249,900, and the MRIS remarks section describes the sellers as motivated. My offer was: Purchase for $245,000 with $8500 closing cost assistance. The owner's counter offer is: Purchase for $254,000 with $8500 closing cost assistance. Some of the comparables on this street have sold in similar circumstances in March and April 2007. My counter offer is: Purchase for $249,900 with $6500 closing cost assistance. Any opinions from realtors or experienced buyers?
2007-06-06 01:17:10 · 11 answers · asked by Keryne 3 in Business & Finance ➔ Renting & Real Estate
Thanks for the responses. Yes, I do have a realtor and a loan preapproval from a major financer for $250K. I do not want to go back and redo that process, to add $4K (it is silly). The responses are mirroring a lot of the thoughts I am having. I am meeting with my realtor later today. Again, Thanks!
2007-06-06 01:58:10 · update #1
It sounds like this "motivated sellers" idea is my way or the highway. Give them your final offer and write "firm and final."
1. They may not want to budge because they are selling for what they owe, and they don't want to walk away owing money, or they are just greedy.
2. When making the offer, present 2 or 3 other houses that are simular but listing for lower prices and remind them that you don't have to buy THIER house.
3. Take the two offers and offer the middle.
4. If you don't have a buyers agent GET ONE! They are not playing around!
you are aloowed to get between 3-6% sellers consession for the deal to go twords colsing costs and escrow. That means $7500 minimum.
Do you have a motrgage consultant and are you pre-approved for this loan amount? If you do then they should advise you on the offer and work with the real estate agent on finalising everything. If you have a loan officer, they will just do as they are told and write the loan.
Without a pre approval in your hand, the seller will not take you seriously and will keep you running in circles until a pre approved buyer comes along and then you are out of the pitcure.
2007-06-06 01:42:03 · answer #1 · answered by Gwynn T 3 · 0⤊ 0⤋
Your first offer was a really good one. Your counter is to pay full asking price?
Personally I would have walked when offer #1 was refused, as it was an acceptional offer.
They are not motivated at all if they upped the asking price because you are interested.
In the present market this is only a good deal for you if the house will appraise over 300k.
I would shop some more, there are lots of houses for sale, and PLENTY of truly motivated sellers. This is not one of them,
2007-06-06 01:30:40 · answer #2 · answered by Landlord 7 · 0⤊ 0⤋
You have all the figures in front of you. Run your numbers and their numbers with an eye towards their net. Don't forget to include commissions, title insurance and the like which will come from sellers proceeds. Once you see their net, you'll get a feel for what they want/need.
Are you using a Realtor to buy this house? If not, you're really on your own.
2007-06-06 01:23:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It sounds as if yours isn't the only offer since their counter offer was above the asking price for the property. This indicates to me they're trying to get you into a bidding war with another buyer who may have already offered full price but more at closing. You need to evaluate how badly you want the property.
How long has it been on the market?
2007-06-06 02:32:36 · answer #4 · answered by cardinalboy97 3 · 0⤊ 0⤋
If the seller is truely motivated, then they should accept your offer. A motivated seller should be willing to accept asking price, or below, that is the definition of a motivated seller. I would say stand firm and see what happens.
2007-06-06 01:21:14 · answer #5 · answered by Strategic Sourcing Expert 4 · 1⤊ 0⤋
You have listed their counter off the same as your original offer. Perhaps you meant another value. If you are going to pay 249,000 for it ....then ask for 8500 closing assistance. If you are paying 245,000 ask for 6,500.
2007-06-06 01:21:11 · answer #6 · answered by ? 6 · 0⤊ 0⤋
Keryne, I agree with Omaha. (Kudos Omaha). This is now a buyers market. You have the upper hand. How long has this property been on the market?
Congratulations on your home purchase!
2007-06-06 01:27:07 · answer #7 · answered by Honeyluv 4 · 0⤊ 0⤋
I'm betting 251 + 6500 are the magic numbers; but try 249/6500 and see.
2007-06-06 01:20:15 · answer #8 · answered by wizjp 7 · 0⤊ 0⤋
You're not that far apart. I'd guess you are able to hammer this one out. I'd stick to your guns on this counter offer. Its reasonable.
2007-06-06 01:23:15 · answer #9 · answered by AngiesHusband 5 · 0⤊ 0⤋
Stick with your first offer but dont let them think you could change it your best move to sit and wait.~~
2007-06-06 01:28:31 · answer #10 · answered by burning brightly 7 · 0⤊ 0⤋