We liked a house. We put in the offer, got a counter offer ( Seller reduced by 1%). We countered at 5% below the asking price and didn't get a counter-offer back from the seller. Although, we would lhave gone 3% below the asking price. I'm not too comforatable with the idea of us climbing up towards their asking price and seller staying where they are. Our offer is very clean with just a home inspection contingency. We're putting 20% down and got a preapproval. We are first time home buyers. I think the house is priced right. I personally don't want to pay close to the asking price when the house has been in the market for 8+ months. What to do ?
2007-06-17 05:40:00 · 13 answers · asked by Bike Lover 1 in Business & Finance ➔ Renting & Real Estate
Move on and let him continue paying the mortgage. I am sure there are better houses for the same price or cheaper and you could find them with little effort. Your best move is to find something else. If this owner is already a PIA, then he will be a bigger one once he has you in a contract and you will have proven to him that he has the right sucker on the line because you already caved and put yourself into a binding agreement. Is there only one house for sale in your area?
If he is sticking to his price, another possible explanation is that maybe your RE agent has given him some indication of how much you really want the house...so he may already expect you to keep coming up to meet his demands. Too many realtors habitually work for the seller even if they have an agreement with the buyer.
2007-06-17 08:30:55 · answer #1 · answered by Nancy 4 · 0⤊ 0⤋
Sometimes houses sit on the market for awhile, and the price is slowly reduced. The price may have already been reduced several times and/or the sellers may have just reduced the price recently prior to you seeing it. In my area you used to be able to tell that the home had been reduced without doing an additional search, but now we have to go look for it. The sellers might not be able to go any lower due to the payoff amount and fees associated with the sale of the home. Your Realtor could search all these facts and most likely discover the true reason an offer can not be put together.
2007-06-17 09:45:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
These days, in some markets, 8 months isn't that long. A seller is not required to counter offer, but they are required to give you an answer.
Perhaps if you made another offer you could offer the full price but ask them to pay closing costs. There are ways to negotiate that could help change the amount of money that you pay for the whole process. Think outside of the purchase price to get a better deal.
2007-06-17 12:37:23 · answer #3 · answered by Alene R 1 · 0⤊ 0⤋
GET REAL. Are you buying a DEAL or a home? If you feel the asking price is fair market value, then give them FAIR MARKET VALUE. If you really want the house, then buy it.! The time it's been on the market in today's market is nothing. It takes a willing seller and willing buyer to show the true price of a home. If you aren't willing to purchase the home at the asking price, and you want a little off to make YOU feel good, then accept they sellers counter offer. You will have saved a few bucks and gotten the house you want. End of story. Now move it!
2007-06-17 05:55:21 · answer #4 · answered by Anonymous · 0⤊ 2⤋
do the home inspection.
whatever you find there should help you reduce the price and give you more room to negotiate. if still the seller does not budge, i guess it was never meant to be
it also shows how much more serious you are in buying the house, with the pre-approval.
in addition, at least you know if and what potential problems might be lurking in the house. if you find something that is just unacceptable, at least you will feel better when walking away from the deal.
2007-06-17 05:53:17 · answer #5 · answered by xbrianxlorenzo 1 · 1⤊ 0⤋
If you and the seller can not come to terms then move on. The home being on the market for 8 months shows the sellers stubbornness on sticking to his price.
2007-06-17 05:46:02 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Patience the housing market along with prices are dropping, part of the reason might be they owe that amount on the house and cannot sell for less, time will tell, as stated remember housing is not appreciating like it has been in the past
2007-06-17 05:44:45 · answer #7 · answered by Pengy 7 · 0⤊ 0⤋
Find a different house! Go to www.exitbrian.com leave your contact info and I'll have a local agent help you out. Buyer services are paid for by the seller!
2007-06-20 06:50:26 · answer #8 · answered by exitbrian.com 2 · 0⤊ 0⤋
Smoke the seller's out.
Market is declining every week with more and more homes coming on the market.
In the next month or two they may be ready to make a deal.
Terry Smith
http://www.Welcome2Arizona.com
2007-06-17 08:46:45 · answer #9 · answered by Terry S 5 · 0⤊ 0⤋
It sounds like the sellers are in a position where they can wait to get the price they want, meaning they aren't being rushed to move out. If you really want the house, and can afford it, meet their price. You don't ALWAYS have to pay less than an asking price.
2007-06-17 05:51:30 · answer #10 · answered by Michael da Man 6 · 0⤊ 2⤋