This is the third offer I'm putting on this townhouse. The asking price is 306K...Last week I offered 260K (what she paid for it 3 years ago) and she didnt even respond. Then I offered 280K, and she didnt even respond again. Now Im offering 290K, and I'm still waiting to hear back from my agent. I really love this townhouse, but I feel the seller is unwilling to compromise.
My agent says even 280K, in a low housing buyer's market like this, is a good and fair offer...and the listing agent would be surprised if the seller just didnt respond to 290K. Do you think it is a fair offer considering similiar units in the same complex sold for the same or less? Its obvious she wants top dollar for her townhouse, but the market is a seller's market that really doesn't bear top dollar prices and she didnt put much improvements into it.
Do you think she will at least counter-offer? I think 290K is a very reasonable offer to at least get a response from her. What do you think?
2007-06-28 01:13:44 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Hi PA Frontman, I remember your question last week regarding this townhouse and an important fact that you added after I added my post.
The key phrase you mentioned last week and the answer to your question this week is " the property has been on the market for 8 months with no offers".
This implies that the seller is not really motivated to sell for less than her asking price. Looks like she is in the market waiting and hoping that someone will offer her the price she wants.
As others have said, if she doesn't respond to your offer, you can either offer her the asking price or move on to another property. How badly do you want this townhouse? Will it be worth the $306k price tag?
2007-06-28 05:37:18 · answer #1 · answered by capellancf 3 · 0⤊ 1⤋
Well, at this point you have shown your deep interest in the townhouse. And that sometimes throws the ball in the other party's court and you loose your bargaining power. If you have done your research and homework, which it seems that you did because you know what others are paying for similar townhouses in that community and feel strongly that 290k is a fair price then stick to your guns now. If the seller is willing to sell then she will certainly let the agent know....otherwise, I would not want to waste my time on that particular townhouse. There must be other units up for sale in the complex....look for those. Secondly, just give the sellers' agent a time-limit that you are willing to wait till. They need to know that you are a serious buyer.......and will not waste your time in just waiting around.
Secondly, sometimes the sellers are not really realistic in what they will get for their property and in that scenario its better to walk away...
Oh btw...if the seller comes back with say $305k or even $300K, I would only budge another $5k and offer $295 K as my last offer.....
Having said that...I wish you luck in getting your dream house...may this work out for you and you get a favorable response from the seller.....
Cheers!
Jay
2007-06-28 02:52:06 · answer #2 · answered by Jay S 1 · 0⤊ 0⤋
First - I think you have your terminology incorrect. If the market "really doesn't bear top dollar prices", then it's a buyer's market, not a seller's market. If it were really a seller's market, she would have no problem selling the townhouse for top dollar.
I think if she doesn't accept this offer, you will need to find another place to buy. In a few months, if you have not found someplace else and the townhouse is still on the market, she may be more willing to negotiate.
If your real estate agent feels that $280k is a fair offer, you have already put yourself in the position of offering to overpay by $10k. Don't go any higher.
2007-06-28 01:25:01 · answer #3 · answered by aj485 5 · 1⤊ 0⤋
It doesn't really matter what I think, what you think, what your agent thinks or what the Man in the Moon thinks. All that matters is what the seller thinks. If she's not even responding to your offers, you now know what she thinks. (Hint: She probably thinks that you're desperate to buy since you've upped your ante by $30k now.)
Nobody here is clairvoyant so nobody here could possibly say whether or not she'll respond to the offer or not.
Maybe she's in denial over the realities of the current real estate market in your area. Or maybe she's in a situation where she doesn't HAVE to sell and is prepared to hold out for her price. You just won't know until she responds to an offer that you have made.
Now you have to decide if you want the place badly enough to make an offer that she thinks is acceptable.
2007-06-28 02:48:33 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
290K on a 306K property sounds like a fair offer. There is a saying in sales, "The next person who speaks loses." Don't say anything else or make any other offers. Did you put an expiration on the offer so she has to respond by a certain date?
2007-06-28 01:40:16 · answer #5 · answered by angela 6 · 1⤊ 0⤋
Is there something REALLY special about this TH - if not, find something else. She sounds like she's not very motivated to sell and even in a buyer's market, if she's not motivated to sell, she can hold out for the market to change again. If she does want to sell, she'll accept the highest offer - so there are a couple more questions to ask yourself
How quickly do you need to get into a new place? Can you hold out for her to see that what you've offered is the best she's going to get? Are there other similar THs for sale? Have you made an offer on them?
Your question about if it is "fair" isn't the question to ask - life is very rarely "fair" - it's her home to do what she wants with, if you're not willing to offer more, she doesn't have to sell to you.
2007-06-28 01:22:04 · answer #6 · answered by Janet MS 2 · 0⤊ 1⤋
Sugar Land Town Square is the heart of entertainment district in Sugar Land and Fort Bend County. It has several chain restaurants, sidewalk cafes, shopping venues, a Marriott Hotel and conference center, mid-rise offices and homes, a public plaza, and the Sugar Land City Hall. Festival and important events take place in the plaza. Just outside of the Sugar Land Town Square district is First Colony Mall. The new city hall and public plaza, a cornerstone of Sugar Land Town Square, received the "Best Community Impact" award from the Houston Business Journal at the fifth annual Landmark Awards ceremony. Sugar Land is home to the practice sites of the Houston Aeros and Houston Comets. Located just outside of the Sugar Land Town Square is the Sugar Land Ice and Sports Center (formerly Sugar Land Aerodrome), home of the Houston Aeros practice facility. It is also open to the public as an ice skating facility.
2016-04-01 08:46:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you knew she paid 260k three years ago, why on earth would you offer 260k to her now? I mean think, in three years time, she hasn't taken that much off of her mortgage yet - and she'll need to make some money to pay Realtor costs and put a down payment on a new home. I think 290k is a much better, reasonable offer. Good luck! :)
2007-06-28 01:56:58 · answer #8 · answered by Anonymous · 2⤊ 1⤋
Your first mistake was in low-balling your offer, and then continually raising it. Guess what the seller thinks now ? She KNOWS you are in love with this property, since you have now raised your initial offer by $30K over several offers.
If I were this seller, right now I'd be thinking "I guess I'll just wait for him to come to his senses and raise it another $10K to $300K. Then we will talk'.
Now you've learned the lesson of psychology in tendering real estate offers.
2007-06-28 01:22:58 · answer #9 · answered by acermill 7 · 2⤊ 0⤋
OFFER 400 IF YOU REALLY LIKE ........
2007-06-28 05:00:38 · answer #10 · answered by exttreme_musiclove 2 · 0⤊ 0⤋