My husband and I have found our first home, and made an offer this week. The sellers counter offered, and didn't budge an inch on their asking price. We are countering again, a little higher than we started, but well below the seller. The house has been on the market for over 6 months and needs lots of work... (new floors, light fixtures, paint, etc...) What are the odds these sellers will just say, "to heck with them," and sit around for another 6 months waiting on a new potential buyer? I really do love this house, but they're asking about 5,000 too much. Any suggestions, advice?
2007-06-28 07:50:21 · 6 answers · asked by Dubs82 3 in Business & Finance ➔ Renting & Real Estate
Also - the seller has already vacated the home, it's been sitting empty for over a month I am certain of. They didn't even remove the nails from the walls and the curtain rods.
2007-06-28 08:01:39 · update #1
It depends on their position as to what they will do. If they don't need to sell the house they my just leave the house on the market. I would counter what you think is fair and if they don't accept it move on you'll find something else. It is a buyers market right now.
2007-06-28 07:59:48 · answer #1 · answered by Hobbs 2 · 0⤊ 0⤋
I'm a realtor from Michigan and the housing market in the USA is absolutely terrible. Its been on the market for 6 months for a reason. The sellers think there going to get top dollar for a property but right now, its a buyers market. The buyer is going to pay what they want to pay for the house. If they dont want to negotiate then move on. They'll be kicking themselves in the butt once they realized they were idiots for not accepting the offer when the next offer comes in at a lower price then what you offered.
I have a realtor friend in Arizona and like she says "Would it be ok if no other offers came in the next 6 months and its lower then this one?"
2007-06-28 14:56:52 · answer #2 · answered by Marshall 5 · 0⤊ 0⤋
First of all take anger out of the equation; this is a real estate transaction, think of it as a business deal.
Second, it sounds like your close to a deal; $5000 is not far off. Could you make them a full price offer IF they throw in something? Say escrow money for repairs? Pay more closing costs? Pay some points to lower your interest rate? Throw in their car, piano, whatever YOU want to make a deal? When you visited and they were living there, see anything you like? Put it in the contract. Maybe they'll feel better getting a full price offer and won't notice at closing that they're netting the same amount than if you'd offered $5000 less. A contract is a piece of paper, put whatever you want in the offer. Think of it as "Let's make a deal" (you're probably too young to remember that show)
2007-06-28 15:26:58 · answer #3 · answered by Anonymous · 2⤊ 0⤋
You may have found a very stubborn home owner. If the home is overpriced don't pay it, there is no guarantee home values will go up any time soon. Give your counter offer and if they still refuse, let it sit on the market for another month or two to see if it will soften up the homeowner. Good luck and I hope that things work out for you.
2007-06-28 14:58:51 · answer #4 · answered by amysgetaways 3 · 0⤊ 0⤋
I agree, don't worry about the sellers emotions at this point. This is business, don't make it personal. Go ahead and make your counter. What is your Realtor saying about the price of this house? Does he/she think it is too high? But if you love the house, be prepared to pay for it. Also, if you are getting financing, it is going to have to appraise for what you are offering, so the seller's might need to make the necessary repairs to facilitate a sale.
2007-06-28 16:12:48 · answer #5 · answered by godged 7 · 1⤊ 0⤋
If they haven't budged on their asking price, counter at their price, but demand all of the necessary work be done at that price.
2007-06-28 14:56:14 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 0⤋