I put an offer down on a house 2 weeks ago. It took the seller over 2 weeks to give me a counter offer and not only that, he raised the price. My original offer was very reasonable which was 1.5% below his original listed price. What would you do in this instance?? Walk away, counter offer with lower price or counter offer with the original offer? We're in no rush to buy a house...
2007-07-31 08:51:02 · 14 answers · asked by XY/XX 1 in Business & Finance ➔ Renting & Real Estate
take another whack at it. What do you have to lose
2007-07-31 08:54:01 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
Sometimes if you offer so close to the asking price, the owner is afraid they were asking too little. SO they sometimes wait a long time to reply, hoping another offer will come in, or second, raise the price. Looks like this one did both. I would do three things:
#1 I would counter with a bid of $1.19 (one dollar and nineteen cents) above your original offer. This will tell the seller that you are right at your max price, but you did move.
#2, I would ask for something additional from the seller that I didn't before, such as "Seller to include all appliances in the sale of the property" or "Seller to replace kitchen flooring up to a maximum $2,000 expense" or something like that. Don't do price. make it like you've found something wrong that you didn't see before. Better yet, ask for another walkthrough, just to find something you can be a little negative about, then make an offer that is subject to the seller fixing the problem. Show the seller that the more they wait the more expensive this is getting for them.
#3 put a short deadline on your counteroffer. Most counteroffer forms have a time limit on them. Make it no more than three days, 24-48 hours is better. Then at the same time inform them that you are looking at another house (maybe with a different real estate agent) and if this doesn't work out you'll see if you can buy the other one (doesn't have to be true, by the way).
If you don't get the seller to seriously move, they aren't really interested in selling (and yes, there are sellers like this). But more likely, it will jolt the sellers into reality and get serious about selling their house. You will be able to tell if they make a serious counteroffer within the three days.
If they don't, if they take a long time or you think the counteroffer isn't serious, decline the offer (turn it down). Tell the seller or real estate agent that you are interested in the house, but not on the sellers terms. Since you are not in a hurry, make the seller sweat. then maybe in a couple of days or weeks the seller will come back and try again, more seriously next time.
Good luck
2007-07-31 09:10:15 · answer #2 · answered by rlloydevans 4 · 0⤊ 0⤋
I'm assuming you have an agent representing you. If not and you're not experienced with real estate transactions, you should get one.
If you think your offer was fair and is all you want to offer, tell the seller / your agent that you reject the counter offer and the first offer still stands.
I don't remember what the term is. But, offers expire after a certain amount of time. It might be specified by your state real estate laws or explicitly included on the offer sheet(s).
If the seller still jerks you around, withdraw your offer and go elsewhere.
2007-07-31 09:03:08 · answer #3 · answered by Paul in San Diego 7 · 0⤊ 0⤋
Well truly, you shouldn't counter offer lower than your first offer,(a seller can play kick-out)... you can counter offer lower than the sellers raised price......That is if the seller raised the price.......The seller can wait 2 weeks if showings continue in a home, even if the home is Active Contingent which gives the seller the ability to have several buyers throw in offers while one is waiting on financing for the contract or so on. So if the raised counter was from another buyer....you most likely are going to need to go higher or look for another home that suits you.
2007-07-31 09:00:14 · answer #4 · answered by arielchrisandjunior 2 · 0⤊ 0⤋
It seems like the seller doesn't want you to buy the house, I never heard anyone "raise" the price after an offer is in. You should walk away, because it sounds like his agent isn't professional. The sale price should be listed at a reasonable price that will make the house sell, and the price should be agreed upon. He can counter with the firm sale price, but not raise it. Therefore, the agent he is working with doens;t have any experience. To prevent futher headache, you should walk away from the deal.
2007-07-31 08:55:57 · answer #5 · answered by paobay 4 · 0⤊ 0⤋
Counter offer with a lower price, between the original offer and their counter offer. Maybe you should put a clause saying that they need to respond faster than two weeks. When I bought my home, it was only a couple of days that they had to counter.
2007-07-31 08:56:49 · answer #6 · answered by Andrea B 3 · 0⤊ 0⤋
There should have been a deadline on the counter offer. You can counter offer if you would like. Please understand, this is just the beginning. If this is how he acts from the start, imagine how the process is going to be up until closing. He sounds like a "uneducated seller" anyways. Is it a FSBO? Are you working with a Realtor? Unless you are just in love with this home, I would say walk and it will be his loss. We are in a "Buyers Market".
2007-07-31 09:42:53 · answer #7 · answered by punchbug34 2 · 0⤊ 0⤋
It sounds like the seller isn't very motivated to sell.
Walk away if you don't love the house. It is possible that the seller will contact you in a few days when they learn you are not that motivated to buy.
If you love the house, you are going to have to pay for it.
2007-07-31 10:01:54 · answer #8 · answered by godged 7 · 0⤊ 0⤋
Apparently the seller is in no rush to sell either. The choice is yours. Either take his offer or walk away.
2007-07-31 09:16:03 · answer #9 · answered by acermill 7 · 0⤊ 0⤋
WOW! In today's market? Well you know what your options are. I think I would walk away. Next time you make an offer, make sure your Realtor writes in that you want an answer within 24 hours.
2007-07-31 09:13:29 · answer #10 · answered by Alterfemego 7 · 0⤊ 0⤋
Looks like they are trying to get as much money as they can. Tell them your offer stands, and that your still looking at other houses. If they want to sell it to you they will, and if they don't than you have plenty of time to find another.
2007-07-31 09:00:36 · answer #11 · answered by Anonymous · 0⤊ 0⤋