There was a house in a neighborhood that is semi rural. Other homes in the neighborhood with similar characteristics (3-car garage, 4 bedroom, similar square footage, etc..) have sold in the past 6 months at $40k below what this house was listed at...PLUS some of them had finished basements or 3 season porches...which the house I bid on didn't. I bid $50k below their asking price. We negotiated and hit a stalemate with a $20k difference between what they wanted for the house and what I was willing to pay. We still like that house. They relocated and are no longer living in the house. So, they are paying mortgages on 2 homes and utilities. Should I move on or wait around a little bit to see if these people come to their senses? It doesn't make sense to me to pay more for a house that has less than what other homes in the same neighborhood have. Give me your best advice.
2007-11-29 14:02:18 · 9 answers · asked by BAM 7 in Business & Finance ➔ Renting & Real Estate
Our agent told us their home had been on the market for 90 days with no offers yet. Ours was the first.
2007-11-29 14:03:35 · update #1
No one here can answer this question for you except for you. And it sounds like you have actually given it much thought yourself by stating that "it doesn't make sense to me to pay more for a house that has less than what other homes in the same neighborhood have." Here, in New England, homes are depreciating 1 to 2 percent per month, each month they continue to stay on the market. And, if a home is over-priced the greater the chance that home will stay on the market until that home is priced to sell. At any rate, should you decide that you are willing to go up a little more, my suggestion to you, would be, especially if you are financing this home, is to have your agent put in the contract that your offer is contingent upon "house appraising at or above purchase price or this contract is null and void." That gives you a way of getting out or re-negotiating once the appraiser goes through. If you are buying this home with cash, then you can hire an independent appraiser and do the same thing. Otherwise, remember, it's a buyer's market out there and analysts are predicting for the next 8 months things should remain the same until the market starts to re-adjust again. Good luck!
2007-11-29 16:04:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sounds like you did your homework. You know the area and the market. You are in a strong position because you already have the same location and a roof over your head. I think I would wait. The seller might move it for another 10 but if I were to make another offer I would not go over 5. A better opportunity maybe just around the corner. Good luck.
2007-11-29 14:19:41 · answer #2 · answered by jamoca 7 · 0⤊ 0⤋
If you put a bid on another property and put down money on it and the seller of the first house agrees to meet your last bid and you go forward with the first property, you stand the chance of losing your down $$ on the second property.
Keep looking, the next property may be better than the first one. This is a buyers market.
2007-11-29 14:40:43 · answer #3 · answered by !!! 7 · 0⤊ 0⤋
People generally sense when the other party are determined to have their way. You successfully negotiated to within $20k of your target - cutting $30k from the other side. You are at fault for being a bad negotiator. You have probably lost this deal - your insistence on your price or no price has probably cost you good will.
2007-11-29 21:02:47 · answer #4 · answered by CountTheDays 6 · 0⤊ 0⤋
For better or for worse, that's the way an auction works. As for waiting until the last minute to place an ebay bid, that is a commonly used ploy.
2016-04-06 04:40:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you like the house that much, buy it. If you can be just as happy with another home that is also an option for you, then go for wherever you can get your best deal.
2007-11-29 14:06:49 · answer #6 · answered by Cutiepie88 2 · 0⤊ 0⤋
You have obviously taken them to a price as low as they are willing to accept. It's time for you to move on and find a different property.
2007-11-29 15:31:18 · answer #7 · answered by acermill 7 · 0⤊ 0⤋
Wait them out You both have your reason to hold out To help them 'save face make an other offer add $5000 to your last offer and see what they say
2007-11-29 14:13:23 · answer #8 · answered by Anonymous · 0⤊ 0⤋
it sounds like you may be able to wait this one out... if they hadnt had any offers then they may want to take yours... im sure no one wants to have 2 house payments but they may be able to afford it... i would give them some time and see if they get desperate enough to lower the price.. im sure they will if they dont get offers..heres some good real estate information..good luck
http://www.goduckcreek.net
http://www.goduckcreek.net/HelpCenter.html
2007-11-29 23:24:34 · answer #9 · answered by Pure Genius 3 · 0⤊ 0⤋