What is the likeliness of our counter-offer being accepted?

Question

We received an offer on our house Monday night. The asking price is $124,900 and the offer was for $116,000 with $3000 closing costs. We countered $123,900 with $3000, which is what our realtor recommended. The prospective buyer countered $117,000 with $2000 back and said it was a final offer. We countered that with $119,900 with $2000 back which is actually lower than we should even go financially. So, what are our chances of having the offer accepted?

Additional info:

Our house has been listed with a realtor for 4-5 weeks. We have had steady showings (1-2 per week) since it has been up. Each realtor has said that ours is the best house for the price. Two friends have sold houses in the past two months in our neighborhood. One was asking $127,900 and received $125,000 with no money back (sold in six days). The other was asking $141,900 (a little bigger, all brick) and received $135,900 with no money back.

Thanks!

Answer 1

If they say yours is the best home for the best price but others are closing quicker and for more money than you are being offered that means yours isn't the best home for the best price.

If other homes are selling that much quicker and your is being looked at than it would seem there is interest in your area but not your home. Maybe you are priced too high or there is an issue with your home that is turning buyers away.

Too answer your question, I don't think they will accept. They already told you it was their final offer, they probably have moved on to another home. Unless your market is the exception, which it may be, there too many homes on the market. The buyer can be picky.

Answer 2

Your Realtor was very foolish.

Once you countered, you REJECTED the last offer made to you. You can't go back.

Usually when someone claims it's a final offer, it's because it's at the ceiling of what they can qualify for....very rarely to the "final offers" get countered and the buyers accept the counter...mainly because most Realtors aren't willing to take those kinds of chances with their clients unless they are 100% confident that another offer will come their way.

The first offer they made was really, identical to the second. That also tells me, that it's at the top of their price range.

Sorry, your Realtor doesn't sound very good to me. I can think of alot of other major mistakes that she has made, just from your post.

I once made an offer that was $5,000 below asking price for an investment property...the sellers had a bridge loan between that house and a new one. It was in a "hot" area, and had been on the market for 6 days. The Realtor advised the sellers to demand full asking price. She figured, hey, she got one offer that fast, so another one is right around the corner, right?

Wrong...mine was the only offer they got, and 4 months later, the house fell into foreclosure.

Good luck, but I wouldn't expect to hear back from the buyers.

Answer 3

You must have a reason for pricing your home as you did. Hopefully the price is competitive with other homes that are similar in your neighborhood. Also, you must know why you didn't accept the first or second offer. The buyers looked at your home because it fell into their price range or they wouldn't have come. Both sides have to decide how low (or high) they can go. If your buyers said it was their final offer at $117,000 with $2000 ($115,000) and you can afford to reject that then its your choice.
Consider how you will be financially if you don't selll now. I think a buyer will consider your counter if they really like the house. Good luck.

Answer 4

Your Realtor should have known better or at least advised you in how to counter. Once counteroffers start going back and forth the Seller always ends up losing. Don't waste your time,look at other offers that you received (hopefully your Realtor is not holding back) and see where you stand. Always have an idea of the lowest price your willing to accept and then stick to your guns no matter what your Realtor says. Some agents waste valuable time with Sellers that allow them to be talked into "Whats Best" according to the agent. This is a disservice to you and should not be allowed. Your Realtor is playing games knowing full well what the emotional toil can be to the Seller and Buyer for that matter. By allowing this to happen, your Realtor is not working in your best interest and that is what you pay for when you pay his/her commission.

Chances are your counteroffer will not be accepted as the Buyers agent wouldn't recommend this to his clients.

Answer 5

Set your home at a reasonable price, don't be too quick to undersell your home. There are many ways around the purchase price.
For instance, set it at a reasonable market value, offer to pay all cloasing costs, then offer a higher commision split to the buyers agent. If you are paying 5% comission, split it up.
2% to the Listing Agent and 3% to the Buyers Agent. In a market where the average commision is 2% any Agent in his right mind will push to sell youre property for an extra 1% commission. UIn some cases, where my clients had to sell quick, I split the commission 1% to Listing Agent and 4% to the Buyers Agent. Beleive me, Agents will be knocking down your door to show your property.
Another thing, when you set the price up at a fair price, and then offer to pay the closing. You have the option to withdraw help with closing costs if the offer comes in too low.
Another trick is to offer to carry a 3% note. Most Banks are offering a 97% Loan, so you can pretty much get the buiyers 100% financed.
Beleive me when I say, that most Deals are killed because the Agent didn't know how to sell it to their buyer.

Answer 6

I will disagree with many others here. For starters, your first and second offers from the buyer were not identical. The first was for a net of $113,000, and the second for a net of $115,000, a $2,000 uptick on the part of the buyers. It is entirely possible that the comment about a 'final offer' was merely a ploy to convince you to settle for that 'final offer'. No one knows how badly the buyers want the house, and how far upward they will go.

The final decision on what to accept is always yours. If you are not comfortable with the offers thus far, then do not accept them. You've given no indication how badly you want to sell. That should also weigh in your decision process.

To put it in summary, I don't think you have heard the last of these buyers yet. Just my guess. Hang in there and see what happens, and best of luck to you.