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Old 10-09-2012, 11:26 AM
 
33 posts, read 45,326 times
Reputation: 46

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Hi.

We are in the process of moving to the Waterbury area. We have submitted offers on 3 homes. Two of the offers have been rejected and one offer they refuse to even meet halfway.
  • House listed at 430k, we offered 415k and half closing. Rejected.
  • House listed at 420k, we offered 410 with closing costs. Rejected.
  • House listed at 439,900. We offered 425k and 100% closing, they came down to 437k

Are we doing something wrong? Our realtor just said the sellers are stubborn but is there something we're missing? We don't feel that our offers were offensive to the seller. What do you think?
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Old 10-09-2012, 11:40 AM
 
879 posts, read 1,655,555 times
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While I've only gone through the homebuying process once, I would NOT consider those offensive offers in the least.
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Old 10-09-2012, 11:44 AM
 
Location: Montreal -> CT -> MA -> Montreal -> Ottawa
17,330 posts, read 32,947,527 times
Reputation: 28902
Wow! I'm really surprised. No, I don't think that you're doing anything wrong. In fact, in such a buyer's market (which I still believe it is), you're being very generous. I wonder if the first two were up in arms about the closing costs, although that's pretty silly anyway, in the grand scheme of things. I think your realtor is right -- you just hit on some stubborn sellers.

It's especially surprising since it's the end of the selling season. So few people buy and sell during the autumn and winter months. I'd bet that those people are going to get stuck with their houses until next year, and the early spring offers will come in low because people will hold off until later in the summer when they're desperate.

PS. I say all this even after selling our house in CT just over a year ago for $60K less than our REASONABLE (seriously) asking price.
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Old 10-09-2012, 11:56 AM
 
3,434 posts, read 3,926,558 times
Reputation: 1763
I don't see anything wrong with your offers. Are these recently listed houses? Sometimes sellers need to get a reality check of having a house sit on the market for a month or two before they realize what a decent offer is.
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Old 10-09-2012, 11:59 AM
 
Location: Connecticut
34,808 posts, read 56,697,113 times
Reputation: 11194
Your agent is correct. The sellers are being stubborn. In this market (it is still a buyers market) the first two sellers should have at least countered with something lower than their asking but higher than your offer (I am assuming that the sellers did not counter from what you posted). Your offers seem reasonable for first time offers and only you can decide if the homes are priced correctly. Check comparable sales (not listings) for what comparable homes are selling for in that area.

From what you posted, it looks like the seller countered on the last home, so now it is up to you to decide if you want to pay that amount, make a counter-offer or just walk away. It is your money so it is your decision. This is common for how it is done.

When we bought our home, our counter offer was our original offer and the buyer ended up taking it. We were lucky though, if the seller had waited until the next day they would have got another offer that was higher. We know this because another couple who moved into our neighborhood a few months after us told us they had prepared an offer on the house and it was higher than we paid.

Buying a home is a game. You really need to be patient. Make them a counter offer is you think the home is worth it. Also remember, this is business. You are not out to make friends and you will likely never be friends with the seller. Be respectful and reasonable. It is your money and only you can decide how to spend it. Good luck, Jay
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Old 10-09-2012, 01:48 PM
 
Location: Danbury CT covering all of Fairfield County
2,626 posts, read 7,409,554 times
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Those offers seem very fair. I would encourage the clients to counter them. Those sellers for those homes seem extermly subborn and unmotivated. For the 3rd house, I would recommend going up to $430,000 with 100% closing costs and see what they say
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Old 10-09-2012, 02:08 PM
 
Location: Coastal Connecticut
21,626 posts, read 27,915,166 times
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Those offers are fine. Often times sellers like those will have their homes on the market FOREVER and will likely have to cave in on an offer less than yours when they get desperate. Homes on the market for a long time have a bad stigma. Some people are very stubborn and don't understand the market.
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Old 10-09-2012, 02:10 PM
 
240 posts, read 536,355 times
Reputation: 136
A few comments:

Have you been pre-approved for a mortgage? If you have not bee pre-approved, then sellers may not take your offer seriously.

Are you offering a deposit with your offer? When we bought our house, we put a deposit of a few thousand dollars so that the seller was protected if we walked out.

Are you putting contingencies in your offer? Perhaps your offer includes too much commission for the buying agent.

What do you mean by "closing costs"? As far as I know, you will have your own closing costs such as setting up escrow, repaying them for the taxes they have already paid, inspections, attorney fees, filing fees etc. They will have their closing costs which will be attoney fees and real estate commission. I'm not sure why either side will pay the other sides closing costs. Sometimes an offer will be inflated by a few thousand dollars to allow for closing costs to be rollled into the mortgage, but I'm not sure this is possible in today's environment.

It could also be as simple as the houses being under water and the sellers need to get the asking price in order to pay off the mortgage.
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Old 10-09-2012, 02:17 PM
 
33 posts, read 45,326 times
Reputation: 46
Thanks for the replies. They make me feel a little better. I wasn't sure if homes often sold for asking price in this area. I know CT is pretty desirable but wow!

To answer a few questions, we countered the last offer with 429 and 100% closing. Final offer. Fingers crossed!!

All of the listings are pretty new. Maybe that could be part of it.
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Old 10-09-2012, 02:21 PM
 
Location: Montreal -> CT -> MA -> Montreal -> Ottawa
17,330 posts, read 32,947,527 times
Reputation: 28902
Quote:
Originally Posted by FortRyan View Post
Thanks for the replies. They make me feel a little better. I wasn't sure if homes often sold for asking price in this area. I know CT is pretty desirable but wow!

To answer a few questions, we countered the last offer with 429 and 100% closing. Final offer. Fingers crossed!!

All of the listings are pretty new. Maybe that could be part of it.
Good luck! Fingers and toes crossed here too for you! Report back, please, so we can congratulate you.
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