So I get a call today.... (how much, big house, to buy)

TEKSRZ · 08-12-2008, 07:59 PM

The house I've had my eye on for sometime and made an initial offering and few counters has made contact my agent out of the blue. Basically the seller's realtor and my realtor want to sell (motivated?) that they're both willing to reduce their commissions by half. Price was also reduced another 10K to sweetin the deal. So I guess it's put up or shut up. I've got a locked rate of 5.875% for another 30 days as well so we can stew on it. Funny thing is my last offer wasn't accepted and was told they'll continue searching as they "had" more showings. I know for a fact only one other offer has been given for this dwelling but it fell through for a various reasons...mainly unable to sell their property 1st.

So now I sit here contemplating on whether to accept or decline their offer. It's 12K over my max but it isn't really a deal breaker but I'd like to get it down another 6K if anything and close the deal but I am not sure they'd bite on it since they've said this is their "rock bottom" price. Funny, I thought rock bottom was XXX just 2 weeks ago?

Hmmm........what to do.

Lilybeans · 08-12-2008, 08:37 PM

Make another counter. There is no offer on the table right now. But then you have to decide if it's worth it to you to get the house. At some point they won't be able to go any lower. Realtors have to eat too. Sellers have to pay some bills. Make an offer.

sunrico90 · 08-12-2008, 08:52 PM

Quote:

Originally Posted by Lilybeans

Make another counter. There is no offer on the table right now. But then you have to decide if it's worth it to you to get the house. At some point they won't be able to go any lower. Realtors have to eat too. Sellers have to pay some bills. Make an offer.

Agree with Liybeans, make another counter offer that will place you in your zone. Now is time that they play by your rules, if the owner is motivated (desperate) you might get as much as you want.

TEKSRZ · 08-13-2008, 04:53 AM

Well we are going to view the property again today and go over a few things. There is an eyesore across the street and for the amount that they're asking for this house we want to buy...that eye sore is gonna cost them. Supposedly they're intent is to buy the eye sore, tear it down, and put a similiar design home on this acre of land. How true this is is anyone's guess as they could easily change their mind since business isn't doing so well and then we're stuck w/ the eyesore for god knows how long.

After the viewing and discussion about the property across the street (non sub division) I hope I have a better answer. If the eyesore stays well that's gonna cost em' 20K. This is the only thing stopping this deal. Thanks for the input as I wouldn't even think to consider a counter at this point as 2 weeks passed and they said they were off to greener pastures. I guess I can press my luck a little.

I do know the house appraised @ 50K over their drop dead price but once a new appraisal is accomplished since a few months have passed, I wonder what that appraisal will be like?

Thanks again...it's early and I've got scatter brain.

D

Sunnydee · 08-13-2008, 10:47 AM

It sounds like you're thinking clearly. Since they contacted you, you are in a position of power. Follow your gut. Good luck today and let us know what happens. We're crossing our fingers for you.

TEKSRZ · 08-13-2008, 10:55 AM

Thanks Sunnydee! I see you are from Cincy. So am I! Not born and raised but I was born there and all my family is in Bond Hill.

tallrick · 08-13-2008, 12:08 PM

Maybe get a good deal on the eyesore instead...LOL?

Big House · 08-13-2008, 02:09 PM

Hey TEKSRZ,

I don't have an answer for you, but may be able to offer a perspective that may or maynot help. So here it is:

Keep in mind that pigs get fed, hogs get slaughtered. You are probably looking at the best time to negotiate a deal that works for both of you. If you want a win/lose deal keep holding out on the house you want and you may lose out on it. I would recommend - if you are serious - opening a dialog and letting them know what you want and need, and hearing what they want and need. If you hold out too long, especially if they have dropped their price, eventually they will get an acceptable offer, then the time and the money you have invested will have been wasted. It doesn't seem that you are that far apart now.

On the other side of the question, over a period of years how much money does the variance between you and them mean / equate to on a daily basis over the time period you will own the home - assuming you can hold that, and invest it?

Call the code enforcement officials on the property accross the street if they are in violation. There are standards and requirements that they need to comply with even if they are not in a home owners association.

Good luck! - It sounds like you really know how you're going to move forward - I'd like to know how things turn out.

TEKSRZ · 08-13-2008, 02:54 PM

Big House,

Points well taken. For us it isn't an investment per say, we are in it for the duration to stay in it for 20-30 yrs, mother nature takes it away or death.

Thanks for that tidbit of information regarding code enforcement too. It pays to talk to others around here.

Big House · 08-13-2008, 03:04 PM

Quote:

Originally Posted by TEKSRZ

Big House,

Points well taken. For us it isn't an investment per say, we are in it for the duration to stay in it for 20-30 yrs, mother nature takes it away or death.

Thanks for that tidbit of information regarding code enforcement too. It pays to talk to others around here.

Let me know how it goes! What ever you do - Best of Luck!