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Wise move, Elenitak. I remember going through the process years ago, and first we'd see a house we liked and it was "this house is the house!" and then we wouldn't get it for one reason or another and for a few days we'd be bummed out ... then we'd see another house and "this house is the house!" but that deal fell through ... and the process basically continued the same way until we found a house we liked just as much and the deal went through. Each time, I remember feeling like "darn, that house was so great because [insert whatever reason here]" and thinking I'd never see another one that would be as good. But there are many, many fish in the sea. No reason to compromise yourself financially for the immediate gratification of getting one particular property.
The seller is in Montana, paying upkeep and property taxes on this house he's not using. Yeah - he won't budge ... sure. I'll bet he does. I'll bet he comes back to you in 3 or 4 weeks trying to see if you're still interested. (And frankly, if he doesn't it's probably the best thing that could have happened to you, because I think even the offer he refused was too much.)
People hoping for a continuation of bloated housing prices may have a momentary, false sense of hope based on the latest shenanigans by the govt, but it's just another drop in the bucket that will do nothing to stop the slide of home values.
Congratulations on sticking to your plan, and your principles. You will find a house that fits your budget and your needs before long, I'm sure.
Thank you so much for your advise! You are so right, we are going through the exact thing you are describing, it's like a rollercoaster up and down, if we like it the taxes are high and if not then house price is high, we are sometimes bummed out we like a house and then deal doesn't go.
All I know for sure is that God has a better plan for all of us, and that maybe it wasn't ment to be. I will keep you guys posted on my home hunting!
You guys are great! All this has been a learning experience, I appreciate everyone's opinion and all. It's very appreciated!
WEll the resolution is that the offer did not go through and until the last minute they tried to push for 402K but we said no, he has to lower his expectations this house is overpriced. So there was no deal, who knows maybe it wasn't meant to be and maybe he will crawl back. I'm sure God has betters plans for us.
Either way, we are still looking.
Thanks to Everyone!
By counter-offering your 400K offer, the seller has rejected your 400K offer and your offer is no longer active. So at this point, the seller cannot "accept" your 400K offer. All he can do now is make an offer to you to sell the house for 400K, which you can either accept or reject.
This is a better position to be in, because the ball is now in your court to decide if/when he comes back to you.
And by the way, this has to be the world's dumbest seller if you offered 400K and he counter-offered with 402K instead of taking your 400K offer and running with it. It's a high offer already (for reasons I posted earlier in this thread) but if you considered all that information and were still ready to go as high as 400K, so be it. I have NO DOUBT that his real estate agent is banging him over the head and that he will come back saying "OK ... 400K it is" very soon. He would be the world's biggest idiot if he doesn't.
Then again, if he is the world's biggest idiot and doesn't come back quickly with an offer to sell to you at 400K, it might end up being the best thing that ever happened to you, as you're likely to find a house you like better or just as much, for less, in the near future.
By counter-offering your 400K offer, the seller has rejected your 400K offer and your offer is no longer active. So at this point, the seller cannot "accept" your 400K offer. All he can do now is make an offer to you to sell the house for 400K, which you can either accept or reject.
This is a better position to be in, because the ball is now in your court to decide if/when he comes back to you.
And by the way, this has to be the world's dumbest seller if you offered 400K and he counter-offered with 402K instead of taking your 400K offer and running with it. It's a high offer already (for reasons I posted earlier in this thread) but if you considered all that information and were still ready to go as high as 400K, so be it. I have NO DOUBT that his real estate agent is banging him over the head and that he will come back saying "OK ... 400K it is" very soon. He would be the world's biggest idiot if he doesn't.
Then again, if he is the world's biggest idiot and doesn't come back quickly with an offer to sell to you at 400K, it might end up being the best thing that ever happened to you, as you're likely to find a house you like better or just as much, for less, in the near future.
Keep your chin up!
The seller was kinda dumb (for going to $402k instead of $400k), but maybe all he wanted was some intact pride that it was the buyer who met him at his chosen price ($402k).
The seller was kinda dumb (for going to $402k instead of $400k), but maybe all he wanted was some intact pride that it was the buyer who met him at his chosen price ($402k).
0.5% on the up side, 25% on the down side. Pride isn't worth that sort of risk.
The most important thing to do when you are at a logjam is to put an expiration date on your offer. Your final and best offer should have a 72 hour clock on it. This puts more pressure on the seller than just leaving things in Limbo.
After the clock expires, you should start all over again at a lower offer. Say $390,000 final and best with another 72 hour clock.
After that, you move on. Then if the buyer does come back to you weeks later, you know he's desperate. Then you hit him with $380,000 take it or leave it.
If he doesn't come back to you, good riddance, next house.
By the way, the posters on this board who simply state with certainty that current trends will continue for x amount of time are completely all wet. Nobody knows anything about the future of real estate prices. I really like the crusty old curmudgeons who seem to take delight in predicting the end of the world as we know it. A truly miserable bunch in my opinion.
By the way, the posters on this board who simply state with certainty that current trends will continue for x amount of time are completely all wet. Nobody knows anything about the future of real estate prices.
Must be why there were experts predicting the bubble burst even before it happened.
I really like the crusty old curmudgeons who seem to take delight in predicting the end of the world as we know it. A truly miserable bunch in my opinion.
I really like the realtors who come on here and try to pretend everything is OK with the housing market, or, at worst, that "no one has a crystal ball".
You don't need a crystal ball to understand a simple chart. And you don't need a crystal ball to see that our elected officials are scared witless which is why we flush a trillion dollars down the toilet just about every other month these days, desperately trying to keep the country from imploding due to the collapsed ponzi scheme housing bubble.
To paraphrase Suze Orman - save yourself, nobody else will save you. Your realtor certainly won't. They just want their commish.
You don't need a crystal ball to understand a simple chart.
historical charts also show that, sooner or later, every downturn is followed by an upswing.
if they're priced right, houses are still selling.
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I'll bet he does. I'll bet he comes back to you in 3 or 4 weeks trying to see if you're still interested. (And frankly, if he doesn't it's probably the best thing that could have happened to you, because I think even the offer he refused was too much.)
we like a house and then deal doesn't go.
