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Old 04-12-2007, 12:41 AM
 
3,155 posts, read 9,787,367 times
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Ok I have a hypothetical situation that I would love your feedback on.
As a buyer lets say you made an offer on a house. The house is not cookie cutter, it's very big for the neighborhood, in a desirable area, unique built-in features that are very desirable, and in a hot neighborhood. This is one of those houses that doesn't come along very often.

So as a buyer you make an offer that is 5K under the asking price (about 1% of the list price, and as a buyer you know that in this neighborhood houses are priced at the actual value and are not padded w/ 1 or 2%. Would you be offended if the seller counter with a full price offer. Also, this is the first week it's been on the market. And by offended I mean so ticked that if you refuse the counter and then say the house doesn't sale right away you loose interest completely.

This is all hypothetical. My house goes in mls on Friday. But it's already been shown 3 times and will be shown 2 more times before Friday. Plus we've had people knock on the door saying they heard our house was for sale and are interested in seeing it/ buying it. And everyone in the neighborhood is taking about it. Yeah, I live in the "city" but my hood is like Mayberry.... everyone knows everyones business... not necessarily bad.

And my realtor says since there is so much hub-bub before it's in mls that she thinks we might have listed it too low. So of course, I'm thinking yea! bidding war (it still happens in our hood for the right house).

Some people get so emotional when they are negoiating ... I on the other hand and more of the "good for you trying" nature. I always tell my kids, "You can ask, but it doesn't mean I'll say yes. But I'll never be mad at you for asking". Of course, this usually results in my kids asking, me saying no, and they getting mad. So should I expect that must buyers are like my 4 & 7 year old?
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Old 04-12-2007, 03:45 AM
 
Location: Cary, NC
33,619 posts, read 58,316,993 times
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You may find a buyer who gets offended if you hold your price.
But then you have to ask what else would offend them through the transaction.
Sounds like you are in great shape to get a sale.
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Old 04-12-2007, 03:47 AM
 
1,219 posts, read 3,826,288 times
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As I buyer, no, I wouldn't be offended. I'd do one of two things.

-Accept your counter offer and buy it, or,

-Walk away to another place.

It would depend on how bad I wanted it.
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Old 04-12-2007, 05:15 AM
 
Location: State College PA
402 posts, read 2,033,954 times
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5 K on 500 K is not much to me (not that I could afford that to begin with!)...meaning, they probably would offer lower just for the point of it. In a hot neighborhood, if they're offended...someone else won't be!! Stick to your guns!! (unless you want it to see in 3 days instead of 7!)
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Old 04-12-2007, 05:20 AM
 
548 posts, read 2,433,326 times
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I would not be offended, but I don't really understand why anyone cares if someone is offended anyway. It's a business transaction. Get what you can for it.
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Old 04-12-2007, 06:52 AM
 
Location: Cary, North Carolina
229 posts, read 976,355 times
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If the home is just going on the market the first 30 days is critical. When a house is red hot this is when you have the highest chance of receiving multiple offers almost assuring that you will receive full price. This market has been red hot and it is not uncommon to see $1000 to $3000 above asking price for a home. This is less common in the higher price ranges(above $500k) and would depend on what kind of competition you have in your neighborhood. If there are a lot of new homes in the neighborhood, which is doesn't sound like there is, you may have a more difficult time.

So, no, it's not offensive to counter with full price, especially in the first 30 days.
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Old 04-12-2007, 06:56 AM
 
193 posts, read 188,316 times
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If this were my "dream house" I wouldn't lose it over a lousy 1%. I'd make a full price offer.

On the other hand these people may just be fishing.

Last edited by HookEmHorns; 04-12-2007 at 07:36 AM..
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Old 04-12-2007, 07:14 AM
 
3,021 posts, read 10,097,264 times
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PDXmom, my attitude is just like yours. There's no harm in asking as long as you can graciously accept the response, right? And at your price point, 5K isn't an awful lot so you can certainly stick by your asking price in the situation you've described. If the house generates this much attention before it's even on the market & if somebody really loves this house, they'll be willing to pay and extra 1%. Good luck!
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Old 04-12-2007, 07:28 AM
 
546 posts, read 2,222,960 times
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I can't imagine someone being offended by that situation. 5k is not a lot of money in a 500K transaction and most people know that business is business. SOunds like you have a great house and are in an ideal situation so the buyer should be ready to make a full offer. Go you!
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Old 04-12-2007, 07:34 AM
 
Location: Austin TX
959 posts, read 4,166,028 times
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I agree with MrsSteel. If they love the house they'll pay the extra 1%. If they don't, then it wasn't meant to be. Now if a couple of weekends go by and you hadn't accepted an offer you may want to rethink the full price only thing
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