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Old 06-28-2012, 03:36 PM
 
Location: Port St Lucie Florida
1,263 posts, read 2,901,636 times
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Had my first open house, had 100 people, got three offers next day. One for a little less, one for the asking amount and one for 4k over the asking price. The house is 106 years old. Now the buyer wants to bargain me down. I know this is a game but I am not inclined to go along with their requests. What they did by offering a higher price was to shut out the competition and then bargain down. Seems like this is common practice but frankly I am not going for it.
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Old 06-28-2012, 03:50 PM
 
160 posts, read 321,916 times
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I'm confused. Did you accept the offer of $4K over?
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Old 06-28-2012, 03:55 PM
 
Location: NJ
17,579 posts, read 38,340,456 times
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You should probably put this in the realestate section, not the mortgage section.

Did they present a written offer to you?
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Old 06-28-2012, 03:58 PM
 
Location: Austin
7,083 posts, read 16,915,573 times
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You have the upper edge. If they try to negotiate down, you then decline that and remind them there were two other buyers you will gladly sell the house to.
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Old 06-28-2012, 03:59 PM
 
Location: earth?
7,288 posts, read 10,380,577 times
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I assume you don't have representation.
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Old 06-28-2012, 04:04 PM
 
Location: Beautiful Rhode Island
6,309 posts, read 10,481,748 times
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Are they bargaining down as a result of the home inspection? If so, this is common.
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Old 06-28-2012, 04:05 PM
 
28,384 posts, read 68,011,584 times
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Was there an inspection contigency or anything simlar that would have given the buyer reason to modify their estimate of the value of the home???
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Old 06-28-2012, 04:06 PM
 
Location: California
4,445 posts, read 5,177,306 times
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What are your plans if they obtain a professional appraisal which comes in below the contract amount? What you are asking someone else to pay, may not be the same amount a bank will finance.

Any time you get involved with a real estate deal I highly recommend you use a real estate lawyer to over see the entire process. It might seem expensive but it will help ensure other parties are acting according to the law, and in the long run, might save you a lot of money. Most people do not buy and sell homes often enough to know how to spot manipulation but a legal professional would be able to handle any irregularities. We have also sold homes without a salesperson, which much less expensive for the buyer and seller.
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Old 06-28-2012, 04:55 PM
 
1,784 posts, read 2,880,745 times
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I'm also confused - I think this thread title is misleading because it sounds like your house isn't sold. I'm not even sure you have a ratified offer.

How can they try to bargain you down if they put in an offer at 4K over that you accepted? Was there some sort of contingency that hit that's forcing this issue?
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Old 06-28-2012, 05:48 PM
 
Location: earth?
7,288 posts, read 10,380,577 times
Reputation: 8956
Quote:
Originally Posted by alsidw View Post
Had my first open house, had 100 people, got three offers next day. One for a little less, one for the asking amount and one for 4k over the asking price. The house is 106 years old. Now the buyer wants to bargain me down. I know this is a game but I am not inclined to go along with their requests. What they did by offering a higher price was to shut out the competition and then bargain down. Seems like this is common practice but frankly I am not going for it.
This is purely speculation, but based on just what's alluded to above, it sounds like you took the offer over list price and now the buyers have had an inspection and are perhaps asking you to credit what they deem to be necessary repairs (and could be in terms of financing or other considerations) . . . is that correct? I guessed that is what happened when you mentioned the age of the house . . .as if an old house would not be expected to have whatever repairs they are asking you to credit . . .is that it?

If that is the case, what are the repairs they are asking you to do? Termite damage repair, roof, heating/electrical, plumbing?
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