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Old 05-21-2013, 09:50 PM
 
686 posts, read 1,320,084 times
Reputation: 423

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Quote:
Originally Posted by Rakin View Post
You low balled a home that had been on the market 2 days

No wonder the Seller doesn't even consider you serious. His list price is fairly close to what he wants and he's not real negotiable right now.
...
+1.

No seller is likely to consider an offer $50K below list price if the offer is made two days after listing. I am surprised he responded to your first offer of $475K.

If you don't want to up your offer, just wait for a few weeks before making an offer.
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Old 05-21-2013, 09:51 PM
 
Location: Brentwood, Tennessee
36,597 posts, read 35,355,633 times
Reputation: 68534
Quote:
Originally Posted by Ulysses61 View Post
As I said, the owner is literally close to being a billionaire. He owns 4 mansions in California, including Bel Air, exclusive Tiburon and Lake Tahoe. I can't believe someone that wealthy (and old-- he's 76), is nickle and diming a home he's never in. He has spent 3 months in the home in the last 4 years! The listing agent wanted to list the home for $30,000 less, she shared that info with my buyers agent. He put $250,000 in improvements and wants his money out of it.
I'm sure you would not appreciate one of YOUR potential buyers judging your spending habits this way.

Again, your opinions on whether or not he can afford it are irrelevant here. If you can't come to terms, the dance is over ... for now.
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Old 05-21-2013, 11:17 PM
 
Location: Santa Rosa
486 posts, read 592,824 times
Reputation: 496
Quote:
My buyers agent did a market analysis and most homes of that vintage with more square feet generally sell for around $450,000, some lower than that.
Why don't you just buy one of the cheaper units and fix it up yourself.
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Old 05-21-2013, 11:37 PM
 
Location: Gorham, Maine
1,812 posts, read 4,181,844 times
Reputation: 1231
Quote:
Originally Posted by Ulysses61 View Post
The listing agent wanted to list the home for $30,000 less, she shared that info with my buyers agent.
Serious violation of fiduciary duties, if this is true!
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Old 05-22-2013, 07:04 AM
 
4,596 posts, read 6,897,858 times
Reputation: 4690
This house in your own words is turn-key and beautifully remodeled.

What's the condition of the comps??

What about the sizes of lots? Mid-block vs corner? Abutting greenbelt or not?

On smaller homes, just the cost of a jacuzzi bathtub ($4000) can raise the cost per sqft considerably.
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Old 05-22-2013, 09:08 AM
 
Location: Kansas City North
3,480 posts, read 6,463,210 times
Reputation: 4225
He made a counter offer to your original offer, and it was saying, "I'm firm at this price." See where he is in a month or so. You have to wait for that "Come to Jesus" moment for him. Of course, he might turn out to be an atheist.
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Old 05-22-2013, 11:35 AM
 
5,207 posts, read 5,796,395 times
Reputation: 13052
He said he wouldn't consider an offer less than $500K. So bid him $500 and see what happens.

After all, his realtor thinks that the listing price is the 'right' price, and your's thinks your 475 bid is the 'right' price.

Reality is probably in the middle.

The bit about his realtor saying she wanted to list it for $30,000 less has no credibility...not to mention that she shold lose her license for stating this to a buyer, if indeed it happened. Realtors do a lot of dumb things, but this is unlikely to have happened..i would hope.
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Old 05-22-2013, 02:34 PM
 
Location: Sunrise
10,873 posts, read 13,291,892 times
Reputation: 8976
Quote:
Originally Posted by WhoFanMe View Post
Serious violation of fiduciary duties, if this is true!
Happens where I live ALL THE TIME.
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Old 05-22-2013, 02:38 PM
 
1,097 posts, read 2,082,753 times
Reputation: 988
Unless you are in an absolute hurry, I would walk away for a while.

First of all, your offer was not "lowball." Most people expect you to come up from your initial offer and the seller to come down until you meet somewhere in between. I had a seller's agent who was allegedly "insulted" by my first bid. I relayed a message to her that if there was no counter, I would just walk away and buy something else. They countered and I am closing on the place at a good price next week. Walk away from any seller who is insulted by your first bid. Those kinds of people need to eat some humble pie through weeks of open houses, showings and even lower bids.

Second, you are falling in love with the house and that can be a killer as far as price. If you must have the home at any price, then reply with a bid of $500K and see where things go. But I would ask this: is anyone else bidding on this home that is so grossly overpriced vs. the comps, renovations notwithstanding?

I would calm down, see what the traffic is like on this house and then jump back in down the road if the timing is right. If the home ends up selling for close to asking, you weren't in the ballpark anyway. Then, you just move on to something else.
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Old 05-22-2013, 02:39 PM
 
775 posts, read 990,163 times
Reputation: 512
He is nickle and diming you because he isnt hurting for money and isnt in a hurry to sell. Clearly you like the home. Clearly he has a set amount in his mind he is going to want to sell it for. A cash buyer may walk in and actually pay him what he wants.
Like PP said, if the seller said he wont go below $500K then offer that and see what happens
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