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We live in the Austin area and recently put in an offer on a home. We put in an offer at about 5 percent off list price. The seller did not counter, just refused. We were the first offer. Home has been on the market for approximately two months. They reduced the price a month ago. This was not the sellers primary residence. We could walk away from the house at this point, but are wondering if we would be likely to find something better in the near future in this market. Did we offend the seller? Would resubmitting an offer be even more offensive to them? Should we just pay list price (would be hard on our budget) to avoid losing the house? The house seems to be priced fairly for the area.
If it is fairly priced (on what are you basing this?) and you like the home and can afford it at that price, then try again at a higher price. If you know the seller wants the listing price PERIOD then buy it for that. There's no law that requires you to pay X% off the asking price, although many people get hung up on that. The key is to not over pay and you seem to think that won't happen here.
Stick to your budget, you have it for a reason. Even if the house was a "deal" you shouldn't buy it if it is out of your budget unless you definitely could flip it.
Since they didn't counter , they felt your offer wasn't worth their time and effort. If you can walk away from the house , put in another offer, but does your offer fall in line with recent sales comps, or is it based just on your budget? What % did they drop the house, is it tenant occupied or vacant.
If the house is priced fairly for the area and it's the house you want, why not just make an offer at or very close to the asking price and be done with it?
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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The seller has the right to refuse any offer, and many, if not most, think the house is worth more than it is. What is it worth? What someone is willing to pay for it. They may end up selling it for less than your offer eventually, but if they are not in a hurry and have already dropped it once, they are likely to hold out longer before dropping it again or negotiating on a lower offer.
Would resubmitting an offer be even more offensive to them?
Make another offer, who cares if you offend a seller. You will likely never meet, or if you do, you may never see each other again. Dont be so afraid of rejection.
Listen, a seller doesn't have to negotiate. You don't have to counter, etc. Try very hard not to get emotionally involved in this. It's a business transaction. Don't over think the people part of it. Don't take anything that happens personally.
Look at your budget. Always live within your budget. Don't do anything that is going to make you choke financially. You never know when an unexpected expense is going to come up.
If you feel you have room in your budget to write another higher offer and you really think this is the best house for you, then write another offer. If your budget says no, then keep looking. Maybe in another month or so the seller may come down again on the price or perhaps you could simply submit another offer and see what he thinks about it then. He may change his mind about your offering price if he's not getting any other offers.
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