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People who get 'too insulted to negotiate,' by what they consider a lowball offer (particularly after a house has been sitting on the market for 5-months) ... are allowing their emotions to get in the way of selling their house. Even if they believe the offer is a lowball, it's time to re-visit the "Why" they think the house is worth $236K or more. There is nothing with coming right back and 'selling' the house to someone who is obviously interested.
For example, why not simply say, "Thank you so much for your offer; we are pleased that you like our home ... Here is why we believe it is worth the $236 asking price" --- then layout the comps or whatever other real reason one has. The notion that "one needs to get so much out of a house to break even; or 'really loves the house" is not any more a valid reason to hold the price up, ... than lowering the price because a buyer says, "that's all I can afford."
People who don't understand sales, should rely more on people who do.
Price is one thing, and I see that you didn't have any contingencies, but did you have any other terms on the offer? Did you ask the sellers to contribute to closing costs? Did you want a closing 100 days away? Sometimes sellers are turned off by the price, other times it's the terms.
However, if they truly don't want to negotiate, then it's their loss. They will foot a few more months of carrying costs and then will be begging to sell the house at anything.
Assuming the listing agent has a 180-day contract and you're in no rush to buy a house (and this is the one you want), you could always wait until it's been on the market 175 days and then submit an offer of $210,001. With his contract about to expire, the listing agent might push them a bit to accept.
I encountered similar sellers (the wife was running the show and I know "the type.")
Asking price 229,900. Comps (3) sold between 198,000 and 204,000, two them with natural gas as opposed to propane (which this house had). House was listed now almost 90 days, listing was about to lapse.. It was perfect for me in many ways. I offered 215,000 because I wanted it, would even go 222,000 (once I learned realtor was only taking 4%). but they countered 229,000. I walked, simply because that counter was way too high compared to the comps, and it looked like they'd probably relist it, maybe lower, maybe even next year (they indicated that they weren't quite ready to move but could if they had to).
It sold, off market no less, 3 months later for 228,000.
Anything can happen. It depends on the sellers - but also the house. I presume they found a buyer a little more "gotta have this house" than I was, and may have had a potential buyer in mind, anyway, which they ultimately sold it to (I suspect the listing agent for some obscure reason).
Last edited by TwinbrookNine; 03-26-2015 at 07:07 PM..
My husband and I offered $210K (no contingencies) on a house listed at $236K. It is vacant and has been on the market for five months with little traffic (none in the last two months). The sellers have moved out of state for a job transfer. Evidently they were insulted by our offer and told their agent they will not negotiate with us. Are they unreasonable or did we go in too low? This is just outside of the Lexington Kentucky area.
Listers get stubborn if they have to break even, or if they have to bring something to the table.
At your offering price, OP, they may have better luck carrying it for a few months more to get the offer that doesn't "leave them stranded". $26K to wait for is "worth it' for a few more months...
If you really want the house, you could wait a few months, and see if they will take an offer of $212K with No contingencies, and see what they say. They are probably figuring spring/summer is here/coming, and they may get better traffic and a better offer.
The value of something is onlybased upon what one will sell it for and what one will pay for it. For anything.
If you don't like the price of something at Wally World, you won't buy it is all, until they mark it down, or "Clearance it".
If you DO have comps, then they can work both ways, the comps can show a house is worth what they are asking, or worth what one is offering, but only as guidelines.
Listers get stubborn if they have to break even, or if they have to bring something to the table.
At your offering price, OP, they may have better luck carrying it for a few months more to get the offer that doesn't "leave them stranded". $26K to wait for is "worth it' for a few more months...
If you really want the house, you could wait a few months, and see if they will take an offer of $212K with No contingencies, and see what they say. They are probably figuring spring/summer is here/coming, and they may get better traffic and a better offer.
The value of something is onlybased upon what one will sell it for and what one will pay for it. For anything.
If you don't like the price of something at Wally World, you won't buy it is all, until they mark it down, or "Clearance it".
If you DO have comps, then they can work both ways, the comps can show a house is worth what they are asking, or worth what one is offering, but only as guidelines.
Try again or move on, OP.
Good luck!
Ok sure. The only problem is perception. A house sitting on the market for (now 8-9 months) looks bad to everyone. And people will start lowballing.
The house we most recently purchased was a house that we found out after we moved in that 3 other offers were made on, all paying MORE than we paid, that were rejected by the son that inherited the home after his mom passed.
Sometimes it take the seller realizing that things ain't getting much better for them to fold and accept an offer...I am certain in hindsight he wishes he had taken the higher offers. The difference in the 3 months he waited to accept saved us $20K.
hoise sitting for 5 months. Never went under contract? They are probably asking too much then in the first place. Have they had any price drops?
It's either can't sell for less or my house is worth x because I own it. As the seller would of wanted to keep you at table and countered with 229,000 no contingencies. Go back and forth a few times probably settle on 220-225k and closing costs etc
People are retarded today. Not even willing to negotiate.
I couldn't have said it better myself, including your #'s, right on . So many people get so emotional and irrational when trying to sell their house. It's a business transaction plain and simple and one must look at it that way. They'll wind up getting screwed in the long run and have no one to blame but themselves.
They should definitely sell it to the other buyers at the higher bids....
Oh. Wait. Sorry...there are none!
OP-Your bid is fine. 10% +/- of offered. The house is worth what somewhat is willing to pay--comps or no comps.
IMHO they are probably emotionally attached...or have seen other houses at other times sell at a price which they have established in their mind. That's all well and good, except it doesn't get their house sold, if that is their objective.
The seller is silly to not negotiate against a decent offer like you made. They drop 10, you come up ten, and voila, you are close to a deal. A few more gnashes and they will have sold their house, and you will have bought a house.
Getting stubborn is just silly.
Go about your business. If they come back think about whether you want to get into bed with them (if they are this "nasty" offer a simple issue of a fair offer, what else can they be cranky about? Who wants to try and do a deal with people like that?). Maybe best to just move along, shake your head, and find another place with someone who is more in tune with the buying and selling process.
In my last sale we had 3 final offers. The highest one had the sale of another house as a contingency. The middle one would have had financing issues and they wanted closing cost help. The lowest was a company transfer and they wanted it ASAP.
Guess which one we accepted.....LOL
The highest offer is not always the best.
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. So many people get so emotional and irrational when trying to sell their house. It's a business transaction plain and simple and one must look at it that way. They'll wind up getting screwed in the long run and have no one to blame but themselves.
