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I just agreed to their 181k offer. Thanks to everyone that commented. It helped to have such a great realtor willing to give us the 1k back on commissions for the new house.
My thoughts EXACTLY. The seller is (understandably) emotional while the buyers are just doing business. They likely don't give a rip if they don't get this house. They certainly don't give a rip if you think they are being "bullies".
Their nationality IS irrelevant, but obviously the OP believes in the oft-repeated cultural (racist) remarks surrounding negotiating with those of Indian and Pakistani descent.
That's exactly what I thought. If they weren't South Asian then the OP wouldn't feel the need to mention their cultural background. Typical.
Their nationality IS irrelevant, but obviously the OP believes in the oft-repeated cultural (racist) remarks surrounding negotiating with those of Indian and Pakistani descent.
Actually, it does matter. So, we have many nationalities in my area that are "haggling cultures." It is VERY much a part of some cultures to haggle and continue to haggle over things. It isn't racist to acknowledge that how they conduct transactions is different than the US. We have lots of Russians and Ukrainians in my area and they really haggle. It isn't just Middle Eastern, Indian, and Asian cultures.
I always tell my clients that when dealing with certain nationalities that if they aren't used to the American system expect really low offers and lots of back and forth. I think it is very important to prepare sellers that aren't used to negotiating with some people from other cultures about what to expect so that they don't get all emotional and offended. It makes the transaction go much smoother if they just understand that is how their culture works.
In this case, the OP was offended by a lowball offer, but if the agent had said, "We have an investor AND someone from a culture that haggles, so expect a lot of back and forth." Maybe the OP wouldn't have seen it as an offensive offer and started the negotiation down an emotional path where it didn't need to go.
Regardless... I understand what JKgourmet and Rrah are saying but do you guys really think they will back out over us not taking $1k off.
Lets not forget: I agreed to fix the minor foundation issue and other cosmetic repairs. They won't find an comparable house (corner lot or not) for even $10k more than what they are getting with us. They already put $400 into our home through inspection and option fees.
If they are willing to throw away $400 bc of $1,000 on a home they won't find unless they spend another 15k, they don't seem like investors to me. Pretty foolish. I'm not giving my location away but it's one of the hottest areas in the entire state of TX. And TX is where everyone is moving to. Four out of the top 10 metros with the most people moving to them are in TX.
If your house is so undervalued, why do you not have any higher offers, let alone any other offers?
Exactly what I was thinking! Forgot to mention: We agreed to $187k with them. The lowest estimate for our home I saw was ReMax $186,400. Another site had a range from $185k - $195k. Zillow zestimate said its worth $197k.
Online estimates are absolutely worthless. They're created by computer algorithms. You need an actual appraisal with an appraiser who comes into the house and looks it over.
You sound like you have seller's remorse. This a business transaction. Nothing more. Nothing less. You need to tkae your personal feelings and emotions out of the transaction. It's business. It's not personal.
I just agreed to their 181k offer. Thanks to everyone that commented. It helped to have such a great realtor willing to give us the 1k back on commissions for the new house.
Oops. I meant the 186k offer.
Im done negotiating guys. Thanks for the advice. And to the guy asking why we didnt have more offers:
We accepted the first offer after 9 days on the market. Im sure other offers wouldve came in but 187 is something we didnt want to get away from after being on the market for less than two weeks. Also, I feel pressured to accept an offer within two weeks since all homes were moving that fast. I'm looking out for other potential sellers in the neighborhood too. So anyone that wants our neighborhood sees that we get homes sold for 96% of listing pricr within 10 days.
Plus we will be staying with a relative while we hunt for a forever home in a less desirable area of the metro during the autumn and winter. We wanted to get the neighborhood school of our temporary place before school starts next week.
We will get more home for the value in the area we are looking. The schools are highly rated and I'm betting that the autumn and winter will force summer prices down a bit. Im so thankful to have such an awesome realtor.
Im done negotiating guys. Thanks for the advice. And to the guy asking why we didnt have more offers:
We accepted the first offer after 9 days on the market. Im sure other offers wouldve came in but 187 is something we didnt want to get away from after being on the market for less than two weeks. Also, I feel pressured to accept an offer within two weeks since all homes were moving that fast. I'm looking out for other potential sellers in the neighborhood too. So anyone that wants our neighborhood sees that we get homes sold for 96% of listing pricr within 10 days.
Plus we will be staying with a relative while we hunt for a forever home in a less desirable area of the metro during the autumn and winter. We wanted to get the neighborhood school of our temporary place before school starts next week.
We will get more home for the value in the area we are looking. The schools are highly rated and I'm betting that the autumn and winter will force summer prices down a bit. Im so thankful to have such an awesome realtor.
I dont live in Arlington, I stay in Keller, TX
Typically, your first offer is your best offer. It took 9 days to get an offer. There's ZERO guarantee there would be another offer!
Actually, it does matter. So, we have many nationalities in my area that are "haggling cultures." It is VERY much a part of some cultures to haggle and continue to haggle over things. It isn't racist to acknowledge that how they conduct transactions is different than the US. We have lots of Russians and Ukrainians in my area and they really haggle. It isn't just Middle Eastern, Indian, and Asian cultures.
I always tell my clients that when dealing with certain nationalities that if they aren't used to the American system expect really low offers and lots of back and forth. I think it is very important to prepare sellers that aren't used to negotiating with some people from other cultures about what to expect so that they don't get all emotional and offended. It makes the transaction go much smoother if they just understand that is how their culture works.
In this case, the OP was offended by a lowball offer, but if the agent had said, "We have an investor AND someone from a culture that haggles, so expect a lot of back and forth." Maybe the OP wouldn't have seen it as an offensive offer and started the negotiation down an emotional path where it didn't need to go.
Thanks for being a non-PC voice of reason on these matters. Americans have become such geldings on any mention of race, no matter the context.
Exactly what I was thinking! Forgot to mention: We agreed to $187k with them. The lowest estimate for our home I saw was ReMax $186,400. Another site had a range from $185k - $195k. Zillow zestimate said its worth $197k.
I think you'll find that a prior foundation repair DOES decrease market value of a home. There are some people, myself included, who simply will not buy a home with current or prior foundation issues, whether "fixed" or not. Most houses do not have foundation issues, even in TX with clay soil (I lived in Dallas for 30 years....I didn't have foundation issues in my 1953 house...pier & beam).
If someone does buy a house with a prior foundation repair, they will have paid less for it. Even if it comes with a lifetime transferable warranty. Because it's a fix of a prior defect in a major portion of the house.
Many people will buy homes with prior foundation repair. I've passed up three houses so far...and someone else came right behind me and snapped them up. BUT they paid below market value for the house. A lot below market value.
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