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"Insult" is a choice driven by emotion. No more. No less.
Unless the buyer says something like, "Yer ugly and yer Ma dresses you funny," it is just a business discussion regarding an asset.
I have seen sellers choose to lose many thousands of dollars by choosing to be "insulted" rather than to be "businesslike."
I think if they were serious buyers they would not have put in such a low offer with a contingency. I think they are testing the waters. This far out I might have taken the contingency offer but countered around $378,000. And add the kick out clause. This is your first nibble, I would hang in there and wait out other offers.
I wouldn't automatically assume that someone who puts in a low offer isn't a serious buyer. They may just be thinking that they'll throw out a low offer to see if there is a nibble, figuring that they can always go up. Of course, sometimes that may offend some people, leading to no further negotiations. Sometimes people who choose to be less emotional can reach a meeting of the minds.
I think if they were serious buyers they would not have put in such a low offer with a contingency. I think they are testing the waters. This far out I might have taken the contingency offer but countered around $378,000. And add the kick out clause. This is your first nibble, I would hang in there and wait out other offers.
That's kind of where I was going with his too. Unless the house is priced competitively already, accepting a contingency can be a good way to get a higher offer. I know I haggle harder when I'm paying almost all cash or have nothing to lose than when I absolutely want the house and need to sell mine. I'd accept a lower offer with no contingency or a higher offer with one, except in cases where the house has been priced very, very aggressively.
I wouldn't automatically assume that someone who puts in a low offer isn't a serious buyer. They may just be thinking that they'll throw out a low offer to see if there is a nibble, figuring that they can always go up. Of course, sometimes that may offend some people, leading to no further negotiations. Sometimes a meeting of the minds can eventually occur.
I agree with you. It doesn't mean they aren't serious, and also, people shouldn't get insulted over an offer. If you don't like it, move along to the next buyer.
I would have countered similar to what you did. I wouldn't have been insulted by their offer though. People offer what they do for a lot of reasons,not all of which are because they wish to lowball you. It's business after all.
We've heard nothing further.....but didn't expect to since we rejected the contingency. Maybe if they put their house on the market AND get a quick offer on it they'll come back and we can really play ball if they are serious about it. Or maybe someone else will come along with something.
Kick out clauses are standard around here (they had one in their offer) but our realtor said it may tend to reduce showings since some people don't feel like messing with such a house. In a couple weeks we will definitely entertain them.
As far as our financial details, we'll be withdrawing less than 10% of our investments and using our equity from the current house to pay for it.
We've heard nothing further.....but didn't expect to since we rejected the contingency. Maybe if they put their house on the market AND get a quick offer on it they'll come back and we can really play ball if they are serious about it. Or maybe someone else will come along with something.
Kick out clauses are standard around here (they had one in their offer) but our realtor said it may tend to reduce showings since some people don't feel like messing with such a house. In a couple weeks we will definitely entertain them.
As far as our financial details, we'll be withdrawing less than 10% of our investments and using our equity from the current house to pay for it.
Good luck to you. I hope everything works out for you.
Have you discussed this with your CPA and/or financial advisor?
If you're still working with a decent income... having a mortgage can make good sense.
Even if going into retirement it can be a great cash management tool.
How big the mortgage is relative to your total net worth is the issue.
iow.. borrow but do so on a smaller property.
This has nothing to do with the OP question.
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