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Hey everyone, just an update, we got word of them rejecting the offer on Saturday (4 days after the offer was made). The listing agent gave our agent the impression that they hadn't gotten any other offers but they rejected ours with no counter. They are looking for something closer to the list price (so if that's the case why didn't they counter? Seems like they're waiting for us to come up).
Regarding the question about how long have past properties been on the market, two of them were on the market 50+ days, another was on the market 19 days. We're on Day 12 with this property. Our agent basically asked us how much is the house worth to us. Smartmoney mentioned something about how this house will measure up against the other ones, we saw a townhouse yesterday and it just made us want this house even more. We're more than likely going to up our offer and go from there.
Thanks! We spoke to our agent last night, he recommends waiting until the end of the week to submit another offer, but we are a bit uneasy about it because we could get a notification at any time from Redfin/Zillow that the house is pending. We're taking a huge risk here assuming the house won't be snatched up within the next couple of days but it's officially been on the market 2 weeks and we're heading into November where the housing market tends to dry up (we do a search just about every day and there's nothing out there at the moment, at least within our price range and what we like). We're going up 10K with the same contingencies in the first offer (home inspection etc) but also setting 3 day deadline. If the offer is rejected again w/no counter, we walk.
If the house is only worth 10K more than your original offer, you shouldn't worry about someone else coming along and offering anything closer to their asking price. If they do, they do - and they pay more for the house than you're willing to. Next!
By the way - how many homes have you written offers on already?
Thanks! We spoke to our agent last night, he recommends waiting until the end of the week to submit another offer, but we are a bit uneasy about it because we could get a notification at any time from Redfin/Zillow that the house is pending. We're taking a huge risk here assuming the house won't be snatched up within the next couple of days but it's officially been on the market 2 weeks and we're heading into November where the housing market tends to dry up (we do a search just about every day and there's nothing out there at the moment, at least within our price range and what we like). We're going up 10K with the same contingencies in the first offer (home inspection etc) but also setting 3 day deadline. If the offer is rejected again w/no counter, we walk.
A deadline on an offer in a hot hot market?
HA HA!
Great way to elicit a "Full list price counter," if you get any response at all.
You immediately come off as a difficult and controlling buyer, which is not clever posturing in a hot market that favors the sellers.
And, from the list you posted, you have ONE comp to work with, at $440,000, on 10/5.
Just one.
A deadline on an offer in a hot hot market?
HA HA!
We are coming up on the dreaded home on the market during the Holidays. Even hot markets hate having homes viewed during this time of year. If the OP puts a sundown clause before a weekend, the sellers risk coming up dry until the 1st of the year, costing them even more money.
OP, can your agent find out more about the seller's situation? Are they asking for a contingency for finding home of choice? If so, they have no clock they must meet. But if there's a pending relocation or a new home being built, a clock with a deadline exists.
We are coming up on the dreaded home on the market during the Holidays. Even hot markets hate having homes viewed during this time of year. If the OP puts a sundown clause before a weekend, the sellers risk coming up dry until the 1st of the year, costing them even more money.
OP, can your agent find out more about the seller's situation? Are they asking for a contingency for finding home of choice? If so, they have no clock they must meet. But if there's a pending relocation or a new home being built, a clock with a deadline exists.
Here's the problem in general: our agent has left literally a handful of voicemail messages but he's never actually spoken to the listing agent. It's just been via e-mail. So it's become really difficult to gauge where the seller and the agent are at when the listing agent doesn't even return our agent's calls to have a conversation. It took 3 days on the listing agent's part just to respond to a question as to whether the house was still available or not. It took 4 days just to reject an offer. Expecting a timely response is not an unreasonable request.
either this listing agent IS the brokerage, or they work for one. If it's the first, there's not much that you can do. If they work FOR someone else, then your agent can certainly reach out to the broker-in-charge
either this listing agent IS the brokerage, or they work for one. If it's the first, there's not much that you can do. If they work FOR someone else, then your agent can certainly reach out to the broker-in-charge
A deadline on an offer in a hot hot market?
HA HA!
Great way to elicit a "Full list price counter," if you get any response at all.
You immediately come off as a difficult and controlling buyer, which is not clever posturing in a hot market that favors the sellers.
And, from the list you posted, you have ONE comp to work with, at $440,000, on 10/5.
Just one.
Just my 2 cents. You're going to lose this house to someone else if you wait AND don't come up A LOT closer to their price! The $440k comp is good and is the only one that matters.
$.02 in my market, and just a personal opinion as someone who has been selling properties recently..
Low offer + closing cost concession requests = pain in the butt buyer who really can't afford the house & is expecting to ding the seller again with inspection repairs for non-issues.. The attitude I've personally seen from buyers who both nail you on price and want closing costs is "I'll buy the house if you make it perfect and pay for everything ".. right or wrong, that's what I *hear* as a seller when I see an offer like that from a buyer.
Personally, I'd much rather see a fha 3% down buyer at full price & let the appraisal reduce the value if they can support it logically. Those buyers aren't both demanding a "deal" and refusing to scrape up any of their own funds.
That would be the last buyer I would pick if there was more than one & someone I just wouldn't want to go under contract with over the holidays unless I was desperate.
From a strategy standpoint, the seller would rather wait for a stronger buyer at the same price, just because they're less-likely to get nickled-and-dimed based on the inspection.. since no home is "perfect", inspections have evolved into "round two" of negotiations, where the buyer & seller play chicken with days-on-the-market & the risk of having to re-list the house (and explain to future buyers why the property fell out of contract).
Carrying costs for another month of ownership aren't anywhere near $20k, and the seller can always drop the price by $15k & likely still net more than your offer. It won't be "stale" as a listing for another month, no need for a seller to pee their pants & roll over now.
Last edited by Zippyman; 11-02-2017 at 10:10 PM..
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