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Old Yesterday, 07:18 AM
 
Location: PVB
1,457 posts, read 707,199 times
Reputation: 1654

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What it boils down to is do you really want the house and do you want to risk losing it? My wife and I looked forever for a house. The roof got trashed by Matthew 1 day after our offer was accepted and we had to kick in 5k to get a new architectural one or else the seller would have had the old one repaired. It had 2 roofs so the repair would have been problematic. Any way fast forward a year and we love our house and it has appreciated in value. It has a few problems but we love it. Do you want to be forever kicking yourself for the "one that got away?" If you love it buy it and don't worry about what anyone else thinks. Maybe your guardian angel is helping you out by having the 1st buyer back out. Good luck.
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Old Yesterday, 07:24 AM
 
Location: Cary, NC
28,565 posts, read 50,799,488 times
Reputation: 26742
Quote:
Originally Posted by Electrician4you View Post
I had a few of these bs give me your highest and best offer. I came back with I already did.
Let them put it back on the market. That tactic rarely works well for the seller.

I would say thatís my offer.
You are an investor. Your options and needs are different.
The OP is seeking housing and a roof over their heads.

When you work with people who have a lease expiring in 3 months, who must give landlord 60 days notice, and going month-to-month after expiration will cost them $300 additional monthly, they must have a different perspective.

I just put first-timers under contract after writing 6 prior offers for them.
Yep. They made some compromises, but the prior offers were all very good. Just not good enough.
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Old Yesterday, 07:25 AM
 
Location: Cary, NC
28,565 posts, read 50,799,488 times
Reputation: 26742
The OP needs to be very cautious when considering fire and brimstone negotiating input on the forum..

Hard lines and "Never" likely will not help the OP reach their goals.
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Old Yesterday, 07:27 AM
 
713 posts, read 289,271 times
Reputation: 1117
Quote:
Originally Posted by ss20ts View Post
You already gave them an offer. Why do you think they'll take an offer from you now for less? If you offer less, be prepared for them to walk. You've already shown your hand to the house!
If another offer was accepted, I consider that being like a reset button. The situation is different now. The buyer should bid what he wants to pay NOW at this point in time knowing what he knows now and not worry about what he bid before.

Nobody can give you advice over the internet on your bidding strategy as you need to understand your market and other factors that we know nothing about. however, it's hard to imagine that the offer should be the same now that the seller is on the ropes with 2 (presumably low in your words) offers, a high offer that fell through due to defects and you. christmas is coming - not high time to buy houses. Do you think you are in a stronger negotiating position now or not?

I do agree with the point that you need to be prepared for them to walk if you put in a lower offer. The seller may see decreasing your offer as dirty pool (silly but the seller will see things differently from you).
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Old Yesterday, 07:54 AM
 
245 posts, read 128,465 times
Reputation: 383
You are being asked to negotiate with yourself; don't. You put in an offer that has not been accepted, rejected, or countered. Your agent should respond with a request for all the information contained in the inspection they are aware of and either an acceptance of your offer or a counter proposal in light of the new information.
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Old Yesterday, 07:57 AM
 
Location: Cary, NC
28,565 posts, read 50,799,488 times
Reputation: 26742
Quote:
Originally Posted by jackalope48 View Post
You are being asked to negotiate with yourself; don't. You put in an offer that has not been accepted, rejected, or countered. Your agent should respond with a request for all the information contained in the inspection they are aware of and either an acceptance of your offer or a counter proposal in light of the new information.
Hogwash.
The OP states they want to buy the house. OP has already indicated that they did not make their "Best" offer.
I.e., they already negotiated against themselves and it did not pay off.

Quote:
Originally Posted by MikeJaquish View Post
The OP needs to be very cautious when considering fire and brimstone negotiating input on the forum..

Hard lines and "Never" likely will not help the OP reach their goals.
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Old Yesterday, 08:51 AM
 
Location: Georgia
4,256 posts, read 3,226,927 times
Reputation: 14332
Here's the thing: Those are the only two items you KNOW about on the inspection. You don't know what else is on it. So you're going to be getting your own inspection, anyway, right? So I wouldn't be writing contracts specifying repairs upfront. I'd wait until I saw an ENTIRE report, get estimates, and then decide what kind of repairs I wanted the buyer to contribute to. As a matter of practical consideration, I don't like having repairs done by the seller prior to closing -- they often end up being done on the cheap, especially if the seller is financially/emotionally stressed (Some sellers' logic: Why should they go the extra mile to do a quality repair when a cheap one would leave them with more money to take care of issues for their next home?) Obviously, this is a combination of a read on the sellers (i.e., are they meticulous about their house maintenance and take pride in it, or have they let it slide?) and the situation. We can't do that from here.

As a practical consideration, at a 4% interest rate over 30 years, I wouldn't get too hung up on what ends up being $33 a month for the $7,000 difference. After a point, it just becomes a weanie-wag over what is literally pocket-change, just for bragging rights. :-)

You also have the consideration of market value in the sense of the appraisal. We don't know your market -- is $385K a reasonable price for this house? Is $397,000? Will it appraise? Will the seller work with you if it doesn't appraise? You thought net $392K was a fair price, right? Don't get lost in the weeds over a thousand here, a thousand there. If this is a house you like in a neighborhood that is desirable and meets all your needs, don't play psychological games with the seller, they are already half-psychotic at this point, after the first deal fell through. :-) If you lower your offer, then you may not be in a position where you have a seller who isn't willing to make repairs "because they lost all that money up front". (Psychologically, they feel that money just walked out the door, and they "lost" it -- never mind that they never had it. :-)

Good luck. Let us know how it works out.
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Old Yesterday, 09:17 AM
 
713 posts, read 289,271 times
Reputation: 1117
Quote:
Originally Posted by dblackga View Post
Here's the thing: Those are the only two items you KNOW about on the inspection. You don't know what else is on it. So you're going to be getting your own inspection, anyway, right? So I wouldn't be writing contracts specifying repairs upfront. I'd wait until I saw an ENTIRE report, get estimates, and then decide what kind of repairs I wanted the buyer to contribute to. As a matter of practical consideration, I don't like having repairs done by the seller prior to closing -- they often end up being done on the cheap, especially if the seller is financially/emotionally stressed (Some sellers' logic: Why should they go the extra mile to do a quality repair when a cheap one would leave them with more money to take care of issues for their next home?) Obviously, this is a combination of a read on the sellers (i.e., are they meticulous about their house maintenance and take pride in it, or have they let it slide?) and the situation. We can't do that from here.

As a practical consideration, at a 4% interest rate over 30 years, I wouldn't get too hung up on what ends up being $33 a month for the $7,000 difference. After a point, it just becomes a weanie-wag over what is literally pocket-change, just for bragging rights. :-)

You also have the consideration of market value in the sense of the appraisal. We don't know your market -- is $385K a reasonable price for this house? Is $397,000? Will it appraise? Will the seller work with you if it doesn't appraise? You thought net $392K was a fair price, right? Don't get lost in the weeds over a thousand here, a thousand there. If this is a house you like in a neighborhood that is desirable and meets all your needs, don't play psychological games with the seller, they are already half-psychotic at this point, after the first deal fell through. :-) If you lower your offer, then you may not be in a position where you have a seller who isn't willing to make repairs "because they lost all that money up front". (Psychologically, they feel that money just walked out the door, and they "lost" it -- never mind that they never had it. :-)

Good luck. Let us know how it works out.
It may be $33 per month but over a 30 year loan, that 7,000 will cost you over 12,000 in the end. That's not to say that it's not worth it but I think that looking at money in terms of 'per month' is not wise. $33 per month may not be a huge amount of money but if you're 30 now, you'll be paying that $33 every single month until you are 60! Through 30 winters and 30 summers. You may not even have kids now but you could be $33 poorer every month well past you being grandparents!
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Old Yesterday, 11:52 AM
 
5,129 posts, read 6,539,940 times
Reputation: 2666
Quote:
Originally Posted by MikeJaquish View Post
Hogwash.
The OP states they want to buy the house. OP has already indicated that they did not make their "Best" offer.
I.e., they already negotiated against themselves and it did not pay off.
I'm not interpreting OP's post as that they didn't make their best offer initially. My interpretation is that their first offer was really their best based on what they knew at the time. Now, knowing more, they're not sure if they want to go that high.
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Old Yesterday, 12:12 PM
 
Location: Cary, NC
28,565 posts, read 50,799,488 times
Reputation: 26742
Quote:
Originally Posted by GoPhils View Post
I'm not interpreting OP's post as that they didn't make their best offer initially. My interpretation is that their first offer was really their best based on what they knew at the time. Now, knowing more, they're not sure if they want to go that high.
Well, I see what you mean, and agree that I misinterpreted.
Mostly just responding to the silliness about "Not paying over list," and "Not negotiating with myself," when that latter is something we do every day in myriad buying decisions.

But, the post is full of all sorts of wandering, it is apparent that the OP may be ignoring comps, and merely going on personal feelings rather than considering value.
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