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OP, From the information that you have told us, I believe you will very likely get your offer accepted if you bid the list price and put in a clause that YOU will be responsible for any things needed in the inspection. The seller should quickly take you up on your offer as they are getting their original asking price, and they will have no worries that the house may have mechanical issues that may keep it from closing so they can now make an offer on the house that they found.
I can understand not wanting to lose it if you like it a lot and will be moving into it. A prospective homeowner has a much different outlook on the property than one who is buying to rent out or fix and resell.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Depends how much you really want it.
We bought this fall with a base starting offer, with instructions to agent to escalate bid by $Z over higher offer, up to $Xxx.
We are in the process of selling and bids have been all over the place. Some were ridiculous and we didn't even bothered to answer. One of the bidders made a ridiculous offer and we had another bidder that also made a bad offer. We told both to make their best offer and reminded them that we didn't needed to sell and can wait till the next years season.
One bidder raised their offer considerably and made our reserve, the other dropped their offer by $2000? A very weird season.
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!
Re: Houses that are “perfect” for you......I have sold several houses in ice-cold markets where I had lots of time to look at houses to buy while I waited for mine to sell. I thought a lot of them were “perfect” but they all got sold before I was ready to seriously look at them. Another “Perfect” home always showed up, sometimes two or three.
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.
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!
First rule of negotiation - "never bid against yourself."
What this means to me is that I will continue to negotiate as long as the other side bests their offer in offer/counteroffer sequence. When they stop and ask for another offer without moving towards me, I stop and never, and I mean never, give another better offer until they do. (On a couple of occasions I have lowered my client's last offer so that when the judge or mediator asks where we are, my best number is not on the table.)
When the negotiation starts, if it is for a client, I tell the other side's lawyer my policy. And, I tell them that my client has agreed. If they want to end discussions just fail to counter my last offer.
OP, you need to reach deep down and remove the emotional attachment you have invested in this house. It has to come down to weather it’s worth it or not in dollars. You also need to be realistic and expect to have to have that oil tank replaced, and those things are not cheap. There’s a reason why it has a patch on it- it costs a lot of money to replace!
As a matter of principal had I received a request for my best and final offer I would tell them I’m no longer interested until the issues found during the inspection are resolved to my satisfaction. I never let sellers dictate what I’m comfortable with, that’s for me to decide.
This is good advice.
You know more now than when you first made your offer, so your offer should reflect that. There is a new thread discussing oil tank/heating replacement cost, that you might want to check out regarding costs....and let your new revised offer reflect the realistic value of this home.
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