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Old 02-13-2019, 04:33 PM
 
17,216 posts, read 18,618,881 times
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Quote:
Originally Posted by MeSoBe View Post
Do you take the first offer on a home?

Home was placed on the market Feb 7th. We received an offer Feb 11th. They are first time buyers using an FHA loan, asking for 5% toward closing and 1k toward any repairs. They offered the asking price.

There have been four showings to date with more two more scheduled as of this post. The whole thing has me wondering - is it ever a good idea to take the first offer?
Depends on the actual figures. I donít care if itís the 1st or 50th offer. Itís the one that hits all the needed numbers that gets the sale.
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Old 02-13-2019, 07:52 PM
 
208 posts, read 361,212 times
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Well, they didn't budge. Said it was their best offer and they loved our home and hoped we could make it work. I think they thought we might be desperate having been out of the home for a few months.

No bother. Ever onward.
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Old 02-13-2019, 07:56 PM
 
Location: Fort Lauderdale, Florida
8,512 posts, read 7,807,590 times
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Take the offer you are happy with.
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Old 02-13-2019, 08:42 PM
 
17,216 posts, read 18,618,881 times
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Quote:
Originally Posted by MeSoBe View Post
Well, they didn't budge. Said it was their best offer and they loved our home and hoped we could make it work. I think they thought we might be desperate having been out of the home for a few months.

No bother. Ever onward.
Hey if the numbers donít work donít do it.

When we bought our current home we had a top cap that we would not go over. I did one time and I instantly regretted it. Glad the seller was batcrap crazy and deal fell apart in negotiations.

Other than that I never bid more than I was willing to pay. Sometimes the bid was nowhere near my cap other times it was somewhat close. My agent did not like that I wasnít willing to overbid. I didnt care.
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Old 02-13-2019, 09:51 PM
 
Location: MID ATLANTIC
7,681 posts, read 18,048,760 times
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A mentor once told me the following, and I have found it to be true, more often than not: the first house you fall for, if you don't bid on it like you really want it, that home will be your measuring stick for all future homes (ie offer less than list price because you heard that is what you should do). And on the other side, the first offer you get will likely be your best offer.
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Old 02-14-2019, 06:08 AM
 
Location: Cary, NC
32,369 posts, read 56,591,951 times
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Quote:
Originally Posted by SmartMoney View Post
A mentor once told me the following, and I have found it to be true, more often than not: the first house you fall for, if you don't bid on it like you really want it, that home will be your measuring stick for all future homes (ie offer less than list price because you heard that is what you should do). And on the other side, the first offer you get will likely be your best offer.
Well, when the buyer finds a more appealing house, that first house loses a lot of value in comparison.
But, yes, some people have to lose a couple of desired houses because they are working on erroneous perceptions of value and pricing. Usually, they revise their outlook and get more relevant in approach.

Or, "They have to decide if they are actually in it to buy shelter or just to win a deal for brag rights."
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Old 02-14-2019, 10:14 AM
 
Location: Raleigh NC
8,370 posts, read 6,578,345 times
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Quote:
Originally Posted by MeSoBe View Post
Well, they didn't budge. Said it was their best offer and they loved our home and hoped we could make it work. I think they thought we might be desperate having been out of the home for a few months.

No bother. Ever onward.
sounds like they were at the max of their budget, which happens frequently enough to be a serious problem. Come in early, make an offer that's the absolute max they're prequalified for, require Seller to pay 100%+ of closing costs. Guess what would happen at repair time?
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Old 02-14-2019, 11:00 AM
 
Location: Rochester, WA
4,490 posts, read 2,461,230 times
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Quote:
Originally Posted by MeSoBe View Post
Well, they didn't budge. Said it was their best offer and they loved our home and hoped we could make it work. I think they thought we might be desperate having been out of the home for a few months.

No bother. Ever onward.
Try not to equate to malice what is very likely just the top of their budget. That's all they qualified for... all they have to give.

If it's not enough for you, I hope your better offer comes along soon.
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Old 02-14-2019, 11:10 AM
 
Location: Cary, NC
32,369 posts, read 56,591,951 times
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Quote:
Originally Posted by MeSoBe View Post
Well, they didn't budge. Said it was their best offer and they loved our home and hoped we could make it work. I think they thought we might be desperate having been out of the home for a few months.

No bother. Ever onward.



When I write those offers, I will usually include a note along these lines:


"We hope we can work this out. We know it isn't full list price.
My clients wanted to put their best foot forward.
They can afford to purchase under these terms, can make the payment, and this offer is what they can afford."




I.e., Seller knows from the start that it is very unlikely they will get more from the buyer.
Some sellers and listing agents are reasonably gracious about it. Some are emotional and exceedingly dismissive.
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Old 02-14-2019, 11:25 AM
 
7,630 posts, read 3,167,590 times
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It all depends how badly you want to get out of there. If no hurry, I would hope the first offer has a glitch in their credit so it will give you an opportunity to maybe hear another office. If the first offer is solid then you essentially sold the house.
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