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It happens. Seems you were both reasonable and it worked. Congrats. Even though they only matched the next best offer, there was new info they learned about that affected what they were willing to pay (maybe).
For all we know, the next best offer would have wanted that work or more done and they were already at a lower price. Good decision and congrats on your sale.
A thousand dollars? Whop de doo! The buyers were taking a bigger risk than the seller was. The seller had every right to reject that counter offer and decide to keep the house, take it off the market, or accept another offer. That was a huge risk to the buyer for a lousy thousand dollars.
Not that you wouldn't have preferred the $1000 in your own pocket, but yeah, it was not a big enough amount to scuttle the deal, and it allows the buyers to feel like they scored a victory, while you get to happily move on to enjoy your own next steps.
Not that you wouldn't have preferred the $1000 in your own pocket, but yeah, it was not a big enough amount to scuttle the deal, and it allows the buyers to feel like they scored a victory, while you get to happily move on to enjoy your own next steps.
It wasn’t a big deal for me, it just made me wonder how many buyers used the inspection phase as a way to renegotiate. While in this market the seller does have more power, once you get to the inspection phase the dynamics do shift somewhat, especially if something significant crops up on the inspection. For me, it was worth $1000 to not be inconvenienced by another inspection, and it was worth it not have another inspector find different things because different inspectors seem to find different things.
It wasn’t a big deal for me, it just made me wonder how many buyers used the inspection phase as a way to renegotiate. .
Probably most, and it's a game everyone involved knows how to play....but I can tell you it ain't happening in my market. People are putting down non refundable due diligence fees in the 5 and sometimes 6 figures. Insane!
Probably most, and it's a game everyone involved knows how to play....but I can tell you it ain't happening in my market. People are putting down non refundable due diligence fees in the 5 and sometimes 6 figures. Insane!
Where I live we don’t have due diligence fees, and even the earnest money amounts are very low. It’s typically 1-2k for homes under 500k, with homes over that getting more like 3-5k. So buyers only really have the inspection fee to lose should they walk. I think the calculus is for most buyers is do you think you will be able to find something better that you feel is a better value. I know the house I am buying has a bunch of issues (mostly things at the end of their life), but I also know that the odds of me finding something that is better is low I’m this market.
A thousand dollars? Whop de doo! The buyers were taking a bigger risk than the seller was. The seller had every right to reject that counter offer and decide to keep the house, take it off the market, or accept another offer. That was a huge risk to the buyer for a lousy thousand dollars.
I thought that if a buyer made request for repairs and the seller refused, it was then up to the buyer if he wanted to continue with the deal or not. Meaning that the seller cannot cancel the contract if a buyer ask for repairs, it would be the buyers choices.
I thought that if a buyer made request for repairs and the seller refused, it was then up to the buyer if he wanted to continue with the deal or not. Meaning that the seller cannot cancel the contract if a buyer ask for repairs, it would be the buyers choices.
I wanna see that guy's contract and addenda.
Quite the claim he is making, as well as a few other folks around here lately.
I thought that if a buyer made request for repairs and the seller refused, it was then up to the buyer if he wanted to continue with the deal or not. Meaning that the seller cannot cancel the contract if a buyer ask for repairs, it would be the buyers choices.
Most likely you are correct and the poster you quoted is wrong, but we'd have to see the contract language to be certain. In most contracts the buyer still has the option to proceed as is if the seller rejects the repair requests.
Most likely you are correct and the poster you quoted is wrong, but we'd have to see the contract language to be certain. In most contracts the buyer still has the option to proceed as is if the seller rejects the repair requests.
That is the way the contracts work in my state. However, the buyers of my house didn’t ask for any repairs, they asked to renegotiate the price.
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