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Old 06-17-2008, 05:52 PM
 
146 posts, read 838,806 times
Reputation: 94

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About six weeks ago I made an offer on a house in Floral Park. Here's how the negotiations went:

Ask: $499
Bid 1: $440
Counter 1: $485
Bid 2: $452
Counter 2: $480

At that point, we felt the buyer wasn't coming down far enough for our target price. We also found several other houses we liked. None of them panned out and I'd like to re-approach the seller's agent. The place is still on the market w/o an accepted offer.

What do you think is the best way to jump back into the hunt and see if the seller is more flexible? If so, what $ do you think is a good place to start? They haven't lowered the price once with 100 days on the market.

Thanks!
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Old 06-17-2008, 06:48 PM
 
Location: Kings Park & Jamesport
3,180 posts, read 10,506,682 times
Reputation: 1092
Thats a tough one ......if you really like the house, just give them your best & final offer.

IMO, they would jump at $465......good luck!
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Old 06-17-2008, 08:53 PM
 
1,918 posts, read 7,087,558 times
Reputation: 597
I would come back with your 452 and see what they then do. My final and last bid would be 465 and that's it. They will be sorry when they don't get any other offers.
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Old 06-17-2008, 09:32 PM
 
Location: Long Island,New York
8,164 posts, read 15,094,517 times
Reputation: 2534
Quote:
Originally Posted by purelygeneric View Post
About six weeks ago I made an offer on a house in Floral Park. Here's how the negotiations went:

Ask: $499
Bid 1: $440
Counter 1: $485
Bid 2: $452
Counter 2: $480

At that point, we felt the buyer wasn't coming down far enough for our target price. We also found several other houses we liked. None of them panned out and I'd like to re-approach the seller's agent. The place is still on the market w/o an accepted offer.

What do you think is the best way to jump back into the hunt and see if the seller is more flexible? If so, what $ do you think is a good place to start? They haven't lowered the price once with 100 days on the market.

Thanks!

Before you make another offer get the comps of the local area which is comparative local home sales and get the sales prices.Obviously check how many bedrooms,baths,acreage compared to this home. You also have to realize with the market bottoming out they might be inclined to jump at a final offer but also realize that they have already come down $19,000 which is alot.
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Old 06-17-2008, 10:17 PM
 
1,027 posts, read 2,501,683 times
Reputation: 633
They came down 19K, but in this market they realized that full price is never going to happen. So they padded what they really wanted in order to have some wiggle room. It really depends on who is selling--are they the original owners who have an huge emotional attachment to the home? Do they have something to sell? They're probably waiting out the market, seeing as people are still shopping around in the spring, hoping to get in before school starts. Who is their listing agent, and why did you never hear anything again? That is a bit odd.
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Old 06-17-2008, 11:34 PM
 
1,918 posts, read 7,087,558 times
Reputation: 597
Quote:
Originally Posted by Lancet71 View Post
You also have to realize with the market bottoming out they might be inclined to jump at a final offer but also realize that they have already come down $19,000 which is alot.

What they have "come down" means nothing if they were priced too high to begin with.
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Old 06-18-2008, 08:24 AM
 
1,302 posts, read 3,298,370 times
Reputation: 347
Default It's like breaking up with a girlfriend...

When I was buying my first house I ran into this situation a couple of times and soon realized these matters often went the way of my romantic break-ups in years passed...I would counter with what I felt the home was worth in the market, hold firm on a cieling that was within my forecasted budget, they would balk and then 45 days later after I had finally forgotten all about this house I really loved, we would get a call asking if our offer was still on the table...Just like when an old girlfriend who you break-up with, subsequently miss, pine for, and then JUST WHEN a few months have passed and you have forgotten all about her, the phone rings...

Offer 455 if you are still interested and hold firm...you might be surprised. Also, never date girls from Philly, but that is for another thread
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Old 06-18-2008, 08:58 AM
 
146 posts, read 838,806 times
Reputation: 94
Default Good Advice

Thanks all - good advice! I don't really know the sellers' situation, as their broker has had a poker face the entire time - offering ZERO info. I will likely sit on this for a few more days and make a decision, but I am definitely leaning towards making a final - and firm - offer.

If we get it for our price, great! If not, the search continues... and continues...
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Old 06-18-2008, 09:04 AM
 
1,027 posts, read 2,501,683 times
Reputation: 633
Did you go through the seller's broker? If so, that could be your big problem. They owe you NOTHING in terms of telling you what the seller's position is.

You need to use a buyer's agent. It'll at least stop the guessing game.
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Old 06-18-2008, 09:06 AM
 
Location: East Northport
3,351 posts, read 9,730,584 times
Reputation: 1337
You should reiterate your last offer of 452 and see what they say. They may have softened up in the last few weeks if they have not had any other offers. The worst that will happen is that they come back with their previous counter offer of 480 and then you can give your best and final offer.
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