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I think the seller has been acting strangely and I would appreciate some insight.
About a month ago I made an initial offer which was 10% below asking price. The broker said she thinks it's too low but she'll pass it on. After waiting a week for a counter offer I called the broker. The seller had never made one. So the broker called the seller, got a counter offer and gave it to me. I felt like I had to force a counter offer. I thought it was too high and went on to look at other houses.
Well, about 10 days ago we looked at the house again and then increased my initial offer which closed the gap to $20,000. The broker was happy to hear that, although she said she thinks it would still be too low but would pass it on and get back to me. That was last Thursday. I'm prepared to go up again, but again I first need a counter offer.
I don't feel like calling the broker again because it may make me look anxious but I really do want to rap this up. I don't understand why I should have to force another counter offer or why the broker hasn't updated me on what's going on. It's her listing and she seems eager for a deal to be made whenever I talk to her.
The house has been on MLS for four months and they had lowered their price twice in the first two months. Are the house owners serious about selling? Should I call again?
I agree with roca. However what the broker could be doing is trying to get you to up the price. But you have to set a limit as to how high you want to go.
For example if your range is 400,000 minimum and 450,000 maximum, can you afford to go 20,000 over 450,000? That is for you to decide on how much you can afford.
I know you want a house, but you don't want to end up losing it because you overpaid what you could afford. Be careful when dealing with the seller, broker or no broker.
One greenhorn tried it with me and said the house already has an offer for 100,000 more than what it was listed at. So at 300,000, someone offered 400,000??? And the seller is still allowing the house to be shown? Honestly if it was me selling and someone offered me that much more, I'd go into contract immediately. But I knew he was bluffing.
If they lowered their price twice, they're not going to be as open to negotiations. I don't know the area this house is located in, but you may have to bite the bullet if you want the house that badly. Keep in mind, with the current owner dropping the price twice already and the fact that they may have a mortgage to pay off or need a certain amount for a down payment for their new home, the seller may have to get a certain amount for the house. You didn't get a counter offer the first time because the seller didn't want to deal with a lowballer. It may be a buyer's market, but buyers have to still be realistic about what that means and how much value that holds, especially here on L.I. Good luck.
If they lowered their price twice, they're not going to be as open to negotiations. I don't know the area this house is located in, but you may have to bite the bullet if you want the house that badly. Keep in mind, with the current owner dropping the price twice already and the fact that they may have a mortgage to pay off or need a certain amount for a down payment for their new home, the seller may have to get a certain amount for the house. You didn't get a counter offer the first time because the seller didn't want to deal with a lowballer. It may be a buyer's market, but buyer's have to still be realistic about what that means and how much value that holds, especially here on L.I. Good luck.
You make a very good point. Which is why the OP should be prepared to walk away if he can't afford to up it anymore.
To the OP, go with what you can offer, but make sure you can afford it and best of luck to you.
You didn't get a counter offer the first time because the seller didn't want to deal with a lowballer.
Do you really think 10% below the asking price is a low ball offer? I'm actually surprised he didn't take it from what I'm hearing from friends that are in real estate. I guess the LI market has held up better than I thought. I personally would be annoyed with my broker for not getting back to me. It sounds like they are dropping the ball by not getting back to you right away.
I think the seller has been acting strangely and I would appreciate some insight.
About a month ago I made an initial offer which was 10% below asking price. The broker said she thinks it's too low but she'll pass it on. After waiting a week for a counter offer I called the broker. The seller had never made one. So the broker called the seller, got a counter offer and gave it to me. I felt like I had to force a counter offer. I thought it was too high and went on to look at other houses.
Well, about 10 days ago we looked at the house again and then increased my initial offer which closed the gap to $20,000. The broker was happy to hear that, although she said she thinks it would still be too low but would pass it on and get back to me. That was last Thursday. I'm prepared to go up again, but again I first need a counter offer.
I don't feel like calling the broker again because it may make me look anxious but I really do want to rap this up. I don't understand why I should have to force another counter offer or why the broker hasn't updated me on what's going on. It's her listing and she seems eager for a deal to be made whenever I talk to her.
The house has been on MLS for four months and they had lowered their price twice in the first two months. Are the house owners serious about selling? Should I call again?
Sounds like the broker may be a little lazy. Call again in a few days and offer the SAME number you gave last week and see if they notice...lol.
Do you really think 10% below the asking price is a low ball offer? I'm actually surprised he didn't take it from what I'm hearing from friends that are in real estate. I guess the LI market has held up better than I thought. I personally would be annoyed with my broker for not getting back to me. It sounds like they are dropping the ball by not getting back to you right away.
You left out the fact that I also mentioned that the seller already dropped the price twice already. Do you really think they wanted to drop the price, even once. They may be feeling firm on what they personally perceive as a discount to sell their own home.
I think your broker is the one acting strange. He/she should have been on the phone 24/7 until he/she gets an answer from seller's broker. You have to be strong. Give them a firm deadline. Tell your broker to tell them you will proceed with another place if they don't have a definite answer in 24 hours. If they refuse, just move on. I guarantee you they will come up with an answer once they feel the heat. Prepare to say no and they will come down, sometimes a week or so after you said no.
You left out the fact that I also mentioned that the seller already drooped the price twice already. Do you really think they wanted to drop the price, even once. They may be feeling firm on what they personally perceive as a discount to sell their own home.
I believe the post says he offered 10% below the ASKING price which I wouldn't consider a low ball offer in this market. The bottom line here is this broker is not doing her job. He should hear back in a day or so. Maybe someone who's in real estate can chime in and help this guy out. He needs a new broker.
Last edited by jzfish; 09-22-2009 at 11:58 AM..
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