Trying to figure out this house situation (real estate, how much)

[Bridge781]

So over the weekend DH and I saw a house we love. I’m not going to say where it is. It’s been on the market for 1/2 a year. DH saw it listed last summer, then it came off, was relisted at a lower price. The price has been lowered a few times. So we went and saw it, loved the neighborhood and the house is very nice. We would need to replace the windows though because the house was built before 1978 and it looks like they’d never been replaced. We have kids under 6 so yeah lead paint. The bathtubs were also bad. Like plastic army green color. It’s definitely not an updated house but we still really liked it. We put it in an offer for 25k under asking because we we’d have to replace the windows and do 2 of the bathrooms over. I was expecting the sellers to perhaps come back with a higher number but instead they said, oh we have 3 others offers so we’ll need your highest offer by 7pm tonight. DH and I and our real estate agent think they’re lying about the others offers. I guess it’s possible but it feels like they just want us to come back with a higher number.

We’re not going to. We so love the house but we don’t need it. We feel we gave a good offer for what the house is. Is this a very coming scenario? Is it possible they might accept our offer after all? Just seems like they’ve been trying to sell the house for a while and they have lowered the price several times. Clearly no one has been interested for a while or it would have been scooped up.

[porterhouse]

When was the last time the price was lowered? Unless it was recently and by a large amount, they are almost certainly gaming you with the 3 other offers. If you feel you've offered what you are willing to pay for the house, stand pat. Sounds like you'll live if you don't get it. Tell them your offer is off the table in 24 hours.

Can you say what the approximate asking price is? It would be informative as to how much of a low ball they might consider your offer.

[Bridge781]

The last time they lowered the price was December then they delisted it. They put it back on at the end of February at that same price. They also listed it at a ridiculous price in sept 2019. They redid the basement but they should have done the bathrooms and windows. The price has come down 66k since sept 2019.

[CaseyB]

Don't offer more than the house is worth to you. Don't get into a bidding war over it.

[Bridge781]

Im not. I just really question whether there are even other offers given that the house has been on market for a while.

[timberline742]

Doesn't really matter, does it? You don't control that. Make your offer and they counter or not.

[Bridge781]

Well they didn’t even counter with a higher number. Just said, we have other offers, submit your highest offer by 7. Um no. That was our highest offer. That was the first offer we have ever given so I guess I can’t be too upset and this is what it’s like. It just felt like poor business etiquette on their part thinking we were just going to be like oh oh. Let us redo our offer letter with the agent for a higher number since you asked. See ya.

[simplexsimon]

Not uncommon based on the stories I hear. Good luck!

[timberline742]

Originally Posted by Bridge781

Well they didn’t even counter with a higher number. Just said, we have other offers, submit your highest offer by 7. Um no. That was our highest offer. That was the first offer we have ever given so I guess I can’t be too upset and this is what it’s like. It just felt like poor business etiquette on their part thinking we were just going to be like oh oh. Let us redo our offer letter with the agent for a higher number since you asked. See ya.

So thats a "not". Its not personal. You made your best offer and that's that. Its a negotiating ploy more likely than not.

[BostonMike7]

Had that same situation play out on a few houses we offered on. They got multiple offers over asking and asked for “best and final” from us.


We just submitted the same number. Didn’t get the hous.