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Our initial offer was $10K below asking and silly us went up with another $2500 when their agents reply was that our price was too low. My agent left messages/sent emails and got a measly email last night simply saying that they are busy negotiating with someone else at the moment. Needless to say weve withdrawn our offer. You know the irony of it all? They probably would have gotten very close to their asking price (or even asking price!) if they treated us with more respect.
Back to the drawingboard I guess. We did get some good news that the fantastic rate we locked in can be extended without fees
I don't want to hijack this thread, but I was curious if most folks here put "expiration" times on their offers for purchase? When my realtor wrote up offers for us he always includded language that stated that the offer to purchase submitted would expire after 24 hours. The sellers had to get back to us with a signed agreement or counter offer in 24 hours or the original offer to purchase was dead. That seemed effective as we always heard back quickly from the sellers. Sure they could wait and respond to us after 24 hours, but the original offer would have expired so we were no longer legally bound to move forward with the price in the submitted offer. It also helped to prevent the "we are entertaining a second offer that came in at the same time" game.
It was our way of saying "here is our offer.... feel free to think it over tonight and get back to us within 24 hours....period!
I don't want to hijack this thread, but I was curious if most folks here put "expiration" times on their offers for purchase? When my realtor wrote up offers for us he always includded language that stated that the offer to purchase submitted would expire after 24 hours. The sellers had to get back to us with a signed agreement or counter offer in 24 hours or the original offer to purchase from us was dead. That seemed effective as we always heard back quickly from the sellers. Sure they could wait and respond to us after 24 hours, but the original offer would have expired so we were no longer legally bound to move forward with the price in the submitted offer. It also helped to prevent the "we are entertaining a second offer that came in at the same time" game. It was our way of saying "here is our offer.... feel free to think it over tonight and get back to us within 24 hours....period!
That's not really necessary since you can withdraw an offer at any time. As long as you convey your withdraw before they accept you are fine, just be the first one to speak. As far as low ball offers, people need to get over themselves feeling insulted. As an earlier poster said, business is business. I would always give an explanation with your offer if it is low. e.g. surrounding comps, other listings, or even "that's all I can afford". After all, it never hurts to ask.
My husband and I are under contract on a house (closing tomorrow) that we initially offered $10K less than asking (it was listed at $184,900) and we ended up getting it for $178K and they're paying closing costs. Turns out it only appraised for $179K anyway so we would have overpaid if we had initially offered more than we did.
It depends on the price of the house but from your story, it doesn't sound like a low ball offer.
Unfortunately, many sellers do not know or believe that the market has changes. A house on the market since September is not a terribly long listing period, especially in an area where the inventory is huge. These sellers may have priced the house correctly at the time it was put on the market but if the agent has not rerun the comps for current conditions, the house may now be overpriced and they may not know any better.
I would also suspect that you have sellers who are either very attached to their house, maybe lived there and raised children there, or, you have sellers that think their home is the best, most beautiful and therefore where insulted.
As an agent, I try to convince my clients that they need to try to work with an offer that comes in. An offer in hand is worth so much more than none at all. This agent may or may not have done that but ultimately, it is the sellers choice.
Our initial offer was $10K below asking and silly us went up with another $2500 when their agents reply was that our price was too low. My agent left messages/sent emails and got a measly email last night simply saying that they are busy negotiating with someone else at the moment. Needless to say weve withdrawn our offer. You know the irony of it all? They probably would have gotten very close to their asking price (or even asking price!) if they treated us with more respect...
There's two sides to every deal.
The seller could also be saying that the irony is that you could have had the house if you had not made a low ball offer.
It's all water under the bridge, anyway.
I agree with the pp who said that you should offer what you feel a house is worth. If a seller accepts - fine. If not - fine.
To me the question is how fair was the price to begin with. The problem with this market is that if you know people are going to low ball just to low ball then you over price. If they priced at todays fair market value why should they take less? Also as a seller in the spring up north I say the same thing I know what it takes to get me to sell,you know what it takes to get you to buy. If we meet great if we don't move on. If you don't want to move on then you up your offer. Lots of things in life are non negotiable and that is owners choice. He who blinks last is the happiest?
House in question sold earlier this month. It sold for $4K under list, $1K less than the final offer we had in mind.
Honestly, Im glad it didnt work out for us. Found a house that we LOVE, the other one we only LIKED. Negotiations were easy, we closed/moved in early January.
We made an offer of $300K on $315K list price. Initial listing was $325K, lowered to $319K, lowered again on the day we went to look/made offer to $315K. DOM 50 days. Seller quickly countered, we went back and forth a few times and agreed to $307K within a few hours.
Congrats on your new home! Glad it all worked out perfectly. For what its worth, I would have been taken back as well...at the way the offer you made was handled.
Congrats on the house. And thanks for the follow up! We always like to hear the endings.... and I'm glad it was a happy one for you!
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Sellers that aren't up to speed
