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I think, if the price dropped to $79,900 then the buyer could make an offer for 70K and still want minus the closing cost, too.
Is this situation, the true value that the buyer have to pay would be $70,000 - $2,100 = $67,900
That means the buyer always want to make offer (maybe 10K?) less than the asking price.
I think, if the price dropped to $79,900 then the buyer could make an offer for 70K and still want minus the closing cost, too.
Is this situation, the true value that the buyer have to pay would be $70,000 - $2,100 = $67,900
That means the buyer always want to make offer (maybe 10K?) less than the asking price.
It's not about $100.
As I understood here, the asking price was $89,900 so the OP made an offer for 80K.
After offer was submitted, the price dropped to $79,900.
If the OP didn't make an offer for 80K, so with the new price, he could offer for 70K (10K less than the offer was submitted).
Maybe that's why he was unhappy with his offer?
OR, the price is reduced to $79,900, buyer makes an offer at $70,000. Said offer is rejected and now the person has no house.
Angel, I see where you are going with this but your logic is flawed. Just because the seller accepted a $9,000 reduction in price on the first offer doesn't mean they're gonna do it again.
I just assumed if nobody made offer yet, and then the seller reduced price to attract buyers, and later there was someone made offer for $70,000 or $72,000 (or more or less) ... the seller still could accept if he wanted to sell the house because it is negotiable.
For example, if there's nobody buy the house, then later, the owner could reduce the price again...
My 2cents
But, that $10,000 is unlikely to be the dynamic at work here.
Bear in mind, the OP did not actually offer $80,000.
The OP offered $80,000 - $2,400(3%) for closing costs giving the offer a true value of $77,600.
So, the new price is actualy higher than the value of the OP's offer.
One of two things has probably happened:
1. The seller and listing agent lowered the price to attract back up offers. A back up offer may allow the seller to be more confident and firm in negotiating repairs, etc, during the transaction.
2. The listing agent talked the seller into lowering the price for that reason, but the listing agent wants to manipulate the sales price/listing price ratio.
I don't mind #1, although it is a little hardball.
#2 would be more offensive, IMO.
As usual, spot on Mike
Bottom line, our OP (lilly) is getting the house for $77,600.
The new listing price of $79,000 is still more than what she will buy it for providing all her financing pans out and the sale goes through.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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I had a Bank owned property that my client was interested in buying. List price $80K. We offered 70K good until withdrawn. Bank lowered price to 75K. Reminded listing agent that our offer was still on the table. Bank lowered price to 65K! I asked my client if he wanted to lower the offer to that amount.
Done at 65K.
So in this situation, if the OP already submit the offer, can he lower the offer to the listing price or not? I'm confused
The new listing price is only $100 less than the original offer price.
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