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About 1.5 months ago, my husband and I made an offer on a house that is a relocation property, and has been on the market for close to 2 years. After going thru the house very thoroughly, we offered what we felt it was worth, however, we could not come to terms with the relo. company (current list price=$435k, our final offer=$380k, they came down to $410k). They have since taken the house off the market to do some cosmetic work (costing $5-7k), and then relisted it for the same price about a month ago (did not: change agents, reset DOM, or post list pictures of the update).
The weekend after it relisted, they held an open house, and the "fill in" realtor running the open house told us to "keep checking back" because the house is a relo. property, and they have been trying to get the company to lower the price, but that since it's a relo. prop. it's a "numbers game". (We did not tell her we had already been thru it, or made an offer, etc.)
We would really like to get this house, but feel strongly that it's not worth more than our offer (+ $$ for update made), especially considering some of the necessary updates it still needs, the fact that it's been on the market so long, schools aren't great, it doesnt have appliances, etc...any ideas on what we should do next? I can't help but feel like there's something that I'm overlooking, or a "strategy" we should try, especially since it continues to sit, vacant. Any ideas would be greatly appreciated. Thanks in advance.
You made your play. They said no thank you.
Your options are to walk or resubmit higher offer.
After working as a Realtor before retiring I will tell you that the Relo company typically will go back and forth 3 times before they give up on an offer. You dropped the ball by not countering their counter. Make another offer at 385 (or 382k) and when they come down to 400 make your final offer of 388 (or 385) and you will probably get the house!!!
You just have to keep the ball in the air or they will think you are just fishing...
I would make another offer at $379k (or less) to show that you mean business.
Then if they counter that (with whatever amount) make another slightly lower offer.
If you're one of the only people making offers eventually they'll get the hint.
(by the way: what's a 'relo. property'?)
....Not very helpful information.....Ignore it, it will not help you because taking the time to make 3 offers each lower than the last proves that you are in fact interested and are just playing games. The Relo (Relocation) Company will NOT take you seriously....Hopefully mapmd was making an attempt at humor.
Are you working with a buyer's agent? What do they think the house is worth? Consider getting an appraisal - it would be "objective" information to submit with your offer to justify your price and maybe it would convince the seller they are overpriced. Or conversely, maybe it would convince you that you are looking for too much of a bargain and make you feel comfortable increasing your offer.
Consider getting an appraisal - it would be "objective" information to submit with your offer to justify your price and maybe it would convince the seller they are overpriced. Or conversely, maybe it would convince you that you are looking for too much of a bargain and make you feel comfortable increasing your offer.
Good advice to convince you that the home is worth what they are asking. They already have gotten appraisals, and will have priced it at appraised value.
They are not under pressure to sell the home, at less than they have had it appraised at. One reason they are not going to dicker the price down, is they don't want to look like they made a mistake at the price they bought it from the seller at.
After working as a Realtor before retiring I will tell you that the Relo company typically will go back and forth 3 times before they give up on an offer. You dropped the ball by not countering their counter. Make another offer at 385 (or 382k) and when they come down to 400 make your final offer of 388 (or 385) and you will probably get the house!!!
You just have to keep the ball in the air or they will think you are just fishing...
Thanks. I should have mentioned that $380k was our 3rd offer/counter.
I'm totally curious now. If they originally asked $435. And your third offer was $380, then how far apart were you to start with? If you're that far apart, then one of you is way off on the market value. None of us have enough information to know which. Can you give us info on where and comps in the neighborhood?
You might just get it now for $390 since 6 more weeks have elapsed. I'd try again and go up a bit higher. If not, you can wait it out some more, or pay more, those are the options.
Relocation companies are less worried about selling fast than individual sellers are - there's zero emotion!
You don't mention what the comps are selling for? What is this house's price per square foot in relation to other sales in the neighborhood?
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