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Don't put so much weight into price per square foot. There are just too many variables such as location, subdivision and house size. Prices in my neighborhood sell for $220-$230 a sq ft. The neighborhood across the street is closer to $250, the one next to me less than $200 and one down the street $260-$270.
Did you sell your house with a RE agent? Didn't you tell him your plans to purchase something else? Didn't he bring up any way to protect you regarding selling your house so that you don't find yourself in the pickle you currently are in?
Did you make your offer on the house through an agent? Didn't your agent attempt to negotiate through the seller's agent? I'm surprised two good agents would let the deal collapse over a measly 6K.
We made an offer $6,000 under asking because of the price per square foot in that area is only around $90 and they are asking $104. They rejected our offer, so we offered full price. We know the appraisal won't come in any way near what they are asking. What to do then??? We have no idea. Walk away...again??
Am I wrong in my way of thinking?
You low-balled their asking price by nearly 15 percent. Unless you're buying from someone who's desperate to sell or the home is in need of rehabbing, you probably won't get anywhere with that kind of offer.
Their asking price may have been set at an increment of 0-5% above the tax appraisal which is based on neighborhood sales.
6k is a lot of money for the price of the house, especially since the seller also pays the agent's fee.
Our market is very hot right now. We were concerned about appraisal as well. What we did was pay for an expedited appraisal that was done as soon as our offer was accepted.
If that is your main concern, that is an option for you. It sounds as if you live in a seller's market and you'll have to deal with seller's that won't negotiate.
We're not trying to "bully" anyone or get them to "cave to our demands". If you're a realtor, I hope you don't talk to clients like that.
Us stupid, lay, old people come here for help and guidance...not to get beat up and insulted.
Look - you put yourself under time pressure in a tight market and don't recognize that-you want a bargain...that's unlikely.
If the value isn't high enough then the seller might be forced to come down if he really wants to sell...stop getting emotional over something you did to yourself. This is business...
I'd recommend that you just walk. And I agree, I don't understand that mentality either. We once capitulated to every demand our non-negotiable seller ever made and we were sorry that we did.
The whole house was a mistake. He was a royal pain to deal with from contract to closing. He even asked if he and his wife and grown kids could stay in the house two extra nights after closing.
Actually, RUN.
I agree! Can't you do a month to month rental until you can find a home? That way you're not over paying and rushing into the first home that's available!
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That was rude.
