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From a seller's perspective: Serious buyers make strong offers to show they mean business. Bargain hunters throw out super low offers and can be expected to make the process a nightmare as they attempt to nickel and dime the seller for every perceived fault in the inspection.
Decide which you are and play accordingly.
Her offer was 12% below list. Not unreasonable for an initial offer, if the house is worth $500k. It's possible the list is over market, too. Don't know enough about the house.
Her offer was 12% below list. Not unreasonable for an initial offer, if the house is worth $500k. It's possible the list is over market, too. Don't know enough about the house.
Of course we have to make some assumptions, but it doesn't change my answer, and maybe some sellers are happy with -12% but obviously some are insulted.
If my house was for sale for $500K and I was offered $440K I would be annoyed and probably not wish to entertain other offers. I would feel like the buyer was: (1) Unable to pay $500K (2) Was not really interested, just playing a game or (3) Was just plain cheap.
Her offer was 12% below list. Not unreasonable for an initial offer, if the house is worth $500k. It's possible the list is over market, too. Don't know enough about the house.
Not to mention that they increased the listing price by 30k after the upgrades. IMO, the upgrades couldn't have cost them more than 15-20k.
My guess is that the seller has that one comparable stuck in his head that was sold for 96% of asking.
Not to mention that they increased the listing price by 30k after the upgrades. IMO, the upgrades couldn't have cost them more than 15-20k.
My guess is that the seller has that one comparable stuck in his head that was sold for 96% of asking.
Doesn't matter what the upgrades cost him. It matters how much value they add.
Here is what I learned while house hunting. Sellers don't care. Once they get their heads stuck on a price it takes forever for them to understand they are overpriced (if they are overpriced)
The problem as I see it op stated there were few houses for sale in that area. Either it's that great a area that nobody moves or this house isn't liked by buyers and it's overpriced. Sometimes it takes months to sell a house. It's not unheard of. The sellers did do a 5% drop but that was it.
Imo starting at 12% lower price was the wrong tactic with this seller. For most sellers a home sale is emotional. Unfortunately I'm not buying your emotions and memories. I'm buying a pile of sticks wire and drywall.
What I would of done was lookedcat it once. Called to look at it again and then convey to the seller that I would love to be on it but it's too high. Good luck with the sale. Then don't do anything. If the seller has no other bites most will contact you to see if you wanna play.
If they don't it's no loss. You simply wait or keep looking
Not to mention that they increased the listing price by 30k after the upgrades. IMO, the upgrades couldn't have cost them more than 15-20k.
My guess is that the seller has that one comparable stuck in his head that was sold for 96% of asking.
When we sold my mother's place following her death, we asked the realtor about upgrading the kitchen which was the original 1960s one.
His advice was not to do it because 1) it would not alter the fundamental value of the property and 2) many buyers want their own kitchen and not yours.
We had already upgraded the bathroom to make life easier for my mother (who was in her mid 80s at the time). The buyer had plans to rip that out as part of his overall remodel of the place.
If my house was for sale for $500K and I was offered $440K I would be annoyed and probably not wish to entertain other offers. I would feel like the buyer was: (1) Unable to pay $500K (2) Was not really interested, just playing a game or (3) Was just plain cheap.
If my house was for sale for $500K and I was offered $440K I would be annoyed and probably not wish to entertain other offers. I would feel like the buyer was: (1) Unable to pay $500K (2) Was not really interested, just playing a game or (3) Was just plain cheap.
We did the same thing, ignored a low ball offer. Only the low ball offer was $400,000 lower than the current appraisal we had for the property.
They came back with a full price offer. We told the agent we decided to move into the house. Lived there 5 years, and my appreciation was in the 7 figures.
When it came time to sell I hired that agent who gave me the low ball. Why, cause she knew us and would tell any clown that tried that again to not. Sold it for full listing and the buyer paid most of the expenses normally paid by seller. WIN! It was a hot sellers market.
If you really want the house, then step up your offer. If I were the seller, that's exactly what I would've done. If the house is worth what they're asking and you love it, well, go in strong.
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