Walked away after final offer but having some doubt

[WiseManOnceSaid]

Originally Posted by adriftinthebay

I recently put a 92% offer (based on the list price) on a home that I believed was listed above its market value based on comps. The seller countered to 96% and removed the fridge from the deal. I countered back to my best and final offer of 94% and added back the fridge (and agreed to pay buyer's closing costs). Seller then countered again to 95% and removed the fridge, pushed back the closing date. I decided to walk away.

Do you think I'm being unreasonable? It seems silly to walk away over a $8,000 difference but I feel the house was already overpriced for the immediate subdivision with a higher price per square foot than recent sales. It does have other nice things about it like a landscaped yard and an enclosed, air conditioned patio which differentiates it from the others.


After walking away, I see that the seller has now reduced his asking price (to 95% of original) and is having an open house this weekend.

It's your money, offer what you feel is right for the home, be prepared to walk away and only you can determine whether you feel that home is worth that extra 8k out of pocket. Home pricing is sort of like speculation of the price of the corn markets.

Extreme example: I work with an investor client that buys homes when they come to market in a specific area of town, one came available recently that was grossly over-priced for condition. I called the listing agent, introduced myself and plainly asked her why her price was so high. She stated she was from a different city, didn't know the area and was using sold comps.

They were asking 650k for a home that needed 175k worth of rehab. We offered 300k cash. Granted that home, if it were fully renovated will bring 650k, but not in the condition it was in.

The moral is don't be afraid to offer what the home is worth. Also, if you can get past the pride part of things and you still really want the home, write another offer, but this time include a letter explaining your position. Sometimes if you put some human emotion in your letter and include it with your offer, it can make the negotiation that much easier.



It's all educated guesses, so it really comes down to your perception of a good deal. If you feel it's a good deal then go for it, if you don't and you buy it anyways, you'd probably always be 2nd guessing yourself.

[BoBromhal]

while various states' Offer document may pre-include free-standing appliances, I feel very confident that the definition of "personal property" and "fixture" is the same throughout the land. We are only talking whether it's customary to specifically note certain personal property, like refrigerators or washer/dryers, in the Offer/contract.

Lenders allow major appliances on the standard Offer/contract. They don't allow patio furniture, curtains that are not fixtures, pieces of furniture, etc.

[SouthernBelleInUtah]

I think the OP is hung up over price per sq ft and percentages. Do you like the house? Do you want it? Can you afford it? Buy it and quit pizzing about minor price adjustments.