Dumb home seller chose wrong potential buyer, now wants to counter offer me

[sheenie2000]

Originally Posted by aneftp

I looked the guy up who owns the house, and he's some CFO of a company. The guy has holding power. But he also has 3 teenage kids and I'm sure he suffered a heavy lost with his kids' 529 plans with the stock market bear market so his emotions are getting a hold of him.

I do not believe there is a corporate relocation package with this particular home, although there seems to be an unusually high corporate relocation deals in the Heathrow area in the other homes I've looked at.

Do you know the sellers or seller's friends/agent? I'm not sure why your thinking would lead into the directions of heavy stock market losses ruling his emotions? Maybe he parked all his money into an MMF a long time back and has either lost none, very little or even gained?

Also do the sellers know each buyers credit scores, financials, incomes, and professions to know who will be able to secure financing?

Do real estate agents exchange that sort of information during offers? That eventually the seller will find out those details (like professions/incomes)?

Maybe the sellers real estate agent and the other buyer's agent presented the offer in a great way that made the sellers lean towards the other buyer?

What are the professions/income of the other buyers? Could one be a doctor or lawyer?

If you got two offers that appeared to be equal (both have stable jobs and hefty down payments), wouldn't you take the higher offer?

Since you know the other buyers personally, the sellers may not have been privy of such information as you had.

Also since you were competing with someone you knew, makes the story even more interesting. It became a competition! lol!

[High_Plains_Retired]

Originally Posted by aneftp

These owners were quite stupid and greedy. They were going to clear at least a 80-100K profit even after real estate commissions with my 705K offer. But they went with the 725K offer hoping to yield an additional 20K in profit.

The profit a seller is going to make on a property may play a part in the psychology that goes into a buyer's offer but it should never override one's common sense. If you want the property, an offer should be based on the market value not the amount of the seller's profit. If you simply want a great bargain, make an offer on what you think the seller will accept, which may give strong consideration of the amount of the seller's profit.

As a seller in Texas, whenever I get offers that are more than 20% off the asking price which is much less than nearby comparables, I assume the buyer is just fishing and not serious.