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Asking price = $67,500 My First Offer= $60,000 They did NOT accept ohio counter offer My Second offer= $63,000 The MOST I can go= $63,500 My question is.. do I sound desperate (and they'll try to get more out of me).. or is that the best thing I could have done. I really love the house, but i don't want them to know I love it. It's in a really nice neighborhood which is important because I have 2 children. I've done a lot of househunting and for the location it is a good price.. but when you look in it, it is nice BUT needs a few updates which brings the value lower than neighboring houses. Only thing is it's only been on the market for 2 days! Is that bad for me? Or does it matter? Isn't $63,000 a pretty good offer for a house they are asking $67,500 for? I'm hoping for at LEAST a counteroffer... then all I can do is $63,500, take it or leave it. I can't even come up with a penny more than that.. that is SOLID LINE all I have to offer!
This area is in high demand! It is a very nice neighborhood, low if any crime, by a well-liked school. However, the house is a bit old and needs a few updates.. and also one of the things that turns out to be in MY favor is the floor plan, which I happen to like, but I don't think others would. It is 3 bedroom 2 bath. 1 bathroom is upstairs, and the other is in basement. There is no bathroom on the main level. Other's may find that inconvenient and dislike it. For me it works good for my plans for the house (basement will be guest room, and upstairs we sleep, I'd personally have a bathroom close when I'm in bed than if I'm just sitting around eating or watching tv).
QUESTION? How does that work.. someone said I can give them ful price their asking but finance what my loan doesn't cover? How does that work, and is it common? Thing is.. I would pay $65,000 at the most, not that I have it, but I would pay that at the most. But if I only have $63,500 to give.. where would the other $1,500 come from? Also, this yard is huge, and if I really wanted to... it's big enough to build a house on and I could sell it as a lot.
Well.............. a little. Several things that I am asking myself is... What is the market like in your area, if things move quick there you might not get the house. Nothing wrong about letting them know you love the house....maybe you can work a deal with them for a full price offer with them financing the remaining $4000? It does matter how long its been on the market if properties move fast for your area and also because it is in a good area and below other neighboring homes!!! When or if you make another offer, have your real estate agent give them a deadline for a counter, this gives you at least a time frame when you can expect to have an answer, and not leave you hanging. I've done this with several properties and given as little as 1 day...you decide how long you want to wait. Since there are some needed updates to the property and the price seems to reflect this, it does seem like a fair offer to me. BUT, maybe not to them...people often have an attachment to a house that is valuable to only them. The thing is is how much do you want the house? Are you putting 20% down? Sometimes you can put 10% down take out a second for the remaining 10% so you don't have PMI then use your remaing funds that you would have used for the other 10% and pay the difference up to the full price offer yourself. Some ideas, I hope this helps....sounds like you found the house really want! GOOD LUCK! Oh another thing is how much below market is this house. If it is alot...you may be able to get the loan for more(you may have to pay for an apraisal to use for showing your mortgage company)...then you could even offer some what more making it more enticing to the seller.... Two ways you could do this is to get the seller to finance the remaining amount over terms you agree upon. You have to make this offer appealing to them by offering a kittle more in interest. Say prime is 5.5%, you offer to pay 6.5-7% interest on $4000.00 for say 5 years shorter if you can because that will be better for your offer. Of course like mentioned above it will depend on reason for selling how receiptive they will be. Even if they were going into forclosure they are still at a point they can sell the house. There could be a possiblity that you could pay them a small amount and then assume their loan, this could be a last effort for them. Do you have a buyers agent? If not, consider getting one for the next offer not cost to you, the only difference is that the commission gets split between the selling agent and the buying agent , usually doesn't make the selling agent to happy, but who are you looking after you of the selling agent. Make sure that between the two of you, due diligence work is done and then some more!!! The other way is to find out the comps (other area home selling prices) (this alone could work but I don't think so)take it to your mortgage company and see if they would be willing to finance the full price due to the low market price. If they seem cooperative then you may have topay for an apraisal $300-$500 to seal the deal. Are you military and doing this VA? I have a couple of secrets about ohio loans that would help.
You first offered them less than 90% of asking price. They probably didn't answer because they felt insulted. Though, you're offer may have expired in 24 hours, most don't reply for a full 72 hours.... so wait it out. You're now proposing to offer them about 93% of the asking price. A 7% price reduction is still a lot to ask. Typically, a 5% reduction in price is about all that someone is willing to take. And, that is only if they are desperate to sell the house. Since you made the offer on the first day, a low offer, they would prefer to just let it sit on the market for awhile and see what others will offer them. Wait a couple of weeks. Have your Realtor see if any pending offers are on the table. If not, then offer them the maximum you can go. Be aware that the seller may think you're playing games. After all, you're now coming back to them with another offer that still doesn't match their price. So, your Realtor may have to make the offer with a statement. It's also perfectly okay to write a letter to the seller and send it via your Realtor. Best of luck.
If that's all you have to offer then you can't do anything else. The Sellers aren't obligated to accept your counter. In their mind, you're $4000 off the mark and you are their first offer. With the house only being on the market for two days, it's still early enough in the game for someone to make a better offer. You say it's a good house for the price and you've done a lot of looking. You've made your offer...$500 isn't enough to make a big difference. You said they can "take it or leave it." Sounds to me like they've made a decision to "leave it." In answer to your initial question, yes, you do sound a little desperate. Desperate with a pinch of attitude (What the hell is wrong with these people that they won't accept my offer??!!) You need to calm down a little.
There are a lot of variables such as how motivated the seller is, i.e. is the seller behind on his mortgage and needing to sell quick to avoid foreclosure? does the seller need to sell his current property to have a downpayment for his new property? etc. Also look at market conditions: Do area houses typically sell for below asking price? Is the area in demand? These are all things a GOOD, HONEST, TRUSTWORTHY realtor could help you with. Keep in mind that you don't have to pay realtor fees for a buying agent so you might want to consider one.
Be patient although i know that is very hard to do. I made an offer on a foreclosed home a few hours after someone else did. Like you i knew that this home was for me. I waited for three weeks to get an acceptance offer from the bank. I offered 4,500 less than the asking price. Best Wishes! I will pray for you!
Everything boils down to the kind of market the house is in and the sellers need to sell. Sellers market or Buyers market. In a buyers market, and a Seller in desperate need to sell, you might even be able to get it at the Original offered price. Your agent(If you have one) should be communicating with the Seller's agent. They need to talk and make the deal work. Good luck.
They may be looking at several offers. Don't be afraid to low ball them, my house was listed at 169,000 and we got it for 158,000. It all depends on how motivated they are, and if you can move into the house and take possession faster than the other people offering, you'll look like a better prospect