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My FH and I put in an offer on a house last Thursday. Another buyer did as well. The other buyer made a verbal agreement with the seller and when they sent in their offer it didn't include what they agreed upon. (Note: this buyer previously walked away because of a $2000 difference that they couldn't agree on). The other buyer is going to walk (again).
The seller is considering our current offer, but they are still thinking about walking away. This house has been on the market for months. We are only $500 under their asking price and are asking for closing. Is the seller being difficult? Are we being difficult? How long does it usually take?
The seller definitely sounds like they're being difficult. We didn't buy a house because of a $2500 difference that the seller wouldn't drop, even after we went up $2500, and $500 is literally peanuts.
I hope she comes around because I really like that house. I've even had dreams about us living in it.
I wouldn't change your offer. It sounds like they are possibly overvaluing their home, and you shouldn't pay more than it's worth. If they won't budge or hold out for the other buyer, walk away.
Edit: As for how long it usually takes, when we bought we sent in an offer, they countered the same day and we accepted the next. The market was a bit better in 2007 though.
These people sound like they are being a pain! If they don't accept it, leave it. I know it's hard but I'm sure you can find something else that you love.
Thanks bees!
Two weeks before we looked at the house, the other buyers put in the offer and couldn't make an agreement. Last week, the seller made a verbal agreement with them. But it became void because they didn't put the same terms on paper.
I hope she doesn't try to do this to us (she is currently paying 2 house notes, so she should be motivated to sell). We would like to have closed and moved in buy August 10th.
If the seller is being really difficult I would not proceed forward. Your relationship with the unreasonable seller does not end once you are under contract unfortunately. You will still have to go through a home inspections (where you may request work done to the house or a credit for repairs) and then the closing. It may be way more effort than this house is worth.
Also, I would not start down the road of verbal agreements. Everything in writing! Also, your offer sounds more than fair!
Good luck!
Thanks! My FH has no problem walking after this. Hopefully we will hear something tomorrow. So that we can either move on with our search or move forward with this home.
yeah, I understand that this is hard! We lost two homes that we loved before we put an offer on our home. In retrospect, I am so glad that we ended up buying the home we did. It was definatly the best home even though I didn't see that right away during our house hunt.
Sorry for rambling, but I am a firm believer that the right house will find you. If this is meant to be, it will work out :)
Definitely sounds like the seller is being difficult... I'm wondering if maybe they are struggling with the thought of selling to someone under budget at all (knowing the market now, they may have had to drop the price of their house significantly which is obviously very devastating). Hopefully an agent will convince them that you have a good deal and that they should take it/come to their senses.
@jaylii9 - I totally agree with you. We lost 2 homes before we put the offer on the home we ended up with as well. I hated hearing from the agent "if it was meant to be, it would be..." at the time because it was always such a bummer every time we lost the house. In the end, we found an even better home though and are actually very glad that we ended up loosing the ones we did. In our case, it definitely turned out to be true!
@bloodgo1: She brought the house five years ago for $181k. It was originally listed some where in the $190s and she has lowered it to the $180s. It is a pretty nice neighborhood where the average house is around the $250s. So I understand that the house may be worth more, but I would think that she would be tired of paying two mortages by now.
It sound like the seller is being difficult. As much as it stinks to loose out on a house dont budge! your offer is more then fair! the guy next door from us had to drop his price by 40% to get it under contract! And we also got our house for over 100k off the original list price
@mishelleez: How did you manage to get the house for over $100k off? That is great!
Update: The seller is sending in a counter offer.
Update: She has sent in a counter offer. Basically what we offered, but we would have to come out of pocket $600 for closing. Also, she will give $500 for repairs or a home warranty. She also, agreed to a closing date being later than 30 days.
We may go with that.
Do you know if the home is in good shape? If it isn't, there might be more than $500 in repairs that need to be done to make it safe. If you think it will come back clean, I would probably go ahead with it assuming that you have the cash for the closing costs.
I have looked at it 3 times lol. It is still a fairly new home. Plus we will have the inspection period. For right now we will go with the warrenty (if we accept the offer). Then if the inpsection comes back bad, then we will probably walk. We have 10 days to walk without any consequences. Plus, the chances of having only $500 worth of damage is small. But the chances of needed something repaired within the next year is bigger (so the warranty may be better).
Usually if you walk after you enter the contract, they will keep your earnest money. But overall sounds like you have thought about it alot! I don't know if the warranty is necessary for sure, we bought a mid-70s house and nothing broke within the first year.
Well, we are buying a home in OK. Out there we have 10 days to walk and not lose our earnest money check.
I think we may be making a deal today. Plus we may not have to pay the $600 in closing costs. That would make this birthday extra special!
Woohoo, congrats! Buying a house is exciting!
Also, not sure if it's the same everywhere, but where we lived, we had a number of chances to walk away after we agreed on prices. If the appraisel was less than what we offered, we could walk away. If it didn't pass the home inspection, we could walk away (we ended up re-negotionating because of the radon levels in the basement - got an extra $1000 + some free furniture). If our loan didn't go through, we could walk away. If, during our final walk-through, the day of closing, we weren't satisfied, we could walk away. So hopefully you can do the same, and if things are bumpy down the road towards closing, you can still bail.
Good luck! And congrats!
Hope you guys got the house too!
I know I'm late in posting, but my thought is, she might not want to budge b/c she's probably losing money on the house. Especially if she has 2 notes on the house. What your offering might not be enough for her to pay off the loans she has on the house. That means she would have to come up with the extra money to pay off the loans before the deal goes through. No one is going to let her keep a loan that has no collateral. So that's probably what's going on. If you like the house though, go for it! In the grand scheme of things, an extra $1,000 you borrow equates to about $6/month extra to your mortgage payment.
That's great news! CONGRATS! I hope the inspection goes well. (Be sure to use someone good & someone of your choice.) Hopefully they find nothing major that requires a lot of back & forth with the seller....I hope it's smooth sailing from here. :)
As a Realtor who specializes in first-time buyers I totally understand your confusion. Please don't worry about the seller being "difficult" as that is unlikely the case. Just as you had a price you wanted to buy it for, the seller has a price they want to sell it for! More than likely the seller is at a point where they are trying to get out from under the house without having to bring money to closing. From what you've said it sounds like you've entered into a fair deal for the home you chose. Be sure you get an ASHI certified inspector and go over the report with the inspector AT the house as soon as they are done. That way the inspector can point out the issues which will appear on the inspection and also show you some items which are not defects but require maintenance work. I could go on and on about the processes you are about to get into but I won't! Keep in contact with your Realtor and ask lots of questions--there are no dumb questions, only questions to which you don't know the answer! It is stressful but most of the time it all works out fine. Good Luck!
Congrats on getting the house! I hope everything turns out okay with inspection!!
Yay! Sending home dust your way! (We can have home dust, right? Just like baby dust?)
Update: Inspection went well. We just need to change a few light bulbs, change the filter on the AC, and add freon (sp?) to the AC.
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