(Closed) Possibly putting another offer in after terminating our contract

posted 8 years ago in Home
Post # 3
1927 posts
Buzzing bee

I haven’t been through this but I wouldn’t put in another offer.  If I were the seller… you putting in another offer would suggest to me that you continued to look and couldn’t find anything you liked as much as my house.  Therefore, I would believe that I could get my full asking price out of you because you love my house.  They are aware that you are interested, and I think they will reach out to you if they get to a place where they are willing to come down on their price.  In the mean time, try to put this house out of your mind.  Don’t compare other houses to this one, just look for a house you love that is in good shape and within your budget. 

Post # 4
191 posts
Blushing bee
  • Wedding: October 2010

I work in real estate. Are you dealing with the owners of the house directly (the people who live in the property and own the house outright) or is it bank-owned? If it’s bank-owned, bad news– regardless of the “economy” and the “market”, if the listing says the house is sold as-is, you won’t get any repairs from them.

If they’re private sellers that own the house outright, they usually have an idea of what they think their house is worth (and therefore what they’re willing to sell it for) vs. what the market will give them for it. This can be frustrating as a buyer, but you need to consider their perspective, too. People in this situation aren’t very rational because “is was worth twice as much when they bought it”.

The third option is a short sale, which is also the trickiest option. A short sale means that even though it hasn’t been foreclosed on yet, you are dealing with a bank. The bank has a limit that they are willing to accept on the sales price because they are already selling it at a loss– “short” of what the borrowers/people living in the property owe on their mortgage. So there is usually zero wiggle room in the purchase price and repairs are absolutely not allowed.

Without knowing the details of the situation, I’m afraid I can’t help you more specifically. I can, however, say that if the property is unliveable to you guys without the repairs, and if you can’t perform the repairs yourselves at your cost, it probably isn’t the property for you. Nothing says the sellers have to sell you the property, and if they are private sellers (have paid off their mortgage and own the property outright or aren’t upside down in it) they are probably more than willing to wait til they get the price they want.

This doesn’t mean you can’t submit a second offer, because as you said it never hurts to ask. But I’m betting if you didn’t get a response to your first one and they haven’t followed up, it’s because your offer was a “low ball” to them, which is to say, so low it’s unacceptable.

Reconsider the repairs and you might be able to get this place, but otherwise it probably sounds like you should move on or just wait until they get the message and lower the price themselves.

Footnote: I am not trying to be harsh, just honest! I wish you the best of luck either way.

Post # 7
18645 posts
Honey Beekeeper
  • Wedding: June 2009

I wouldn’t put in a different offer.  It sounds like they aren’t willing to accept reality about their home.  If there are major problems with the place they are selling, they need to either fix them or give you allowances to fix them.  You first house isn’t always your dream house, if you find something that could use some work, you can spend some effort fixing it up.

Post # 8
1645 posts
Bumble bee
  • Wedding: May 2010

We were in a similar situation. We made an offer on a house, taking into consideration major repairs that were needed in the basement. They rejected it, and our second offer when we countered at about 8k more. They were extremely rude. My dad has been in construction for 30+ years, residential and commercial, and he saw the house prior to our offer. The owners said that he didn’t know what he was talking about in regards to the basement repairs (one of the concrete block walls had significantly bowed to the point of needing braces the entire length of the house, and the other walls had some movement as well). We walked. A week later, they had reduced the price 20k and sent a general email to us saying that they would reconsider our second offer.

We had since moved on to a different house, which we are now living in!

If they are motivated, they will negotiate. These owners were so misled about the value of their home in the current market, calling us stupid, naive and irrational. Then they realized how wrong they were and that their house was not selling.

I would definitely not put in another offer, since you have already been in negotiation and they weren’t willing to budge. Maybe in a few weeks you can have your agent sent an email letting the sellers know that you would still consider the house if the sellers can negotiate on the repairs. It lets them know that you are there and interested, without saying that you are willing to go higher.

Although, if you are willing to go higher and really feel that this is your house, you need to think about whether it’s worth it or not to get it. But I’d be cautious, since you already know that they are very difficult to work with and still might not negotiate.

Post # 9
3762 posts
Honey bee
  • Wedding: May 2010

You were the first offer they received.  They may not have been willing to make the repairs or lower their price then but maybe they are now (2 months later).


I would continue to look, but if you guys really like that house and now may be able to compromise a bit more (ie, you guys make some of the changes with the extra savings you have now) then go for it. 


I wouldn’t be surprised though if they are still though to deal with.  By you offering again, it shows you are really interested in this house and they may really try to play hardball with you.  You guys should come up with your final offer (price, who will fix what, closing costs etc) and stick to that.  Be ready to walk if they do not want to give you what you want.

Post # 10
252 posts
Helper bee
  • Wedding: January 2011

Ugh, I feel your pain. Back when I was looking for my condo, I put in an offer on one that I loved but the seller had bought it at the top of the market and was looking at a big loss. The asking price was too high (IMO), so I offered around 15k less. He counter-offered asking price with no concessions. Weird. I walked away.

It wound up selling about a year later for around 70k less than I offered. I wound up with a fabulous condo, but I am still a little miffed that he was so stubborn at the outset. I know that people really want to get more for their property, but sometimes they just need to take the good offer and run.

NYEbride, it will all work out. I promise. I’ve had a few house offers fall through over the years. You guys will find a great house and be really glad that you didn’t get the one that needed so much work. House hunting can be tough, but it is worth it in the end.

Post # 12
191 posts
Blushing bee
  • Wedding: October 2010

nyebride– Sounds like a good conversation, then. Honestly, the hardest thing about buying a house is how emotional it is. Not that that can be helped, but it does make it tougher– when it comes down to it, it’s a business transaction, but we can’t help but get attached to certain places or ideas and that can make things tough on both ends. If Darling Husband is willing to move on, though, that’s a good thing.

Also, if the house appraised for $8k less than they are asking, no one would be able to get a loan at their asking price, which then means they are only able to accept cash, which means investors, who are savvy enough to not pay more than it’s worth anyway. And if they know that and still won’t budge, that shows you how stubborn they are about it. They may just be trying to pay off their mortgage through the sale to avoid a short sale or foreclosure, in which case they’re not stubborn because they don’t know, but stubborn because they have to be. Either way, they will only learn their lesson or change their minds over time, which you guys may or may not have, but it’s probably not going to change over the course of a few weeks. I’d say, keep an eye on it, but if you haven’t found anything else in six months and it’s still available, maybe revisit the possibility of submitting another offer then.

But– I think you could find something else. In fact, I know you can. 🙂

Post # 13
1645 posts
Bumble bee
  • Wedding: May 2010

It really is so frustrating. There were not many homes in our range on the market. For the last year I have known every single home listed, and have been to see many of them. We thought we had our dream home last fall (cabin on 3 acres in the woods with a lake view!!) but they wouldn’t come down the last couple grand.

It is so frustrating to want a house because you know you like it and to feel like there isn’t anything else out there, but there is turnover and there will be new listings or listings that will come down in price and might enter your range. Keep your head up.

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