Put in an offer and they are countering!! Help!

posted 3 years ago in Home
Post # 3
Member
5688 posts
Bee Keeper
  • Wedding: May 2011

1100 over the life of the loan is probably nothing, I’d accept their counter.

Post # 4
Member
132 posts
Blushing bee
  • Wedding: November 2013

Well if you think about it… if they’re really motivated to sell and you came in at their full asking price they can’t really hope to get that same offer in time to keep the contract they currently have. Sounds like they lowered the price and are trying to get as much as they can. If you were them and lowered the price on your house and received a full list price offer you’d probably think “Hmmm… maybe we lowered it too much. Maybe we could get more.” So I think they’re probably pushing the envelope a bit to see if they can get just a little bit more. I’d suggest countering with your original offer and seeing what they say. I doubt they’d let a full list price offer go just because of closing costs.

Post # 5
Member
738 posts
Busy bee
  • Wedding: August 2009

Whether or not it is fair all really depends on the comps (which you realtor should be able to provide you with).  Also, 63 days is a rather long time for a house to be on the market and 7,100 isn’t much of a price drop for a house that has been on the market that long which leads me to believe it may be overpriced.  But, your realtor should be able to provide you with the most accurate information on your specific housing market and that specific house within its neighborhood.

Post # 6
Member
2308 posts
Buzzing bee

@MrsRight:  +1

I’d only pay over asking if I was in a bidding war. Resubmit your original offer.

Post # 7
Member
738 posts
Busy bee
  • Wedding: August 2009

@bunnyharriet:  They aren’t technically paying over asking if they are getting closing cost help.  Yes, the loan amount would be over asking but they are getting a reduction because of closing assistance.

Post # 8
Member
2308 posts
Buzzing bee

@PumpkinSpiceChai:  There house hasn’t sold after 63 days. The sellers are being greedy. Their offer was more than fair.

Post # 9
Member
7098 posts
Busy Beekeeper
  • Wedding: August 2012

Will you be heartbroken if you don’t get the house? If so, I’d just accept the counter.

Post # 11
Member
51 posts
Worker bee
  • Wedding: March 2012

How much are the closings costs and prepaids estimated to be? If they’re 3-4k, I can see them balking at paying it, especially depending on whether it’s common in your region of the country for sellers to pay those. I’ve rarely heard of sellers giving closing cost assistance where I live. 63 days may seem like a long time to be on the market, but this is the major home buying time of year so they may be willing to wait and see if someone else gives them a better offer without the contingencies. If you really love the house, I don’t think it’s a particularly bad counter offer although you should ask your realtor for advice since he or she will know the market better for your area. The next seller may not entertain your offer of closing costs and prepaids at all.

Post # 13
Member
3084 posts
Sugar bee
  • Wedding: July 2014

I’d just accept. its not worth it to lose a house over $1100, IMO. 

Post # 14
Member
7098 posts
Busy Beekeeper
  • Wedding: August 2012

You should always get an appraisal IMO. Many banks won’t even approve the loan without it.

Post # 15
Member
52 posts
Worker bee

If this is THE house that you plan on living in for long enough to recoup your investment, and you are fully willing to commit to it, don’t balk at an $1100 increase. It is a drop in the bucket over the life of the mortgage.

 

You should get an appraisal through the realtor, it tells you what the bank is willing to loan you, not the intrinsic value of the house.

You can’t really say they’re “losing” anything. If they sell the house in this crazy market, its a win for you both!

Post # 16
Member
51 posts
Worker bee
  • Wedding: March 2012

Your lender will require an appraisal in order to give you the mortgage. If it doesn’t appraise at the cost of your loan, you won’t get the mortgage.

 

I guess my point is that if you’re asking for closing costs, inspection fees, and prepaids like your first year of home owners’ insurance, this could add up to several thousand dollars fairly quickly which they would be paying for. That takes several thousand dollars off the value of the offer. At the same time, even though the house has been on the market for 63 days, that isn’t all that long when the housing market is tightening, there are no other comparable houses in the neighborhood for sale currently, and you’re in the middle of the heavy home selling season. If you put in the offer and they’ve got others looking at it, they may hold out for an offer that doesn’t have your prepaid/closing contingency (especially if it’s not common in your region…you should ask your realtor about that). 

 

Hope everything works out for you! I know how stressful this is. My husband and I looked at over 60 houses last summer from April through the end of July before we finally bought our home. 

 

 

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