(Closed) 1st house offer denied… Second offer?

posted 7 years ago in Home
Post # 3
Hostess
18644 posts
Honey Beekeeper
  • Wedding: June 2009

I would bring the offer up a bit but not all the way to the asking price, maybe around the 155 mark.  Sometimes when you go too low from the asking price, they get insulted and don’t want to counter.  Stupid I know.

Post # 4
Member
3295 posts
Sugar bee
  • Wedding: May 2011

i would try to offer around 155…. if they were thinking of dropping the price anyways it sounds very reasonable.

Post # 5
Member
2054 posts
Buzzing bee
  • Wedding: March 2011

You could do 155 and then ask for some of the closing costs…ultimately thats what we did.

Post # 6
Member
1851 posts
Buzzing bee
  • Wedding: March 2012

It depends on how bad you want the house and how much interest there is in it. If you really want it, I’d probably go for the asking price and see if they’ll at least pay closing costs. Otherwise I agree with the other posters…155. Good luck!

Post # 7
Member
223 posts
Helper bee
  • Wedding: June 2011

If you feel that 159,900 is a fair price, I would just offer full price. Why waste time haggling? 

Some things I would consider: 

-How much of a mortgage payment increase is it to go up 4900 in price? (Consider total interest paid over the life of the loan as well)

-Does that 4900 increase drastically affect the amount you need to put as a down payment?

-There may be time for negotiating once the home inspection comes back–you can go back to the seller and tell them to fix anything that comes up during inspection or reduce the contract price by the amt needed to fix those repairs

I like the above poster’s suggestion of asking them to cover some closing costs too. 

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

A first offer of 152000 for a house listed at 159900 is a really good offer. They are stupid not to have made a counter off even if it was for list price. A seller is an idiot to close off communication by not responding at all to someone who has made an offer in the right ball park. They either are not very motivated to sell or are just that stupid.

But, if you want the house, I’d make an offer at 155k or 156k. If you really want the house, then you should go for it. I’d be aware that they might be a PITA to work with during the process from offer to closing, but if it’s the right house, it’ll be worth it in the end.

Darling Husband and I put an offer in on a house last summer. We were much lower with our first offer for a house in the smae price range, than your first offer was, but there was a pretty major issue with the foundation that would need to be addressed. The seller was an idiot. They refused the offer and sent insulting email to use through our realtor. We put in a second offer quite a bit higher, since we were pretty serious about wanting the house, and they had the same reply, no counter offer with another rude email. We walked away and put an offer in on our current house. A week later we got a call from our realtor that the sellers of the first house would accept our second offer, but it was too late. We got a nicer house without any issues in a nicer area with a great view and better lot for less money. The sellers of the first house had to put their out of state move on hold for months because they coudln’t sell their house. They ended up selling it over 6 months later for a few grand less than our second offer. Their loss. Literally.

Post # 9
Member
5273 posts
Bee Keeper
  • Wedding: October 2009

We went through this 4 times! First house was a short sell and we didn’t buy b/c we found mold during our inspection. Second house we were outbided, third house were were outbided, and 4th house we outbid someone else 🙂

What this process taught me, is that if you really want the house, then don’t try to lowball it too much – we lost 2 houses b/c we thought we could get a better deal and thought, “hey they will just come back with a counter” well we were intially outbided so the sellers went with them.

What we did for our current house was agree to their asking price, but asked for closing costs. We don’t know what the other bid was, but clearly they were prob asking for several thousand under + closing also.

If you decide this is the hose for you, ask for 159,000 even or 158,000 + closing. Coming back with 155 is just gonna piss them off (I’m basing this on the fact that they didn’t even counter w/ 152, so 155 is not going to be acceptable either.)

Post # 10
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

If you want the home and the differnce in 7k over 30 yrs, then offer asking price. Figure out how much your monthly mortgage payment will increase and then ask yourself if it’s worth it. I just bought a house and after putting in bids and getting denied or playing the counter offer game when we found our house we just offered them what they wanted, needless to say it was fair market value. I still think of the house I wanted so badly that we lost out on due to 3k.

Post # 12
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

Good luck!

Post # 13
Member
85 posts
Worker bee
  • Wedding: January 2011

Are you asking the seller to pay anything such as part of the closing costs, etc? The reason I ask is because then I would def. go closer to asking but I believe the asking price is exaclty that….that is what they are asking which to me means they would take less. If the lady said they were planning to lower it to $155,00 then I would offer that! They probably didn’t lower the price because they either knew you were going to make an offer or you already had.

Post # 15
Member
3041 posts
Sugar bee
  • Wedding: May 2010

Try not to offer TOO low on a house. Talk things over with your realtor. I wanted to offer considerably less on a house but my realtor said the owners would be insulted. She knew the seller’s realtor on that house & that’s how she knew. Turns out, they wouldn’t take ANYTHING less than asking price & would be insulted at anything less.

That sucks :(. Some people get very attached to something & then go back & forth on if they want to sell it or not. I can’t believe she said that she REALLY needed to sell it, than changed her mind a few days later. She may change her mind in a few days again. She can still “counter offer” you even if she takes 2 weeks (however you won’t be legally bound to it, I think most contracts say you have only a few days to respond or else its void).

A better house will come along!! The house I LOVED ended up not working out (I was bummed for weeks) & then I found my house & I’m so very glad I have the house I do.

Post # 16
Member
592 posts
Busy bee
  • Wedding: September 2013

If you can get it for just under the asking price, do it!  But whether the asking price is reasonable depends on the house, the property, and comparable sales in the neighbourhood – 159k might be very reasonable.

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