Post # 1
We’re buying (or attempting to buy) our first house, and the negotiating process is driving me absolutely insane!
First we offered $14,000 below list price. Then they countered with $3000 below list price. We came back with $10,000 below list price. They countered AGAIN with $8,000 below list price.
And now our realtor thinks we should submit a counter to the counter-counter-counter offer?!?!
I think we’re going to just stick with our $10,000 below list price… surely they wouldn’t want to lose the sale over $2000, right? It’s supposed to be a buyer’s market!
Is it normal to go through this many rounds of counter-offers? What would you do at this point?
Post # 3
Lets see… we started with 17k under list, they came back with 9k under, we went back at 11k under, they came back at 10k… we decided 100’s was rediculous negotiate for, i mean its a few dollars a month over a 30 year mortgage, and just took it. It just comes down to who gives in first. I can understand why the guy tried to squeeze out as much as he could though, at closing, he still had to pay a few thousand to sell his house.
Post # 4
It totally depends on you. On our second home the counter offers were endless. We offered 75k under on a new construction in a sellers market and we wanted every piece of furniture in the model home. In the end we bought it for 40k below listing and we kept all the furniture and decor. It was totally worth the almost 2 months of back and forth. Our first home was easy one offer and that was it. Our current home we did lot of negotiating and in the end we met up face to face with the seller. So it all depends on the amount like the PP said. Yours is so close that I cant believe they didnt just take your offer.
Post # 5
We offered 12k under list, they said 7k under, we came back with 10k under, and they tried to split the different with 8.5k under, but we held with our 10k under and eventually got it. If it’s down to $2,000, you both want it to happen, and the seller will probably cave…but they may not, or there may be another offer. So you have to decide how upset you’d be if you lost the house, and counter/accept accordingly. We were pretty happy with how it all went down – we could’ve offered lower initially and averaged our way to what we got, but we still paid what we wanted to in the end.
Post # 6
We offered slightly more than asking, but asked for $5k in closing costs. They agreed, but then the appraisal came back $15K less than the sale price. So we lowered our price and offered to pay closing costs. They agreed.
Post # 7
Thanks for all the advice ladies! We went ahead and just stuck to our $10,000 below… so we’ll see what happens! Our realtor is going to meet the guy for lunch or drinks today and discuss it (we’re buying a new home, so the realtor has a sort of working relationship with the builder’s sales guy). I have a feeling they’ll take it… fingers crossed!
Post # 8
Our offer was $4K below list and their counter was $1K above list. There were multiple offers and we didn’t really counter. We just offered an amendment that we would have a fast escrow and they selected us in hours.
It’s a really great deal and the appraisal was $20K above purchase price. Now we just need to wrap up this escrow.