(Closed) Would you counter or accept?

posted 6 years ago in Home
  • poll: Counter or accept??
    Counter : (25 votes)
    31 %
    Accept : (55 votes)
    69 %
    Other : (0 votes)
  • Post # 3
    Member
    3121 posts
    Sugar bee
    • Wedding: June 2012

    In the long run, 5K isn’t that big of a deal as it won’t change your mortgage too drastically.  I say you’re getting the closing you need so I’d accept!  Congrats!

    Post # 4
    Member
    2214 posts
    Buzzing bee

    I would accept. $5k over 30 years (assuming that’s what your mortgage will be for) is negligble when looking at your monthly payment.  If you aren’t willing to lose the house, then I’d just take it, but I’m pretty risk adverse.

    Post # 5
    Member
    7609 posts
    Bumble Beekeeper

    1) Have they already bought another place?  If so, I’d consider countering.

    2) Would you be crushed if you countered and they rejected instead of countering back?  If you’d be crushed at losing the house, I’d consider accepting.

    3) Are there any tax breaks/benefits for purchasing a house under/over 400k?  That’s one more thing to consider.

    Good luck!!

    Post # 6
    Member
    1701 posts
    Bumble bee
    • Wedding: October 2010

    I would accept. The inspection is bound to turn up a couple grand they will have to cover. Plus, it may not appraise for that much and they may have to come down again.  Everyone I know (regardless of geographic region) has had issues with that. I also think if they’ve kept the same price for 140 days, they might be a little stubborn.

    Post # 7
    Member
    4371 posts
    Honey bee

    Is it going to appraise for 395k or over?

    Post # 9
    Member
    1314 posts
    Bumble bee
    • Wedding: June 2013

    I would accept especially because they are willing to contribute 12k to closing. As long as the bank is going to be able to appriase it for buying price.

    Post # 10
    Member
    790 posts
    Busy bee
    • Wedding: July 2012

    I own a real estate franchise and I carefully read your email. In my experience, people who have had their house on the market that long and haven’t lowered the price aren’t too interested in negotiating successfully. If they’re giving you the $12K in closing costs, and with the crazy low interest rates available, I’d take the counter. Don’t expect them to be too flexible in the inspection either. Also, is your agent confident it will appraise? Tax assessments have little to do with sale value.

     

    Other options would be to walk away, look around some more and come back with the same or slightly lower offer. Sometimes people need to think about it and realize that they’re losing time, had a good offer and blew it. Also, it’s closing in on the end of summer and the better selling season. You can also have your agent ask if they’ve had other offers prior to yours. If they’re retiring, they may have been in the house a long time and not have a grasp on the current market conditions.

     

     

    Post # 11
    Member
    4371 posts
    Honey bee

    Since you would counter for 2500 more, really only 2500 is in question here. If you love the house, 2500 is a pretty small sum to lose it for, maybe a months rent or two. 

    Post # 12
    Member
    2106 posts
    Buzzing bee
    • Wedding: September 2012

    When you get down to the difference of $5k, accept, especially if the seller’s subsidy is the same. 

    Post # 13
    Member
    2607 posts
    Sugar bee
    • Wedding: May 2009

    When we were looking, our realtor said that for every $1000, it only adds about $8 per month to your mortgage payment.  So for the $5000 difference, that’s only about $40 a month, (I know that was an older figure, too, with interest rates being lower, it’s probably even less than that).  Is it worth potentially losing the house over less than $40 a month?  Our realtor said people get so hung up on a couple thousand dollars, and often miss out on homes they like not realizing how little it really affects the payment.

    At this point, I would agree to what they are wanting, and then find our what inspection and appraisal turn up and go from there.

    Post # 14
    Member
    1849 posts
    Buzzing bee
    • Wedding: May 2014

    I just know when we were trying to buy our house, I was terrified at the idea of losing it over a few thousand. We offered 5% below their asking price, they countered much closer to asking price, and just thinking about the possibility of someone getting our house in the time gap I left open because I didn’t want to give up a few thousand more made me decide immediately to accept. Since the difference is like 1.25%, I wouldn’t fight this battle. Enjoy your lovely new house! 

    Post # 16
    Member
    5670 posts
    Bee Keeper
    • Wedding: August 2010

    I would accept the counter offer is you want the house. We lost the first house we wanted over 3k and once you figure that out of 30yrs it is nothing. I would however have a clause in your offer that the appraisal value must be equal or above the purchase price. The tax apparaisal value you are seeing is jus the last time the let someone into their house to do an assesment and those internet sites are usually wrong. Let’s say the appraisal came back at $360k, even if you are putting 20% down $79,000 and mortgaging $316,000 that is still 88% of the value of the house and therefore you would still be required to pay PMI. Hope that makes sense, just the mortgage ratio goes on the value of the home not the purchase price.

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