what would u do?

good morning!

My parents are interested in purchasing a summer home to rent out during the non summer months.

they found a house that is listed at 415 and needs a little bit of work.. the owner is a very old woman and she is having her children sell it for her- there are 3 of them.

so they decided to make an offer - 350.

they came back 3 DAYS LATER and only came down 10k.

so now, my parents are trying to 'figure their next move'

i say to wait until friday afternoon and come up 5k in original offer

mom wants to tell them that her offer is 360 and that if the current owners cant come within 5k of that, to not even bother.

what do you think?
thanks!

Remember, it needs a lot of work

Re: what would u do?

hmm, I would wait 1 day and offer the 360. You never know. What do they have to loose

Re: what would u do?

I wouldn't have them wait it out and tell her that 360 is her final offer and then if they say no to walk away.

I don't think it was right for the sellers to wait 3 days to get back at your mom but at the time same time I don't think your mom should wait a week. To me it would seem like they are just playing the same game.

Re: what would u do?

she decided not to play the game and called with a counter offer a day and a half later! Unfortunately the real estate office was closed for the holiday, so she is now waiting to hear back from them.

keep your fingers crossed, they really want this house!

Re: what would u do?

it is hard to say what a house is worth without seeing it, not knowing where it is, etc. The house may need a lot of work, but may still be fairly priced. 350K is pretty low when your're talking about a price of 415K, but you never know, so its worth making the counter of 360. I wouldn't put too much home on it though, to be honest, but I'll keep my fingers crossed for your parentS!!

Re: what would u do?

Any word on the second offer?

Re: what would u do?

no word yet. mom placed the offer at 360 and the real estate agent made her feel bad, kind of telling her that was not a good offer. i was thinking to my self, too bad- it is not like they have 3 or 4 other offers waiting ya know?
so we'll see what happens. mom is getting nervous now.

it stinks she said that the agent works for the seller.