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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Our offer was rejected
Last weekend I was asking you guys for advice on a house - the asking price was $369K and the comps (we found 7 or 8 good ones) were all for mid-330's. We put in an offer of $315 today - just $17,000 below fair market value - and the guy didn't counter. He told his realtor that he would "rather die in that house than take less than $350,000." Seriously???? We loved the house and were willing to go as high as $340, which is in reality probably over what the appraisal will be (our realtor is a licensed appraiser and gave us an estimate).
He first told his realtor that he wanted to counter at $367, to "teach us a lesson," but then decided not to counter at all.
Ugh! Greedy seller! Greedy, mean, seller! Thanks for hearing out this vent. 
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Posted 11/3/09 5:44 PM  |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Our offer was rejected
I remember those days!
Don't feel bad....some people are idiots....if he really wants that much for his house and it's not worth it than he is an idiot b/c he will NEVER sell....so jokes on him!
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| Posted 11/3/09 5:48 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Our offer was rejected
Then that house wasn't meant to be. We put offers on 5 houses before we finally got this one.
It is going to be an emotional roller-coaster but just keep thinking it will work out in the end and it all happens for a reason. That house will sit if the guy isnt willing to negotiate so its really his loss.
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| Posted 11/3/09 5:58 PM |
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PennyCat
Just call me mommy :)
Member since 7/08 19084 total posts
Name:
Jib
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Re: Our offer was rejected
Posted by alli3131
Then that house wasn't meant to be. We put offers on 5 houses before we finally got this one.
It is going to be an emotional roller-coaster but just keep thinking it will work out in the end and it all happens for a reason. That house will sit if the guy isnt willing to negotiate so its really his loss.
I agree 100% ... and, I am so not looking forward to this. We are in the home-buying process too but have no put any bids down yet!
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| Posted 11/3/09 6:05 PM |
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mandasue
LIF Adolescent
Member since 3/09 772 total posts
Name:
Amanda
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Re: Our offer was rejected
people are in real estate denial, hence the HGTV show real estate intervention....
he will learn his lesson when the house is on the market for months and months
sorry it didnt work out for you
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| Posted 11/3/09 6:16 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Our offer was rejected
 that stinks! but it wasn't meant to be.I think I told you on that thread that a house we really liked was asking more then market value and will not come down a penny. you never know their financial situation. they may have re-financed when the market was good, and even though its not worth that amount today, they need that to pay off the house completly. its their loss. you will find something that was so worth the wait!
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| Posted 11/3/09 6:16 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: Our offer was rejected
Sorry to hear about the rejected bid... it only means that this wasnt the house for you! The seller will soon realize that hes being unrealistic... by then, you will have prob moved on...
Funny you mention the "teach a lesson" routine... because this is exactly what our seller did... the house was 295 and we offered 260 initally...we knew 270-275 were what the condos were going for... he didnt like our offer... so he came down 2k... a whole 2k... it was like a slap in the face... so then we got more serious and gave a better offer... this went bacdk and forth about 5x... lol
You could always come back and put in another offer... soemthing a bit better for the 2 of you... the 350 could just be a ploy though to suck you in...
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| Posted 11/3/09 6:37 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: Our offer was rejected
So let him die in his house then! D!ck!
ETA We paid 5% less than what our house was listed for back in July. The comps were all aroudn the same price as what we paid...the comps are the comps for a reason...its kinda like the betting lines, lol
But if he wants to be a jerkoff, just keep looking!
Message edited 11/3/2009 7:22:00 PM.
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| Posted 11/3/09 7:20 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Our offer was rejected
in 6 months from now his house will still be on the market.
rather die in the house?! little extreme! 
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| Posted 11/3/09 8:49 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: Our offer was rejected
Thanks for the support.
This guy's head is in the clouds if he thinks people are going to pay more than fair market value for his house just because it's pretty. He says he'll stay there as long as he has to until someone comes by and pays what he wants... I think it'll be a long wait...
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| Posted 11/3/09 8:54 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Our offer was rejected
You could always make another offer for what the house is really worth, $330 and have your relator present the comps that you are using to make the offer.
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| Posted 11/3/09 9:56 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Our offer was rejected
If you really liked the house and was willing to go up to 340k, why not submit a second offer for 330k?
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| Posted 11/3/09 9:58 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: Our offer was rejected
Posted by ave1024
If you really liked the house and was willing to go up to 340k, why not submit a second offer for 330k?
The seller is refusing to deal with us; he wouldn't counter. He was very clear that he would not take anything lower than $350K. He called our offer an "insult" and apparently said some other choice words about us to our realtor. Doesn't sound like he's willing to deal, even though the comps are all in the 320's and 330's. He just has unrealistic expectations about what his house is worth and is unreasonable.
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| Posted 11/3/09 10:36 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: Our offer was rejected
Posted by JandJ1224
You could always make another offer for what the house is really worth, $330 and have your relator present the comps that you are using to make the offer.
She did present the comps. The issue is the condition of the house - even though it's listed as "excellent" and all the other comps were "excellent," he insists that his house is nicer and better, and therefore worth more than the comps she pulled (which were also of equal square footage and within 8 blocks in every direction, same neighborhood, same schools, etc.).
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| Posted 11/3/09 10:38 PM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: Our offer was rejected
Just playing devil's advocate...people invest a lot of themselves in a house and if they are not in a desperate situation where they need to sell, why should he take less? He does sound like he's an a$$ but that offer probably shocked him, whether or not it's market value. Maybe he'll come around in a few months when he doesn't get any offers he likes.
Also, he may completely have his head in the clouds regarding the market, but appraisals can sometimes skew unfair for people with remodeled homes...this happened to us when we were trying to sell our house. Realtors list homes as "excellent" and "mint" all the time when they are far from it, and then the comps make it look like those dumps are equivalent to a beautifully renovated house.
Anyway, good luck to you, there is a better house out there for you!
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| Posted 11/3/09 10:59 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Our offer was rejected
Posted by DavaDay
Posted by ave1024
If you really liked the house and was willing to go up to 340k, why not submit a second offer for 330k?
The seller is refusing to deal with us; he wouldn't counter. He was very clear that he would not take anything lower than $350K. He called our offer an "insult" and apparently said some other choice words about us to our realtor. Doesn't sound like he's willing to deal, even though the comps are all in the 320's and 330's. He just has unrealistic expectations about what his house is worth and is unreasonable.
I say put in another offer. On the house we are closing on today, we put in a very low offer to see if these people would bite. Needless to say, they countered at asking price. We put in another offer closer to what we were willing to spend on it and low and behold, we got it.
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| Posted 11/4/09 6:22 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Our offer was rejected
I honestly think you did insult the seller by going with such a low ball offer. If you knew the fair market was $330K and only offered $315K, he will not deal with you.
His reaction is extreme and and a bit in denial too. Especially if he cannot justify why his house is worse $20K more than the market.
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| Posted 11/4/09 8:12 AM |
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Re: Our offer was rejected
Posted by smdl
I honestly think you did insult the seller by going with such a low ball offer. If you knew the fair market was $330K and only offered $315K, he will not deal with you.
I agree...but I also think he should have countered.
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| Posted 11/4/09 8:27 AM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: Our offer was rejected
honestly, by the way this guy sounds, even if you did offer fair market and somehow he did accept it... he'd prob still be giving you probs along the way... I wouldnt want to deal with someone like that at all... I'd completely move on in this situation as hard as that may be... He may have been getting a ton of lower offers and just lashed out... He shouldnt be trying to sell in this market if he wants his price then 
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| Posted 11/4/09 8:48 AM |
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adeline27
LIF Adult
Member since 5/06 3121 total posts
Name:
Angela
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Re: Our offer was rejected
Posted by smdl
I honestly think you did insult the seller by going with such a low ball offer. If you knew the fair market was $330K and only offered $315K, he will not deal with you.
His reaction is extreme and and a bit in denial too. Especially if he cannot justify why his house is worse $20K more than the market.
I agree. I think you offered way too low. He sounds like an a$$ but he probably would have dealt with you if you offered at least 330, fair market. I would have been insulted too going lower than that what I knew my house was worth. In a way he did counter offer by saying 350 and since he will not go lower than that and you will not go higher than 340 it wasn't meant to be then.
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| Posted 11/4/09 9:03 AM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Our offer was rejected
Honestly, as a recent home seller, I wouldn't have even countered your offer. He was asking $369 and you offered $317! That to me says you weren't serious and you would never come up to where he wants anyway. If I was asking $369, I would not accept less than $340 (which if you have made an offer close to that at least you might get a counter). Why would you offer less than fair market value?
Message edited 11/4/2009 9:29:20 AM.
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| Posted 11/4/09 9:27 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Our offer was rejected
Posted by charon54
Honestly, as a recent home seller, I wouldn't have even countered your offer. He was asking $369 and you offered $317! That to me says you weren't serious and you would never come up to where he wants anyway. If I was asking $369, I would not accept less than $340 (which if you have made an offer close to that at least you might get a counter). Why would you offer less than fair market value?
I agree, If you are really serious offering that doesn't look like you are. JMO.
I would have offered $330 and then see how he countered.
But it's over, move on.
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| Posted 11/4/09 9:34 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Our offer was rejected
Also, did your realtor advise you about this?
When we were putting in offers the realtor was advising us. If she was his realtor then she could have told you your offer was going to be too low. Whether your believed her or not was up to you.
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| Posted 11/4/09 9:36 AM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Our offer was rejected
Posted by DavaDay
Posted by ave1024
If you really liked the house and was willing to go up to 340k, why not submit a second offer for 330k?
The seller is refusing to deal with us; he wouldn't counter. He was very clear that he would not take anything lower than $350K. He called our offer an "insult" and apparently said some other choice words about us to our realtor. Doesn't sound like he's willing to deal, even though the comps are all in the 320's and 330's. He just has unrealistic expectations about what his house is worth and is unreasonable.
I wouldn't even deal with him at this point. sounds like the type of person to make things very difficult and stressful. who needs that especially in this market!
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| Posted 11/4/09 12:04 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Our offer was rejected
Posted by laurabora
Just playing devil's advocate...people invest a lot of themselves in a house and if they are not in a desperate situation where they need to sell, why should he take less? He does sound like he's an a$$ but that offer probably shocked him, whether or not it's market value. Maybe he'll come around in a few months when he doesn't get any offers he likes.
Yes this is really the case. It sounds like he is looking to get top dollar since he is in no rush to sell.
Think about it. If he hasn't even found a house for himself yet, he is going to be in no rush to take, or even negotiate, on a lowball offer.
The best strategy would be to wait him out and see if he lowers his price. Once he lowers his price, then submit a better offer.
I submitted three "lowball" offers on houses with all three sellers refusing to counter. One is off the market, but the other two are still on the market and neither one of them have dropped their price. Obviously both of those sellers are in no rush to leave.
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| Posted 11/4/09 12:11 PM |
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