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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
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me
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Re: Our offer was rejected
Did you actually see the comps in person?
I would! Because there is a difference between seeing the outside of a house and seeing the inside also. It can be very misleading just based on square footage, number of bedrooms, etc.. and pics of the outside.
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Posted 11/4/09 12:28 PM  |
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Prudential Douglas Elliman Real Estate
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ihilani
LIF Adolescent
Member since 9/07 858 total posts
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Re: Our offer was rejected
Posted by MaZz
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 
I agree. This sounds like someone who would be awful to deal with along the way.
Good luck finding a better match!
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| Posted 11/4/09 6:52 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
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Re: Our offer was rejected
Posted by adeline27
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.
So - when you put in a first offer, you should offer fair market value? And then, the only place to go is up, so you'd end up paying over fair market value? I don't mean to sound facetious- I really, truly, feel like I have no idea what I'm doing here.
Now, this is the first time I've ever been house-hunting, and I came on this board last weekend and asked wht offer I should make. The consensus came to "$300,000." Now, I have a broker, and she gives me advice, but apparently she isn't allowed to tell me what to bid. She hinted at $315. My friends told me $310-$320, you guys all told me $300-$320, and, knowing NOTHING about how to do this, I took everyone's advice. I bid on the high end of the range everyone was telling me. I didn't mean to insult anyone; I didn't want to "lowball". I have the money. The house will appraise for $330 or so (my broker is a licensed appraiser and estimated it for me), and I put in an offer reasonably below that, because apparently I need "wiggle room."
So I'm even more confused than ever for what to do next time around.
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| Posted 11/4/09 7:10 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Our offer was rejected
honestly the guy doesn't want to sell his house that badly otherwise he would of countered.
Personally in this market people shouldn't complain about any offer, we made VERY low ball offers and they countered always but typically only came down 10-15K less then asking. We simply couldn't afford it and had to walk.
I would say if you love a house, LOVE it then just do 10-15K less or what is comps in the area. This way no one has the right be that sensitive.
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| Posted 11/4/09 8:17 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
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Re: Our offer was rejected
Posted by Nifheim
honestly the guy doesn't want to sell his house that badly otherwise he would of countered.
Personally in this market people shouldn't complain about any offer, we made VERY low ball offers and they countered always but typically only came down 10-15K less then asking. We simply couldn't afford it and had to walk.
I would say if you love a house, LOVE it then just do 10-15K less or what is comps in the area. This way no one has the right be that sensitive.
Thanks for the advice, that makes sense.
We did 15-20K less than the comps; I guess now we know for next time to bid closer to the number we actually expect to pay. It gives use less "wiggle room" but looks better to the seller and doesn't really matter, since our endgame price won't change.
Everyone's saying it's a "buyer's market" and that any offer is a good place to start, but I hate playing these games!
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| Posted 11/4/09 10:20 PM |
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eddiesmommy
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Member since 5/09 11524 total posts
Name:
Melissa
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Re: Our offer was rejected
just to offer a "shoe on the other foot" point of view....wa had our place on the market for a year and half (just took it off a few weeks ago). We received 3 offers in that time, all about $40K less than asking. We KNEW we were overpriced, as Im sure this seller does.
However, we didnt NEED to move. We thought we'd put it on the market, see what happened so maybe we could upgrade while the cost of homes has come down.
So maybe he was like us, he wasnt greedy, but just wanted to see what happened. Since we didnt NEED to move, we werent willing to walk away owing money on our home when all was said and done since it wasnt a necessity.
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| Posted 11/4/09 10:58 PM |
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8ternity
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Member since 11/08 10586 total posts
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Re: Our offer was rejected
My Advice...if you really really want that house be aggresive and don't lowball...lesson learned for us, it just doesn't work (in my case)
Also look at houses in your price range. If you can only afford $340 max I would look at house maxing at $360...its a buyers market and ppl are buying and there will be lots of bidding wars...we are still looking for our house been looking since May. Its hard, emotional, frustrating but there is a house for us somehwere.
Good Luck!!
Message edited 11/5/2009 12:32:43 AM.
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| Posted 11/5/09 12:31 AM |
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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 eddiesmommy
just to offer a "shoe on the other foot" point of view....wa had our place on the market for a year and half (just took it off a few weeks ago). We received 3 offers in that time, all about $40K less than asking. We KNEW we were overpriced, as Im sure this seller does.
However, we didnt NEED to move. We thought we'd put it on the market, see what happened so maybe we could upgrade while the cost of homes has come down.
So maybe he was like us, he wasnt greedy, but just wanted to see what happened. Since we didnt NEED to move, we werent willing to walk away owing money on our home when all was said and done since it wasnt a necessity.
I think that makes a lot of sense. I get the feeling that this is the situation.
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| Posted 11/5/09 6:33 AM |
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Re: Our offer was rejected
The comps that the REA showed you, were they for homes that were sold or for ones that are on the market?
If you didn't see comps for sold homes I would ask for them because that will give you a better idea of what the value is since it's value is only what someone is willing to spend.
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| Posted 11/5/09 8:20 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
Posted by DavaDay
Posted by adeline27
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.
So - when you put in a first offer, you should offer fair market value? And then, the only place to go is up, so you'd end up paying over fair market value? I don't mean to sound facetious- I really, truly, feel like I have no idea what I'm doing here.
Now, this is the first time I've ever been house-hunting, and I came on this board last weekend and asked wht offer I should make. The consensus came to "$300,000." Now, I have a broker, and she gives me advice, but apparently she isn't allowed to tell me what to bid. She hinted at $315. My friends told me $310-$320, you guys all told me $300-$320, and, knowing NOTHING about how to do this, I took everyone's advice. I bid on the high end of the range everyone was telling me. I didn't mean to insult anyone; I didn't want to "lowball". I have the money. The house will appraise for $330 or so (my broker is a licensed appraiser and estimated it for me), and I put in an offer reasonably below that, because apparently I need "wiggle room."
So I'm even more confused than ever for what to do next time around.
Yes, you can offer that low but it really depends also on the condition of the house vs the other houses that were around.
For example, the comps could have been $330K but was his house was a "remodeled" house vs the others? So by coming at $315K (in this particular case!), the guy may have thought you were not serious.
You really have to look at the comps. AND see the inside. Was it the sale price of the comps? Were they on the market at that price but not sold yet?
Now, the guy may not need to sell either, is in denial or a combination of both.
Once you do all the research, then you can really make your offer.
But keep in mind that in some areas, only the fair market value will stand. And you will have houses selling at market value. Not under! Many sellers have already reduced their price in this market. They are not going to keep reducing. That's probably close to what they are willing to sell the house for.
I don't know the comps, condition of the house or if the seller is just in denial.
That is the whole process of making an offer. It's not easy! You may lose a few houses in the process until you found the perfect opportunity and it works fine for both parties.
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| Posted 11/5/09 3:16 PM |
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stickydust
Now a mommy of 2!!!
Member since 4/06 3164 total posts
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Re: Our offer was rejected
Honestly, I do not understand this entire concept of "insulting" the seller. It is business and not personal. if a seller is going to get insulted it is certainly not someone I am going to want to deal with through the entire process because he/she will take everything personally and not understand it as the business transaction it is.
That being said, we have bought several homes throughout the years and (unless it is 2003-2005) you always lowball. If you start at FMV then you will overpay. That is why it is called a negotiation. If this person won't play ball then someone else will.
We offered 100K under asking for our current house (obviously, it depends on the price) we negotiated several rounds and came to a price.
Dismissing an offer simply because you are insulted is frankly unsavvy. To the OP, I think you did the right thing. No matter how much you love a house you do not want to overpay. (especially considereing your realtor thought this was a reasonable first bid)
Message edited 11/5/2009 3:36:56 PM.
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| Posted 11/5/09 3:35 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
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Re: Our offer was rejected
He is probably in a situation that he doesn't HAVE to move and therefore is able to behave that way. I find that a lot of sellers really lover their home and so they tend to think that it is worth more than the comps. Unfortunately you really have to take your personal attachment to your home out of the equation when coming up with a fair price. This is why I LOVE the show Real Estate Intervention on HGTV. It takes sellers to the comps and tells them where their price point should be.
I would start looking at the comps and see if there is one that compares that is still on the market that you can bid on.
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| Posted 11/5/09 7:21 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: Our offer was rejected
I agree with some of the previous posters, the best move here is to wait him out. We had a similar situtaion with a seller who refused to counter and we ended up buying another house. In the meantime, they have since lowered their listing price to LESS THAN our initial offer.
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| Posted 11/6/09 8:56 AM |
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mbg1007
LIF Adult
Member since 3/09 1247 total posts
Name:
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Re: Our offer was rejected
Just bc he thinks his house is worth more than it really is doesnt mean you have to come close to the asking price at all! People can ask whatever they want it doesnt mean they can dictate the market value. I think your offer was fair based on the comps and he should have negotiated with you on it so it came closer to the fair market value.
When we were looking for coops, we put in an offer an on a place for 75,000 less than they were asking bc the asking price was outrageous and totally ridiculous. We knew what is was probably worth based on the very many other places we had seen so thats what we based our offer on. They rejected it bc they felt it was worth more (even thuogh they had no data to back them up) and that was that. Fast foward one year and they still hadnt sold and they got in contact with us to see if we still were interested for the price WE had offered!
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| Posted 11/6/09 1:55 PM |
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MrsList
Sweet cheeks
Member since 4/09 1696 total posts
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Re: Our offer was rejected
Greedy sellers get theirs in the end!
Our old landlords were greedy as hell and wouldn't take a few good offers because it didn't meet their price. Well 4 years later, they still have a mortgage on 2 houses (they live in FL now) because of the housing market bust.
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| Posted 11/6/09 1:59 PM |
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