counter offers

We recently put a bid on a house...The house is listed at $479...we bid $415K. The sellers countered with $455K. I wanted to put in my final bid at $420K, but my husband talked me into $425K. Now they are saying they'll come down to $435K and our REA is saying if we can come up to $430K the house will probably be ours.

I don't know what to do. I'm pizzed that I didn't give myself a little wiggle room by bidding the $420K. We are maxed out at $425K...the REA keeps trying to convince us that what's another $5K, but like I explained to her...we're already stretching it. At some point you have to draw a line in the sand and stick to it.

It's in a really nice neighborhood and great school district. The bedrooms are a little on the small side and so is the kitchen, but all in all, it's a nice size house.

What should I do???? Should I stick to my final number and see what happens???

Re: counter offers

In this market on LI, stick to your number. For the reasons you sighted, number one being that you already over stretched yourselves, end it with your final number. If these people want to sell, they'll negotiate.

I say this cause we went through the haggle on this with two houses caue the owners refused to come off asking.

Then with the house we bought, the seller came off $20K off asking.

Re: counter offers

Thanks, I know you're right. I have to be willing to lose the house and not be bullied into paying more than I can afford.

I hate this!

Re: counter offers

I agree w/ Betsy, stick to your price. The market is in your favor now. Don't be afraid to walk away, guaranteed they'll come back to you. Just play hardball...give it time.

Re: counter offers

hey there!

stick to your #!
we came really close to buying a house.. that was not in the greatest condition.. to the eye it looked great.. but once we had the inspection.. it was an eye opener.. the house was a pig wearing lipstick!

even after the inspector found severe structual damage and most likily mold in the basement and a hazardous deck that would've costed $15k to re-do.. the sellers were still being pig-headed and wanted market value for the house.. while we were still trying to work with the seller! in the end of nearly 2mths of neg. we walked away from the deal. Shortly after, the house had another bid and about a week later that deal fell thru too.. my guess is that the other buyers had the inspection and found the same things we found.

so my opinion is to take your time and shop.. these sellers are in position to be picky or choosey!

and the house was at the top of our budget as well.. that deal could've have been a financial disaster for us. I know you may love the house and really want.. but don't sacrifice your budget. $5k means a lot to you and not your REA.. well actually it does matter to her.. the higher the selling price; the higher commission the REA gets paid!

Message edited 10/4/2007 8:13:04 PM.

Message edited 8/13/2009 11:19:17 AM.

Re: counter offers

Re: counter offers

Well, I just called the REA and told her we've decided to pass. Although the house has a lot of great qualities, we're just not in love with the house. She seemed disappointed and told me there are three people looking at the house tomorrow and hates to see us lose it. I swear either these agents are just damn good at their job, or I'm really weak because I felt myself panicking, but then I just took and deep breath and told her we want to keep looking.

She's insistent though that the current market is 'booming' and that they are turning over houses left and right. She said sellers have gotten the message and are now pricing their houses fairly, so I shouldn't expect much 'give' from asking prices.

Re: counter offers

is right

move on....theyll be calling u back or u wait a month like us and put ur FINAL bid in and say ur walking away to bid on another house (which we were) and that this is FINAL take it or leave it and if its leave it thats that ur walking away for good

we're in contract

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For argument's sake, say this house is STILL on the market come January and we change our mind and decide this is the house we want...could we go back and bid LESS than our last offer?

Re: counter offers

Walk away... It could JUST as easily be said "What's another $5k for the seller to come down?" ... Stick to your number in this market.

The first house we had an accepted offer on fell through -- within 2 months, the listing price was $15,000 less than our accepted offer.

Walk away and you might be surprised and get a call that your number is suddenly accepted.

If not, you'll find a house you can truly afford - the right one will come along.

Re: counter offers

Re: counter offers

Posted by JenandMikey