Spinoff to lowball offers

I'm just curious as to what constitutes an "insulting" offer to a seller?

We just recently went through this where we offered $40k below asking as a starting offer and the sellers were "highly insulted". The problem with the home was that comps in the area were $50k-$70k below what they were asking and we were afraid the house would never appraise. (the seller was using comps for another SD because the property was larger than the comps in the area)

In the OP case, I could definitely understand $100k under asking is a little ridiculous considering that there was nothing to back up their offer, but I was just wondering where the line is? I would really prefer not to overpay for a house but I don't want to go into a transaction p!ssing off a seller on a house I really like either.

Re: Spinoff to lowball offers

We are in the process of looking for a house. . . . I think an offer is an offer. I know someone that offered 80k less and got the house for 60k less -

I think it is what you are willing to spend on the house. We put an offer in on new construction (but we want to add some extras) for 40k less and they will only go 10k less. . . . we are still looking.

When looking - we look at the comps and the updates and work that needs to be done then come with a max price we are willing to pay for the house then offer a bit lower.

Re: Spinoff to lowball offers

We are going to be putting our house on the market after LO arrives. I have been watching the comps very carefully for like a year so I have a very good idea of what fair market value is for my house. Additionally, the appraisal came in at what I thought it would. I don't believe I have any delusions about the value of my house at all. I plan on listing my house at about $35K more than what our bottom line number is that way we have room to negotiate in good faith. So if a buyer comes in at $40K or even $50K lower than asking, I know it's a realistic, good faith offer and that's fine.

An acquaintance of ours expressed interest in our house and last week approached me about buying it. I told her our bottom line number b/c if she could do it, I would have gladly sold it to her. She was clearly ignorant to comps and appraisals and proceeded to tell me why my (essentially brand new) house wasn't worth that money. She told me what she thought it was worth. Now that was insulting. If she reapproaches me about the house, I'll tell her our bottom line number is what we plan on listing it for and then she can go sit on that.

Re: Spinoff to lowball offers

Re: Spinoff to lowball offers

there is always room for a counter. we offered $55K less. they final countered at $35K less than their asking so it was okay with us.

who cares if you insult them? you have no connection to them really. they clearly haven't sold the house yet so this might help them realize that maybe they are asking a little too much and aren't consistent with the comps...

Re: Spinoff to lowball offers