Buying A Home
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Currently in negotiations- need opinions!
The house is listed for $549K, been on the market for 2 weeks. We put our first offer in at $510K, sellers countered at $540K. We then countered at $520K, the sellers' agent came back and said the sellers are pretty firm about not wanting to go below $532K. We didn't want to spend more than $525K on this house, but do really like it and want it. So we went back with $526 final and best offer, hoping that they will meet us in the middle. We are still waiting to hear. Now I'm totally second guessing our decision... should we just have come up closer to their number? On the other hand, I really can't fathom sellers giving up a deal over $6k. They don't have a mortgage, they will still walk away with $500k cash after realtor commissions. What do you think?????? THANKS
Re: Currently in negotiations- need opinions!
I don't know what to tell you - you're going to find out how firm they really were soon enough! While you're saying you can't believe they'd give it up for 6K, they might be saying the same thing about you.
Plus, it's also only been 2 weeks. They might decide to take a chance and wait it out and see if they get any other offers.
You have to realize, too, that while it shouldn't be, selling a house if often very emotional and people take offense at a number they feel is too low. If they LOVe their house and put their heart and soul into it, they can get caught up in that and forget that this is a business transaction.
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It could go either way, but it's good to stick to your max. You don't want to get caught up in the heat of the moment and pay more than what the house is worth.
The only reason I can see them not taking it is that the house has only been on the market for two weeks. They haven't had to keep the house in showing condition for that long and probably aren't completely over showings yet.
If they refuse, I would withdraw the offer and wait another week before having your agent call theirs to let them know you're still interested.
This is exactly what I was going to say. Them not having a mortgage is not even a factor except it will probably allow them to sit on it longer than settle for a price they feel is too low. If you based the offer off of sold comps and their price is too high it may just take them time to realize that. If you based it off of what you want to pay which is not in line with comps that is on you and should have no bearing on what they are willing to accept. I wouldn't accept a low offer on selling our house just because the buyer doesn't want to pay more.
Actually, if she's buying in Jersey they probably have more incentive to sell quickly if they're already buying something else. Property taxes here are RIDICULOUS and I'm sure they wouldn't want to carry them longer than they have to. On a house at that price point, the taxes are likely between $10K and $18K per year depending on where exactly it is.
I agree that there is no way to know. You are right that it would seem silly for them to walk away from the offer over such a small amount in the realty of things but they may need a certain $$ in order to not have to pay difference to bank. Also, on the other hand it might be silly on your part over a hundred bucks or whatever in mortgage to hold out on a home that you love.
Receiving an offer so quickly after going on the market may prompt them to hold out for a better offer but that could back fire on them - in that the house could stay on the market for awhile - them reducing in price - and ending up having to take an even lesser offer in the end to sell.
On the other hand, someone could come in and offer them what they want. Obviously you shouldn't spend more than you can afford but one should understand what a few thousand means in terms of their monthly mortgage payment.
So you might get it, you might not. Someone else might get it with a better offer. You might have an agreement on your price but they may say NO assistance with fixing anything on the inspection report - which might be more valuable to you than an extra minimal amount on your mortgage.
Good luck!
This is dead on. Our sellers were great until the house under appraised and they had to drop down and meet us in the middle. They were really upset and were angry with us for still not paying the full price ($12k more than it appraised for)
It was worth it to us as this was the only house that had all of our must-haves and then some and it will be our forever home barring any unforeseen circumstances.
Like the others said, you'll find out soon enough whether or not they will meet you in the middle. I wouldn't be surprised if they don't though.
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Thanks so much everyone! They came back with $530k and we are now deciding whether to go back with $528, absolute, absolute max or just walk. It has all our must haves, we love the area, and taxes are great for this area of NJ. In terms of monthly mortgage payment, of course a few thousand isn't going to make a difference.
Even though, it's been on only 2 weeks, that's a decent amount of time for this area (NYC suburbs) and many times agents suggest a price reduction right after 2 weeks if it has not sold. If houses are priced well, they go within days at near asking or even over asking. The sellers are very elderly, and are downsizing to a 1 floor home because the husband cannot get around anymore. He did not look like he was doing very well at all (they were there during our showing). I'm sure that's why they are not being as flexible because they have lived there for 30 years and would not be moving if it wasn't for his condition. So I'm sure this is very hard on them. I also think they are anxious to get under contract because I think showings are hard on them.
And, Kaylie, you are correct. The taxes are $10k, which is fantastic for this area.
That's pretty good for being so close to the city. We live in the Princeton area right now and that's what taxes would be on a three bedroom town house. If the school district is good, it might be worth the extra $$.
Yup, school district is fantastic. We ended up going back with $528. Princeton is great, lucky you!
Good luck - I hope it works out!
We're actually moving to Bucks County in PA -- we can't handle the taxes here. Anything we like is at least $14K per year. We're lucky to work close enough to the border to make it commutable.