Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Buying from an emotional seller
Hi everyone, my wife and I just submitted
an offer on a house we love. The listing agent has told us and our
agent that the seller is emotionally tied to the house and even has it
listed too high- so both the seller and the listing agent agree it is
listed for too much. We know the specific reasons but are not going to
post them for privacy issues. Anyway our initial offer was obviously
below asking price but after scrutinizing the CMA, overall condition of
the house and items needing repair we do not feel it was unjustifiable.
I guess our question is how soon should we respond to her counter?
She did come down a little bit but one of her reasons for not coming
down too much (aside from the strong emotional situation she is going
through) is that she did not want to deviate too much from her original
list price- which was admittedly too high. The house has been on the
market for almost 11 months now and she has only reduced price 1 time.
Should we come back now with another offer or wait a few days? A
week? Feel free to contact me privately for more specific info.
Re: Buying from an emotional seller
Usually - legally - an offer requires a counteroffer. So you would be responding to her counteroffer at this point, no? If that's the case, you can counter whenever you'd like. If you submitted something that she hasn't answered to yet, then you should wait for her to answer.
Honestly I don't think it matters how long you wait- if she's really overpriced and everyone knows and it doesn't appear she's going to come down. She's been on the market for almost a year and is still overpriced.
You don't have to respond at all to the counter. If there is a time listed to respond an you don't respond then the counter is void. You would be putting in a new offer at that point when her counter expires.
If she's been overpriced for a year, there is little chance a few days are going to change her mind.
I'd think twice about offering too much on this property. It may not appraise for what she is asking and then you'd either have to make up the difference out of your pocket or walk away.
As someone who has had to walk away from two homes this year due to failed appraisals, you need to figure out fair market value using recent comps with your REA and offer accordingly.
We have dealt with emotional sellers and it sucks. Sadly, I think their realtor is a huge problem as well, so instead of being the voice of reason, it was a huge cluster.