Um . . . what?
Posted on March 9, 2007 - Filed Under Business |
So a multi-counter offer has been received.
This simply means I’m not the only one who has submitted an offer. There’s another one lurking. I believe it’s safe to assume the other offer was probably a low-ball offer.
The seller has come back with these demands.
(1) She refuses to budge on the price. Someone offered her the same price, a year and a half ago, provided she fix a bunch of items. She refused, the offer fell through.
(2) She is offering $5,000 towards closing costs.
My original offer was fair. More so than the other offer. There was nothing insulting about it.
Her agent said he was stunned she didn’t take my offer.
Talking it over with my Real Estate Agent, the decision was made: extend another counter offer. My reasoning was simple. What is $20,000 in the grand scheme of things?
Here is my counter:
(1) She gets her full asking price.
(2) I get $10,000 towards closing costs.
This should lock things up.
I am curious. If anyone would have done this differently, please speak up.
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4 Responses to “Um . . . what?”
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This reminds me of a deal we did one time where the seller counter offered like $1000 higher than our offer. I just laughed to myself because our offer was $98,000. I guess the $1000 meant a lot to this guy. I suspect that he felt like he got a deal. People are weird.
People are quite weird…
While house hunting a few years back we made an offer on a property for about $40,000 less than the asking price as the house was in desperate need of updates to truelly be compareable to nearby properties.
The owner was “insulted” by our offer. We knew it was a fair offer so we walked away. He ended up selling it for another $20,000 less than our offer…
The funny thing is, one of his counter offer items was that we had to close on the property in 2 weeks… Getting a mortgage in that time is nearly impossible. As first time home buyers it WAS impossible. He ended up having it on the market for another 6 months and taking a lower offer.
It worked out in our favor in the end, as we purchased another property that has an apartment and water views of the Long Island Sound.
“So a multi-counter offer has been received.”
Is there any way to verify this? Beware that this is a ploy that more and more people in a “sideways” market have been using to get higher offers. Not to say that it is not true, but is there any way to check?
Pasadena, I wondered the same thing myself. The “used car salesmen” tactic is a common one. When I asked my Real Estate Agent, he said he has worked with the seller’s agent on and off for over 15 years. He doubts highly he would use a “multi-counter” response if there wasn’t more than one offer.
But today it’s too late for that.