I’m 28F and I’ve been looking into buying my first home for the last few months. I put in an offer on a house that I really liked. House has been on the market for TWO YEARS. I offered $10k below the listing price and $10k in concessions, seller said no. Seller asked for listing price with only $8k in concessions. I tried to meet in the middle by offering $5k below listing and seller offered only a $900 drop in price. I’m on the fence because I can afford the house at its listing price BUT the home has also been on the market for a while. In the past two years they’ve dropped the price on the home several times. In total, I think it was dropped about $30k. I will take any and all advice. Like I mentioned earlier, this would be my first home so I don’t have any experience in any of this.
Posted by Important_Bee17
14 Comments
From my position it sounds like they either don’t really want to sell the house or just don’t need to. So you’d want to figure out how badly you really want it.
Curious to see what others say.
Maybe they are in no rush to sell….if you like the house and can afford it, what’s a few thousand dollars in a mortgage? Are you really willing to walk away from a few thousand dollars?
My approach to life is asking myself which battles do I really want to fight? 10K is not a lot of money. If this is the home you want just take it at this already discounted rate and make your inspections because it’s very expensive if the home is not in the condition that it should be in . You need to ask questions like why was it on the market for 2 years , what is the home’s permit history, don’t worry about 10:20 $30,000 if you live in the house for 5 years and work a normal job you’ll make that money back.
If you like it, accept the counter. They don’t have to accept your offer because you feel they should. If you think it’s not worth it, walk away.
I had a similar experience buying my first home. They were listed for a while, but adamant about their price. They were in no hurry to sell. My choices were to come up in price or look elsewhere.
In 2 years, they aren’t in any hurry. And they are letting you know that the price will be closer to their list price. If it’s the house you want, you won’t regret paying $5,000 more for it. I didn’t. If there are alternatives you like as much, disengage. You can always wait and see if they come back to your offer.
How desperate are you to buy? Do you feel like there’s always another house around the corner or do you think this is The One?
You’re only $4100 apart from reaching agreement with seller. That’s peanuts when it comes to buying a house. If this is the one you want just buy it.
How much is the house? Are you arguing over less than 1% of the house? Do you actually want the house?
You could walk away for a couple of months and check in again but someone else might buy the house.
Fwiw the house I bought was on the market for 8 years. I think they were only really motivated to sell around the time I showed up.
If you can’t afford it, don’t buy it. There will be other houses, maybe better houses.
If you like the house, buy it. If not, move on. It could be that the seller cannot lower the price below their counteroffer. They may be losing money or not desperate to sell. On a 30 year mortgage, 10k + or – is nothing.
I think you mentioned that you could afford the home at list price. Why not add whatever closing help you’re requesting on top of the sales price.
Example:
List price is $200,000
You offer $210,000 with $10,000 in closing help.
This way the seller gets their price and you still get your closing help. It simply gets rolled into your loan. Or, you could potentially ask for that $10,000 to be used to buy down your interest rate which could, theoretically, reduce your monthly payment.
Discuss with your agent and lender for more info. I’m licensed in DC/MD, so I can’t be sure that things are the same in your location. But, it could be an option…
Also, don’t get so caught up in trying to win the negotiation. You want to get the property and control the property because it provides foundation and leverage for your future. 10 years from now, the $8k will be a footnote, if that, in this transaction… just my 2 cents though.
Quick what’s the first answer that pops into your head: If it went under contract tomorrow, would you be relieved that it’s someone else’s headache, or would you be bummed because you really wanted it?
Act accordingly
Sounds like little seller motivation. If it’s the perfect house for you, pull the trigger.
I would wager it will be worth 10% more in the near future!
What has the market been waiting for? Lower interest rates and it just now happening
Was the house vacant or occupied?
Did you check the purchase price history to see what they got it at?
Some ppl are just pure stubborn and pig headed. And they will gp down with the ship.
I had a house i wanted, it was on the market 312 days, i told him, im a cashbuyer, take $7K off, leave the refrigerator and we can close in 1 weeks. This guy did not want to budge…. I told the agent, no problem, i will buy it in foreclosure. It sat on the market another 3 months, yesterday foreclosure procedures started.
Its not always the case someone is rich or doesnt really want to sell, in many cases, ppl are just plain stupid.
Nothing much to add except $10K is about $60/mth in payments (30 years). And while that, especially over 30 years, is nothing to sneeze at, $60 per ain’t all that considering your income will likely increase, and the value of the house will likely to go up (many times(?) that $60).
Then again, you “really like” it, you don’t “love it”. As always, up to you…………