An elderly couple I know will be listing their house some time next month. I let them know I was interested, and they even gave me a tour of the place.
I received a call from their agent today saying he wants to list the house at $375k, but said he would cut me deal to decrease his commission if I don't use an agent to buy. He said that would take the house down to $360k, and then the couple said they would give me a further deal and said $350k. That is $25k over my max budget. When I asked if there was room to haggle he said that is the price and he is sticking to it.
This house is from the mid 90s, has received very minimal updates design-wise, but is up to date on maintenance. I really liked this house and it checks every single box I have on my want list. Estimates I saw online put the cost around $320k. The agent says all this additional cost is due to the current market in town. Barely any homes are being listed and they sell very quickly. I brought up a couple comps in the area and he had excuses for each one.
This is the first time I will be buying a home without an agent representing me. Do you have any tips I can use to negotiate? This is a dream opportunity, but I fear that any offer I make he will shoot down as too low to even show the seller.
Seller's agent not backing down?
byu/SkrtBoySkrt inRealEstate
Posted by SkrtBoySkrt
5 Comments
How would have adding a buyers agent changed the situation? The sellers broker would have made the same arguments.
Sounds like that’s the lowest they’re willing to go. Can you make up the difference?
You can ask for them for credits for a permanent rate buy down to make it more affordable for you, if the sellers already told you 350; since you know them personally, if it doesn’t work for you it unfortunately doesn’t work. you’ll have to thank them and tell them you’re sorry you can’t make it work at that price.
Based on it being tight supply locally and houses selling fast- what do you honestly think it would sell for?
$25k is very little if it’s the place you really want.
He has to show the seller offers btw. You either increase or offer your best/final and be ready to lose it.
Well, first of all, all decisions in a transaction are up to the sellers, not the sellers agent. You’ll have to make a decision, whether you want the property or not, and then make an offer. If the price that the seller asking fair? Personally, I wouldn’t want that agent to represent me given what you wrote. But that’s just me.