Forum Archive: Posts by: SIB

My husband and I need advice on a house. We made an aggressive offer of $550k on a single family semi-detached house asking for $659k in Madison (really Sheepshead Bay), Brooklyn. I included a note to the seller explaining how we reached our number. The comps in the neighborhood are around $590k to $630k (much larger lot), house next door and nearly identical sold for $600k in 2006 and construction costs to update the house (i.e. kitchen, 2 1/2 bathrooms, etc.) is at least $50k. The seller said that the price difference was too big.

The seller has lowered her asking price a few times in the last several months. She started in the 700k’s (way over priced). We thought that she was motivated to sell but now, we are not sure.

What should we do? Should we make another offer of maybe $585k? That is the max because we won’t have enough money left to renovate.

Any advice would be much appreciated. Thank you.