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« Daily Gripe About NY Times Soft Rental Market - Part 2 »
January 23, 2009
Offer accepted after withdrawl.
I placed a offer on a brownstone that was 12% under the asking price, and put the offer in writing. Seller's broker comes back two days later saying that they counter with 6% off asking price. The counter wasnt in writing and was just verbal, nonetheless, I countered in writing, slightly lower than the seller's counter offer.
After waiting almost 2 weeks I started to thinking and felt that I should wait out the market a bit. Also I started to feel like I was negotiating with myself. At no time did the seller's broker put something in writing and fax it over. Also weird that they countered in under 48hrs, but wanted to sit on my final offer for more than two weeks.
Two days ago I tell seller's broker to withdraw my offer. Now I get a call today saying that they accept my offer. I kind of want the house still but now at my original price that I first offered. Should I just wait another month, or two weeks like they did to make a decision.
Comments
Yes. That's the price they need to pay for dicking around.
Posted by: daveinbedstuy at January 23, 2009 11:30 AM
The seller had second thoughts just like you. If you want the house make the deal.
Posted by: billyboomer at January 23, 2009 11:31 AM
If you want the house at the original price you offered then re-offer that. It may not make the sellers happy, but you don't have much company in the way of prospective buyers in these days of increasing pessimism.
Apparently in these parts offers and acceptances are typically done verbally, not in writing, and in any case it's a contract, not an offer/acceptance, that can be enforced. There's often room for a little haggling between an acceptance and a contract (your engineer's inspection turns up stuff that needs to be fixed that you didn't already know about, and you ask for it to be done by the seller or for an offset on the price).
From your post, the last communication you initiated was to withdraw your offer, so I don't see any obligation respond to an acceptance of an offer that was no longer on the table. If you think (as seems to be the majority opinion) that the market has a long way to go before hitting the bottom, then you're better off waiting & getting this or another house at a better price.
Posted by: Bklnite at January 23, 2009 11:59 AM
If you want the house, resubmit your slightly higher offer(than your original 12% offer) and ask the broker if the seller is willing to issue you some credits
(painting credit or old appliance credit or you noticed the front steps were wobbly credit) stuff like that
or walk away - nothing was put in writing
Good Luck!
Posted by: gemini10 at January 23, 2009 1:01 PM
Wait! can'tyou see that prices are going down hour by hour? It is just the landlords that are trying to sell their homes and overpaid for them that are saying hpome prices will never come down. You have nithing in writing so wait it out. Don't you see for Sale signs popping up left and right? What does that tell you?
Posted by: hannible at January 23, 2009 1:34 PM
If you like the house go back to your original offer. hannible thinks he's omniscient. From what he posted I think he's a lot of other things as well.
Posted by: daveinbedstuy at January 23, 2009 1:52 PM
This is why one of the most important parts of a negotiation is to make the other person feel like they worked for their price. I get the sense you feel that their acceptance of your offer means they are willing to go further down, especially because of the quick counter to your first offer and direct acceptance of the second. Think of how much better you'd think of things if they made you work for that 6%...
I have definitely felt this way, but it's mostly just a facet of bad negotiating on the other side. Best to leave it, since you will probably drive them away if you back off an offer you already put on the table.
That being said, if you're not dying to get this place, why not just throw down a lower offer? On the other side, why would you buy a place that you're not in love with?
Posted by: justinm at January 23, 2009 4:53 PM
CNN.Com says that forclosures are just starting in the New York City area and that banks are really dragging their feet at putting them on the market as not to drag home prices down. They can do whatever they want but homeprices are only going in one direction for now! down down down!
Posted by: hannible at January 23, 2009 6:10 PM
JustinM,
Their counter to my final offer came 2 almost 3 weeks after. While they pondered I changed my mind. I called the broker 2 days ago, and told her to withdraw my offer. Guess that woke them up and they decided to accept my offer today.
They had my offer in and decided to sit on it to the point where I felt that I didn't want the house that bad anymore. Where you get that someone has to work for 6% beats me.
Posted by: Attention2detail at January 23, 2009 7:32 PM
A2D,
Your bid should follow the market, down. It should get lower, not higher, as the days go by. Instead of bidding wars by buyers for a property, we now have selling wars "by" properties for buyers.
And don't get too caught up with formality and letters. Just email or text message your bid. Only money talks (welllllll, also FICO's and pre-approval/committment letters).
***Bid half off peak comps***
Posted by: Brownstones Half Off at January 23, 2009 9:23 PM
my bet is the following happened:
My bet is that they were hoping to "play hardball" to get your offer up, encouraged by the broker who gave them unrealistic numbers in order to get the listing. Then, when you walked away, the broker put pressure on the owners, hoping he/she would be able to move the house and get their commission.
Posted by: slick at January 23, 2009 11:49 PM
if you want the house, be the nicest guy ever and say GREAT! sign everything, be easy, and then after the inspection knock them all the way back down. you'll find something during inspection -- you can always find something. at that point, they won't want to start over -- and, after all, you have been easy to deal with -- and you'll get the house you want at the price you want.
Posted by: Ringo at January 25, 2009 10:44 PM
Sounds like seller was waiting for another offer that did not come through.
Posted by: broker at January 26, 2009 12:35 PM
Thanks for input.
Now how would I get parties back to the table? She called and I said that I wasnt interested. Now do I just call her saying that I'm now willing to listen?
Posted by: Attention2detail at January 26, 2009 2:43 PM
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