Aggressive Offer Rejected
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…
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.
“Stuttering? That does not even make any sense.”
crimson[1]son[2]. Makes perfect sense.
“The reality is, people buying a house to live (instead of investment)”
Cop-out. Deep down inside, it’s always an investment.
“your tips are based on lack of experience”
Talk about making no sense. Yeah, I have a lack of experience buying/selling RE but how can my tips be based on that? They’re in fact based on the buying/selling experience of others whom I read about and my own negotiation skills honed in other areas of business.
***Bid half off peak comps***
Where is Madison? Aren’t there others houses for sale there now? Is there something specific about this house that you like? There are a lot of semi detached houses in Sheepshead Bay, why not look there?
Stuttering? That does not even make any sense.
“So what! Your objective is not to make them feel good.”
You are posturing this robotic “cut throat” persona in dealing with a house purchase. The reality is, people buying a house to live (instead of investment) ALWAYS have a certain level of emotional factor built in – selling or buying. You can disagree the way it should but the reality is quite the opposite. I suspect your tips are based on lack of experience with actually selling/buying of primary residence RE.
Walking away and not bidding what you think the proper value are a fine advice but the rest of your tips is more appropriate for buying and selling stocks. If you think there is no difference between that and primary residence RE – then there is not much I can do.
“BHO – a lot of posturing.”
What exactly do you mean by that, crim? And stop stuttering!
I agree with CG at January 21, 2009 11:20 AM. Keep it concise and only submit your bid. Explanation available upon request. Mopar @ 2:41Pm makes a good point. Email the broker your phone number and bid one last time. As a matter of fact, all bids should be placed over email. Establish a dialogue and history that can be easily referred back to.
***Bid half off peak comps***
Maybe they lost your telephone number.
No one wants to read a note telling them why they should accept your offer that is so far below ask. Personally, I’d refrain from doing that in the future.
BHO – a lot of posturing.
Maybe they owe more than what you are offered and they can’t/won’t go below that price.
I meant too expensive for you. I am not commenting on the price compared to market.