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…
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.
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?
Sounds like seller was waiting for another offer that did not come through.
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.
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.
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***
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.
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!
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?
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.