Low ball offer

I low balled on a house in Brooklyn (I don’t have agent) a few weeks ago and today the sellers agent calls trying to get my best and final, I tell them the same price I initially offered and it seems they want to meet in person to discuss. I now feel like my initial offer was too high, now that the sellers agent is crawling back to me. Do you think I can offer lower than my initial offer when I meet with them? Any advice on how to do this?

bhm3382

in General Discussion 5 years and 1 month ago

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Guest User | 5 years and 1 month ago

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I’ve also been told there are higher offers on a property: in your case it could be true or it could be a ploy. In my case it was a ruse, which served to show me the agents true colors.

jen-kg | 5 years and 1 month ago

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A lot could be going on, you never know. My guess would be something about your offer was better than one that was a little higher. Could be your timing, financing, etc. Price is one factor in the negotiation.

cate | 5 years and 1 month ago

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My own personal opinion is that I would know what I think a property is worth and what I am willing to spend on it. The seller saying yes to my offer would not make me think I had overpaid, just like as a seller if someone bid ask would not lead me to think I had underpriced. Hope that makes sense.

whitrod

in General Discussion 5 years and 1 month ago

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There is extremely little inventory for houses or apartments with back yards, almost no inventory—and multiple offers—for houses in move-in condition and a backyard. Apartments without outdoor space, especially smaller ones, are a different story. If anything, prices for outdoor space have risen in the past few months (although maybe a slight dip to their peak a couple of years ago).

None of this is surprising. We are not at the end of the pandemic, people don’t want to be stuck inside, elevator buildings are not fun when only one person can ride the elevator at a time and people are looking at coming back into the city if schools will be open even a couple of days a week. (I am not looking to start a debate on whether schools should be open, just stating the fact of the Mayor’s current plans.)

yudashasom | 5 years and 1 month ago

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Depends when you made your offer.. but if it was pre-pandemic, it’s worth a shot to make a new offer. I wouldn’t say values have dropped, but sellers expectations have.. and some need to sell.

jcarch | 5 years and 1 month ago

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If the litmus test for a “good” offer is that the sellers won’t respond to it, you’re going to be looking for a house for a very long time, no?

bhm3382

in General Discussion 5 years and 1 month ago

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I was told there was much higher offers than mine weeks ago, but I didn’t respond.

SoSlope | 5 years and 1 month ago

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I would not put that much stock in the fact that they came back to you to ask for best and final. It is possible the seller’s agent simply asked all potentially interested parties for their best and final. It is also possible that you were the only bidder. Like I said, I would not read too much into it.

bhm3382

in General Discussion 5 years and 1 month ago

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Thanks appreciate the advice. I am prepared to lose the house, so I am going back to the sellers agent with an offer lower than my initial. They did call me a week ago to ask if I would increase the offer ( I never responded).

restorationcontractor | 5 years and 1 month ago

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I would say it depends on how much you want the property. if you are prepared to lose it then negotiate from that standpoint. I have gotten the best deals on property that I absolutely did not care if I bought or not, but lost a few that way also.

As far as them getting back to you it may mean something, it may not. It’s their job to try and get the highest price they can.

If I am ambivalent about a property or just want to get feedback I bounce them off of friends both inside and outside of the real estate industry.

As you’re asking here on this forum you may want to consider using a buyers agent, selling brokers will usually open up to another broker where they won’t do that with a buyer. I saved a huge chunk of money last year by making an (insulting) offer on a property because I got inside info. from the chatty sellers broker this way.

If it’s your dream house then you may want to think differently.

Just follow your instinct!

bhm3382

in General Discussion 5 years and 1 month ago

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Yes , but considering that the sellers are entertaining my offer now. It is making me wonder if my offer was even a low ball offer to begin with.

restorationcontractor | 5 years and 1 month ago

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Did you run comps to determine it was overpriced?

bhm3382

in General Discussion 5 years and 1 month ago

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The listing is over priced in my opinion. I offered 27% less than the asking price.