I got a text from my realtor last night saying that the owners of the house we put in an offer for counter offered the exact same listing price--they wouldn't budge an inch. When I texted the realtor back and asked her if this means the house if off the table for us, she said that no, we can counter offer back. I have no faith in that whatsoever; we were already offering more than we had decided we would spend, and it seems that they're unwilling to consider any reduction in price whatsoever.
They bought this house in 2015 and our original offer was a tiny bit over what they paid for it. The house was appraised for what they paid only 3 years ago and they haven't made any improvements to the property. All the updates and renovations had been done by the owner before them, and they only lived there for two years when they put it on the market. No wonder it hasn't sold in almost a year...they're asking too much and seem to be unwilling to negotiate. With what they're asking and with closing costs we'd be looking at blowing our budget by $25,000 and we're determined not to do that. So unless they're just bluffing for as big an offer as possible but are secretly more motivated to sell than they appear, this house is not going to be the one. Damn it.
Our realtor told us that she's never worked with a couple like us. Most buyers, according to her, want as much as house as they can afford. She said she's constantly having to rein in buyers (especially younger first time buyers) by reminding them of the limits of what they can borrow. Gregg and I, on the other hand, are planning to borrow a good bit less than we were approved for. We want a modest house that we can afford to pay off quickly without a monthly mortgage payment that will cripple us. In order to accomplish that goal we've got to be determined not to get carried away when we see something we like.
This first experience has been so disappointing. It's our own fault. We spent hours yesterday (prior to getting the text about the counter offer) talking about the house. We looked at pictures and discussed where our furniture could go; we drove past the house a few times close to dark to see what the neighborhood was like on a Saturday night (nice and quiet, of course), we looked online for items we would want to buy for the house prior to moving in, like new rugs and things. I was already planning the beginning of a garden in the spring and casual summer parties on the screened in porch.
Stupid, stupid, stupid. We should have known better than to get that ahead of ourselves. We won't make that mistake again.
Lesson learned.
ya never know...if the sellers are anxious to get rid of the place...it just may fall into your lap.
ReplyDeleteLike I said yesterday you never know. They may just call you back after they sat in the house that is to expensive.
ReplyDeletecheers, parsnip and badger
If it's just a pissing game, out wait them. Either they sell or not. In the meantime, keep looking. If you find perfect house #2, withdraw your offer. No charge advice from a non realtor.
ReplyDeleteMy realtor called this afternoon and we had a talk. I told her we'd concede paying our own closing costs, but we needed to hold firm on the price we were offering. That will be another $3000-$5000 in savings for them, and they can take it or leave it. I think your advice is excellent.
DeleteReal estating can be heartbreaking. I know.
ReplyDeleteBut don't give up. There's never just one. There will be another. And by the way- you and Gregg are smart.
Thank you, Ms. Moon. It stinks sometimes to always do the safe, prudent thing instead of throwing caution to the wind and going after what we'd really like to have! But we're middle aged people with limited retirement savings, and we need to get on the ball with that for our future security. Sigh.
DeleteAs some wise men once said, "What a drag it is getting old..."
I was really disappointed when we lost our first house in the Forest of Dean earlier this year but we have finally ended up with a much nicer property for less money. Sometimes fate has a hand.
ReplyDeleteBuying a house is hard and unsettling. Eventually you'll get a great house, though. And I love hearing that you are not being bullied or intimidated into spending more than you want to.
ReplyDeleteMy husband and I bought and sold several houses during our marriage, and there is quite a bit of psychology involved in buying and selling which you are seeing. Some people actually don't want to sell and insist on a price which is too high. You are smart to aim to buy what you can afford and I am sure you will find the right one for you.
ReplyDeleteRemember the time you were actively looking for a job, and went to interviews which came to nothing? You were disappointed then, too, but see where waiting for the perfect job got you - now you love your work, and your work loves you! It will be like that with your new house, I am sure.
ReplyDeleteSome sellers are so unrealistic and so greedy. This couple sounds especially so.
ReplyDeleteBuying a house is no time to get carried away and over commit so you have the right strategy and there will be another.
ReplyDeleteWe bought the house we could afford and it is far from luxurious but our modest spending then has made life significantly easier than it could have been through some very hard financial times
You never know the true positions of strangers selling houses. To some it is a kind of sport. Some are desperate to sell and some are just testing the water. If I were you I would up your offer on the house by $500 or maybe $1000. That might please these particular vendors - knowing they'd squeezed a little more from you - to them a small victory that might just tip the balance.
ReplyDelete