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+--- Thread: Home buying: the final negotiations dance (home insp question) (/showthread.php?tid=21435)
Home buying: the final negotiations dance (home insp question) - mrbigstuff - 10-29-2006
So, an offer has been made on a place we like. They countered and we did, too. Now, we're sitting on their counter-counter offer and wondering if we should go up, even incrementally.
My thought is to offer up very incrementally and then use the inspectors report to come down some more, post-inspection. That would still give us an out if we want to cut and run and by that point it will be November, which is sh** or get off of the pot in terms of a seller's perspective. So, maybe they're willing to bargain a bit more the longer this plays out...?
So, what say ye of the M.O. outlined above? BTW, the offer is about 11% below asking right now, willing to go to about 9% below.
Re: Home buying: the final negotiations dance (home insp question) - mattkime - 10-29-2006
>>That would still give us an out if we want to cut and run
Why cut and run after going that far in the process? Decide what the house is worth to you and stick to that decision. If they think you're dragging things out it could be really easy for them to contact the people that made the other offer.
Re: Home buying: the final negotiations dance (home insp question) - earache - 10-29-2006
I agree with mattkime, make your best offer and stick to it. If the inspection reports come in and there's a major issue to resolve, then come back and ask for money or repairs. I think you have until all contingencies are released to back out clean without losing your good faith money, but if you really want the house, why would you back out?
Re: Home buying: the final negotiations dance (home insp question) - ho'ard - 10-29-2006
I agree w/ these guys. I understand the need to feel like you're a shrewd negotiator, but keep your eye on the ball.
Also, be aware the seller has no obligation to go with the highest bidder.
Re: Home buying: the final negotiations dance (home insp question) - cbelt3 - 10-30-2006
second and third as above. We had a buyer start to do that nickel and dime delay crap on us. We passed the word- final answer or we go to door #2. They stepped up. Inspection came up with a few minor defects, so we tossed in enough funds to pay for the repair on one, repaired another ourself. Done.
Re: Home buying: the final negotiations dance (home insp question) - mrbigstuff - 10-30-2006
thing is, we don't know how much "other" interest there is. house has been on the market, coming in down in price, for 8 months.
i figure the better the offer, the quicker we are in the door. after the door closes, we can do our final, 11th hour negotiating, i just want in the door.
Re: Home buying: the final negotiations dance (home insp question) - SKYLANE - 10-31-2006
11% (or 9%) below asking price is vague. What is your offer compared to the current market is the better question. I have seen a few prices drop by as much as 100K, but the house was ridiculously priced in the first place. So, how does your offer compared to comps with the house you are making offer on?