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Made an offer on a house, seller refused

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Anonymous
Not applicable

Made an offer on a house, seller refused

Well, after looking  a few weeks for our first house,  We finally found a house that both myself and my fiancee liked and we decided to make an offer.

 

The offer we put in was on the low side and we figured the seller would come back with a higher amount on their counter offer.

 

But we never figured they would counter offer with an amount higher than what the asking price was for. Smiley Mad

 

The lender that we were going to use estimated the closing costs at around $ 5,000 (FHA)  and because of this the seller boosted their asking price by said $5,000

 

Apparently they do not want to pay for them.

 

The closing costs seem quite high to me but I honestly have no idea what is considered normal.  

 

In the listing the seller was also offering 5 cords of wood (I live in Maine and wood stoves are an asset) but when we asked about it, the wood was crossed off.

 

To be honest I'm getting the feeling that the seller doesn't even want to sell the house.   I really wish people wouldn't list their house if they have no intention of selling.

 

 So unfortunately, it looks like it's back to the drawing board.  Normally I wouldn't be concerned but with the end of the month coming and the tax credit ending it's been pretty stressful around here.

 

 

 

 

 

 

 

Message 1 of 10
9 REPLIES 9
happy0510
Established Contributor

Re: Made an offer on a house, seller refused

I'm a buyer right now too. I've been looking for over a month with many disappointments! The first thing you need to do is: forget about the tax credit!! Don't plan your life around a measly 8k. You are going to live in this home and you want it to be what you really want.  Be patient and good luck!!


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Message 2 of 10
SDChrgrboy2
Valued Member

Re: Made an offer on a house, seller refused

maybe they were offended by your lowball offer.   I know if someone gave me an offer that was way lower that asking I might do the same thing.

Message 3 of 10
Anonymous
Not applicable

Re: Made an offer on a house, seller refused

Perhaps, but I don't really think it was "THAT" low of an offer.

 

We were told the seller want  130,000 - 134,900 or thereabouts and that's what it was listed for.  So we decided to start with an offer for 125,000 and move up to 130,000 if need be.   Obviously we wanted to stay as low as possible.    I've known many people who have done this and most were successful in getting their offer accepted.

 

Anyways, we both knew the seller would come back with a higher offer but we were completely floored when the Realtor told us the seller's counter offer was $139,000

 

Needless to say we are both disgusted with the seller.    The house has been on the market for awhile now and our offer has been the only one the seller has had in quite sometime.   Which leads me to believe that the seller doesn't really want to sell.

 

There aren't that many decent homes around here for $120,000 - 135,000 so it looks like we are going to have to stop searching for awhile.   Smiley Sad

 

 

Message 4 of 10
ShanetheMortgageMan
Super Contributor

Re: Made an offer on a house, seller refused

Keep countering if you want it... seller may get sick of you and just accept it.  Just had a client where the seller was adamant about not paying any closing costs but still wanted full price offer, buyer wanted closing costs paid or it wasn't going to happen.  Seller countered all different ways, higher price with closing costs, list price with no closing costs, etc... each time the buyer countered back at list price with closing costs paid... finally seller just accepted it.  You can call their bluff.

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Message 5 of 10
fishbjc
Senior Contributor

Re: Made an offer on a house, seller refused

So you wanted the seller to pay closing costs AND go down on their price?  The seller may NOT have the funds to cover that.  I, too, would have refused that offer if I had to come to the table with money at closing.  The tax credit of $8,000 is a LOT of money these days, I wouldn't take that lightly...I can understand you wanting to get in on that.

 

But from a sellers point of view....I can see it both ways.

 

 

Message 6 of 10
laz98
Senior Contributor

Re: Made an offer on a house, seller refused

i agree about not letting the 8K be your motivation.  word is the program will probably be extended til the end of the year.

Message 7 of 10
Anonymous
Not applicable

Re: Made an offer on a house, seller refused

Sellers don't have to sell for less than: 1) the amount they want; and/or 2) the amount the home is worth. For example, I didn't quibble a bit more than a year ago, when I bought from a acquaintance/colleague/friend. I agreed to her price, contingent on appraisal. When two separate appraisals justified her asking price, I paid it. I wanted the home, which I plan to be my last one. I love it. Sure, I didn't want to overpay, but I could afford what she was asking, and it was proveably reasonable.

If you feel this seller is being unreasonable, walk. But, as Shane suggests, make a counter-offer if you think the home is worth the asking price. It may be that a just price is the best bargain you're going to get.

 

Message 8 of 10
GregB
Valued Contributor

Re: Made an offer on a house, seller refused


@laz98 wrote:

i agree about not letting the 8K be your motivation.  word is the program will probably be extended til the end of the year.


 

And when the program ends, the house prices  on entry level houses will drop by about $8,000. Probably more.

 

We probably have quite a bit of correction left in most markets. Appraised value is only affected by recent sales. It doesn't tell you that a house is a good buy.

 

Buy a house that you want if you can afford it, not because it is a great deal.

Message 9 of 10
Anonymous
Not applicable

Re: Made an offer on a house, seller refused

 


@Anonymous wrote:

Perhaps, but I don't really think it was "THAT" low of an offer.

 

We were told the seller want  130,000 - 134,900 or thereabouts and that's what it was listed for.  So we decided to start with an offer for 125,000 and move up to 130,000 if need be.   Obviously we wanted to stay as low as possible.    I've known many people who have done this and most were successful in getting their offer accepted.

 

Anyways, we both knew the seller would come back with a higher offer but we were completely floored when the Realtor told us the seller's counter offer was $139,000

 

Needless to say we are both disgusted with the seller.    The house has been on the market for awhile now and our offer has been the only one the seller has had in quite sometime.   Which leads me to believe that the seller doesn't really want to sell.

 

There aren't that many decent homes around here for $120,000 - 135,000 so it looks like we are going to have to stop searching for awhile.   Smiley Sad

 


If it walks like a duck and sounds like a duck ...

 

Yep, that seller doesn't really want to sell. Don't waste your time. We ran into a seller like that the last time we were buying a house. We really liked the house, but the seller countered offered with more stipulations than his original terms. We wasted a lot of time going back and forth to no avail. Later, our realtor ran into the seller's realtor, and they admitted that the wife wanted to sell, but the husband couldn't pull the trigger, and the house was pulled back off the market. Learned a valuable lesson for the future ...

Message 10 of 10
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