Counter offer questions

[Anonymous]

Hello!  I realize that this is outside this board, but so many people here have just, or are trying to buy a house, I thought I would see what you think!

We are trying to buy a house, and we found one that we liked, it meet our criteria, etc.  Before we went to look at it the second time, we were told they dropped the price from 134,900 to 127,900, which was great!  We took a second look, and made an offer, based on the 127,900.

We are asking for closing costs and down payment (about 7500 total), so we offered 128,500 (which puts them about 121,000 out the door, or about 7,000 under asking price).  We were expecting a counter, but not the 134,900, plus closing and down payment that they gave us.  Which puts them at 127,400 out the door- 500 under their asking price! 

What are the chances of us even being considered on a counter off, when they barely budged on this first one?  I guess they were not too happy we are going FHA- not sure why.  Are we probably screwed unless we go the 134,900?  Their realotor told ours that he did not even think they would conter, and we were lucky they did.  Can anyone help my understand this?  Do you think they are basing this on their previous 134,900 and regret dropping the price?  Was our original offer that unreasonable?  Of course, we will be talking with our realtor tonight for some advice as well.

-iwannahouse

[Anonymous]

I don't know but from what I can tell, they already dropped their price a lot. To ask for the new price and ask for them for closing costs might be too much. It all depends on how bad they want out and how much they currently owe. I just sold my home and did not give them a counter offer because I wanted out. I didn't get too bad of an offer (or I was told) full asking price but with 3% toward closing.

They will more than likely counter back BUT keep in mind, now that they lowered their price, there may be more offers coming in now that they are opening their doors to a new set of people. Keep us posted.

[Anonymous]

Split the difference and counter back at $131,700 + closing costs etc.  How long as the house been on the market?  At least 60 days I assume if they dropped their price......

I watch the tv shows on HGTV all of the time, My First Place, House Hunters, Property Virgins etc. and see it done on those shows all of the time. 

I haven't purchased my own home yet, but experienced it a few times with my parents as well.  It depends on how desperate the seller is.  If they have been listed for a while and you are the only ones offering to purchse, you might be in good shape to counter again.

I guess ask yourself if I buy the house for $6,400 over what I offered will I still be happy?

[Junejer]

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@Anonymous wrote:

Split the difference and counter back at $131,700 + closing costs etc.  How long as the house been on the market?  At least 60 days I assume if they dropped their price......

I watch the tv shows on HGTV all of the time, My First Place, House Hunters, Property Virgins etc. and see it done on those shows all of the time. 

I haven't purchased my own home yet, but experienced it a few times with my parents as well.  It depends on how desperate the seller is.  If they have been listed for a while and you are the only ones offering to purchse, you might be in good shape to counter again.

I guess ask yourself if I buy the house for $6,400 over what I offered will I still be happy?

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LOL mel, I am quite addicted to HGTV as well. I never thought anything would eclipse ESPN, but alas it has met its match.

OP, here is some advice that I heard years ago, and I live by it. "Never fall in love with anything that can't love you back." Don't do anything if it's going to give you buyer's remorse. Go with what you feel comfy offering.

[Anonymous]

Looks like we will counter with 132,500 (+, +), and this will be our final offer... 

It has been on the market for 150 days.

-Kathy

[Junejer]

Sometimes sellers are stubborn, even after 5 months on the market. Usually the first offer they receive will be their best one, but they hang on to what they think the house is worth. GL