Question/Dilemia

[jadeite788]

We found a house, my husband likes but I am not too keen on.  Has a large kitchen and backyard.  However in my opinion I wanted my own closet space, lacks natural light, the square footage is small for a 3/2 (1693). and the schools is so so.  We put in an offer for $85K, with 3% closing costs, along with title policy, and home warranty.  Keep in mind the list price is $85900.  The sellers countered with a sales price of $88K with same conditions.  My opinion I don't think it is right that they come back with $88k for that small of a house, when the list price is $85900.

[webhopper]

You can always counter with 85900....
Is it possible there are multiple offers?

[accidentalpancake]

That's the game you play with home negotiations.

They essentially said they'll give you everything, but then they're wanting you to pay for it through the increased price. Same thing happened to us on our first house search, and we ended up walking away from the property when the sellers did that. I'd go back to them at full price with all conditions/concessions if you decide to move forward. Check with your realtor to figure out the seller's motivation level and if there may be other offers.

[jadeite788]

---

@webhopper wrote:
You can always counter with 85900....
Is it possible there are multiple offers?

---

I already did this morning.  I highly doubt they have multiple offers since they did a price reduction Wednesday, we put the offer in yesterday.

[webhopper]

Good luck on your offer!

Seems bizarre that they would counter with above sales price...

[jadeite788]

Thank  you, I am trying

[SeaDog1957]

I am assuming you meant you offered $85,000 with seller to pay 3% of your closing cost and pay for your title policy and warranty?

If so see if this makes sense:

List price 85,900

3% closing cost 2577

Title ~150?

Warranty ~ 300

So they countered with 88,000.

88,000 - 2577 -150-300 = 85,073 to the seller

You are in effect giving the seller $85,000 for the home and including the 3% closing, warranty and title policy costs in your mortgage. Fine if the house appraises for $88,000.

[jadeite788]

---

@SeaDog1957 wrote:

I am assuming you meant you offered $85,000 with seller to pay 3% of your closing cost and pay for your title policy and warranty?

If so see if this makes sense:

List price 85,900

3% closing cost 2577

Title ~150?

Warranty ~ 300

So they countered with 88,000.

88,000 - 2577 -150-300 = 85,073 to the seller

You are in effect giving the seller $85,000 for the home and including the 3% closing, warranty and title policy costs in your mortgage. Fine if the house appraises for $88,000.

---

Well I am giving a big update.  

My realtor just got back with me and the seller approved the counter we gave, however will not make any repairs

Sales Price: $85,900

Closing costs: 3%= $2550.00

Option fee:$100.00

Earnest Money:$1000.00

Home warranty: $475.00

Title Policy

Now I can negotiate a deal on a car and a house.  Why can't I do the same for my salary???? Am I missing something?

[ShanetheMortgageMan]

---

jadeite788 wrote

Now I can negotiate a deal on a car and a house.  Why can't I do the same for my salary???? Am I missing something?

---

Everything is negotiable, it just depends on how good you are at negotiating

[StartingOver10]

Just curious, what is the option fee for?

Aren't you buying the property now?