Reduce offer after first rejection but seller squirming now

[almost3am]

Originally Posted by Charles

We're the buyers.

We are willing to walk away but we really do want this house but we will not pay more than $775K. The risk to us is that he would take our $775K but for some reason (like a hypothetical $770K offer out there), he wouldn't take our $765K offer.

Why not just say $775 or we move on, no counters, just a yes or no. I would think dropping down $10k would just create anger in the negotiations and if you really do come to an agreement it would be at $775. Anyway, negotiations are tough, as you don't really know who you are dealing with.

Depending on the relo package, he may have three months to sell or his company will buy it from him at some % of the appraisal price...90 or 95% maybe. he may also have an incentive to sell on his own.

[Charles]

Originally Posted by Squirl

I would restate my $775 offer with the message.....that was the best we could do....and if 9/3 works for me I would agree to it. His counter is still more than your last offer so why would you go lower when you'd already decided $775 was a good buy for you?

Because 765 would save us 10K and if he's desperate he'll accept it. Our thinking is he had a flurry of activity the first weekend - perhaps he didn't want to accept our offer to soon - he figured he has our offer and he'd shoot for more. He didn't get it. Now that he doesn't have it, we're thinking, OK now it's 765K - You got something better?

Originally Posted by manderly6

Sounds like the house has been on the market for a very short period of time. Not sure how you can come to that conclusion so fast.

Because he went from "a final" $789K to $785K in less than 24 hours and we are pretty sure he needs to be out in two or three weeks.

Originally Posted by stan4

Leave it at $775. That's what you decided was fair for the house, right?

I don't think in terms of "fair"; I think in terms of "least" and "most" and "probabilities".

Update: My realtor just contacted me and he thinks the seller will come down to $775 since the seller didn't get any offers over the weekend. Not sure yet but our hunches are making sense. If he accepts our 775 now (we can't go to 765 until tuesday) then we'll pay the 775.

Here's the text of my realtor's email to me: 'It's entirely possible that the Ledgewood [standard sale] sellers will decide to come down to $775K now that they have had a busy weekend without another offer (as far as I know). They would be much more likely to do this quickly if I told the listing agent that you are dissapointed and still want the house for $775K but in the meantime you will be making another offer on Lone Oak [the REO] today. " (The thing is we've already made an offer on Lone Oak and it was accepted....my realtor is just telling Ledgewood that we're going forward with that Plan B Lone Oak.)

[stan4]

So you went with the Plan B house? Sorry...the last part of that post was confusing.

If so, congrats!

[SmartMoney]

I'm still shaking my head - if that was the home I really wanted, 10K wouldn't stop me. I'm betting it wasn't really the home you really wanted.....but you would settle if he met your price. However, if you did let the home of your dreams slip away over 10K, you just made a very expensive mistake.

[keeshonder]

I am curious why you are making offers on another house when you say that you have and REO offer that has been accepted. Do you have a signed contract on the REO?