(Untitled)

[benhaus]

i made an offer on a house last night. about $24,000 under the asking price.
he came back with $1,000 under the asking price.

haha.. i love negotiations!

Comments

ha!

[aapostrophe]

now, you should come back with $1000 under what you originally offered.

Re: ha!

[benhaus]

i like your style!

Holy crap!

[mrs_budzisz]

$24 K under?!?! No wonder he came back with only $1,000 under. I bet you pissed him off. : )

When I sold my house in Richmond, the first offer I had didn't work out. The buyers kept asking for so much money off the asking price, and for so many ridiculous things to be fixed, that I finally told them to take it or leave it. They backed out, and I got another buyer a month later that offered a better price and made very reasonable demands for repairs. I made a nice profit and they still got a good deal.

If you really want the house, be careful not to beat up the seller too much. Just because it's for sale doesn't mean he's desperate to get rid of it. But then again, he could be and you could get a great deal. These negotiations are always tricky. Good luck!

Re: Holy crap!

[kittenrun]

yep...especially since he's perfectly happy renting it...

What HE paid for the property is a matter of public record. The Richmond government website has an area where you can look up how much a property sold for/assessment value...and also check the recent sells in the area for others that have been similarly renovated and compare that to what he's trying to get...

in this market 47 days on listing isn't very long at all, even if he's wanting to unload...

Still it would have been cool if he'd accepted that...We offered 10,000 less on a house and were rejected in the end, then they ended up selling the house for less than our original offer 6 months later...

Re: Holy crap!

[jrunberg]

Correction, they ended up being foreclosed on. And THEN selling for less than we offered. We were lucky that we stayed away.

BEN!

[dejavudu]

only you would write this post with so little details. WHERE IS IT? How come everyone seems to know what's going on but me?

Good luck!

Re: BEN!

[benhaus]

church hill

[cs_smith]

Ben, perhaps you could make up the discrepancy in your offer and his counter with gambling winnings. May I suggest the magic roulette table at the Palms? Just a thought...I'm always here to help.

[benhaus]

Ahh, are you referring to the magical roulette table that i treated like an ATM every 3 hours?

I haven't gotten any mail from the Palms.. i don't think they want me back.

excuse me?!

[dc_illustration]

um...24 under? If it was my house on the market I wouldn't even negotiate. 5-10 we'll talk. going much more??? that's terrorist activities if you ask me. No offense but I wouldn't subject my neighbors to being a neighbor of someone giving such an a-hole offering. If it's not even close to what you want for the price you want it don't be a d-bag and make such a shitty offer and look elsewhere.

Sorry. That was harsh but i've had a crappy week, am very irritated and probably shouldn't be posting tonight. Good luck with the negotiations tho! You'll need it.

Re: excuse me?!

[benhaus]

Hah... what the hell dwayne? this is a little out of line.

Listen, I did my homework. Looked at other comparable homes that have sold recently in the area and adjusted my offer accordingly. It's a re-hab job that a company is trying to flip. I know exactly what he paid for it, and how much the renovation cost and how much profit he'll make off the deal. If he rents it out he'll loose a lot of money.

I know it's been a while since you bought your house, but in a market that's correcting itself it's typical to offer around $20k under the asking price and meet up somewhere in the middle. Which is exactly where i'm at. Of course i knew i wouldn't get it for $24k under.
If he was so pissed off by my offer then he wouldn't have countered twice. He wants to sell it, and even if he sold it for $40k under the asking price he'd still make a big profit.

Now what I understand why you wouldn't want to get the facts from me first before breaking my balls over pure speculation.

[cs_smith]

I was going to say something along these lines...the fact that it's a flip job, the fact that the housing market is at 16 year low, that there are articles that I read literally daily on MarketWatch, NY Times, The Street, Yahoo Business, et. al. (though none of these sites/articles are helping my disastrous brokerage account, arrgh!) how people are taking losses on homes just to get them off the market and watching their home values go backwards. With all of that factored in I didn't think your offer was that outlandish. Low? Absolutely...but isn't that part of bargaining? If this were 2001, I'd probably break your balls too. But considering the current climate/market, I don't think you were out of line at all. It's a very, very different housing market out there now, different from anything that's been seen for nearly 20 years. We're in the same boat as you trying to buy in this market, and I'd have probably done the same (though NYC is fairly insulated from national trends, and that probably wouldn't work). That's just my .02 cents.

yes!

[aapostrophe]

another market watcher. i spend alll my free time reading those same reports and Motley Fool and etc.etc.
my accounts have performed at an average annualized 30% even after all this mess, so i'm learning something evidently.