Profile picture for user417512

My wife and I put in an offer below the asking price. Seller said he wouldn't accept below a certain

dollar amount. Is it worthwhile to put in an offer sometime later a few thousand dollars
more from our first try? Or is it a waste of time? We'd like to show the buyer we are interested, but not at his asking price.
  • March 19 2012 - US
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Answers (8)

In this economy; you are expected to make an offer you think is fair price. Sellers, having hard time separating from their home that they, lived a part of their lives, will not usually accept the first offer.
You should go as low as 10% of the asking price and you have a chance of acceptance.
If the seller does not give you a decent counter don't waste your time. move on.
  • March 21 2012
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I would suggest that your realtor should do a market analysis on this property. After looking this over you will know if the seller is overpriced. If so, wait a while and look for another choice. Perhaps the seller will come down, but more likely you will find another home that is perfect for you.

If the analysis confirms that the seller is priced right, your realtor should be able to show you what the average percentage of list price has been for sold properties  in your area. Go from there if you reoffer.
  • March 21 2012
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As many have said before me, if the house is still available in a couple months from now, the seller's will tend to be more willing to accept an offer that they hadn't considered before. A lot of times you may not even have to come up in price at all, just resubmit the offer and hope for the best. Many times the seller's 'disillusion' will be their downfall as subsequent offers are usually lower than the first initial offers.

Sometimes waiting does work out in their favor, but the majority of the time the longer the property has been on the market the better it is for buyers.

It doesn't hurt to try- all they can say is no, and in that case you're in the same position your in now. Go for it!
  • March 20 2012
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Just remember this. If you wait to long to counter their offer, the house may not be available. If this is the house you want it may be best to counter a little higher then your original offer and see if they come down. This shows your interest.
  • March 19 2012
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If you are not in love with this home, then wait awhile. If it's something you really want, make him another offer. You need to determine what you really want there. I have found sellers that get fixed on a certain price, only to change it after a buyer comes and goes. If you can step back, it might help in bringing them around. It all depends on you and your desires. Good Luck!
  • March 19 2012
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Some people are just so far of base when it comes to what their home is worth. I say if you are still looking  and it is still for sale in a couple of months, THEN offer again...all a seller can do is say NO.
  • March 19 2012
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Profile picture for Ofe Polack

You do not say if this is a short sale, or bank owned, oftentimes we receive instructions from the lender not to accept anything below a certain price.

  • March 19 2012
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Profile picture for the_country_hick
The only way to know is to try it.

The seller could be saying below that amount they would lose money. They are not ready to deal with that at this time.

The seller could be trying to get you to bid higher.

The seller could be hoping for more than the house is worth and this is an attempt but they would accept a lower amount.

You never know what the seller is really thinking or what they need to sell the house for. All you can do si to make an offer you can accept. If the seller rejects it come back in a year. It may be even cheaper at that time.
  • March 19 2012
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