Profile picture for user9709803

Non Motivated Seller?

I decided to put an offer on the house and do the renovations the old fashion way. Time and saving money. The property was listed at 105k but the market analysis for the area it was waaaaay over priced. Only one house sold in the last year and all were in the 72k to 79k price range. So offered 80k. They quickly counter offered with 95k, 10k less then asking. I had my agent explain that there are repairs needed that are not included in the renovation. AC repair and un even flooring issue. The seller stated that they payed 100k in 2006 and could not go lower then 95k for them not loosing any money. They are stating that any repairs is minor and they are not going to bring any cash to the deal. ie closing cost ect ect. I know that they owe 80k left on the loan and the market is not what it was in 2006. They are moving to Miami at the end of the month and thats the reason for selling. I had my AC guy look at the property and he concluded it does need rehab and gave me a estimate of cost. I guess my question is now. is this deal done? i was thinking of offering 85k submitting a detailed report on the AC repair and that i will cover the repairs. Any advice on handling un motivated sellers? thanks again all
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June 27 2012 - Austin
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Answers (6)

Profile picture for lkajfh
Sometimes, it takes some time for sellers to come to reality on the state of the market and the current value of their homes.  Many get too caught up in "what they have in to it" vs. the market value.

Your offer may be the 1st step in that reality check, and they may come back to you in the future.  Two deals I worked on in the past year had the seller come back to us after an initial offer/counter offer was walked away from by the buyer and sellers.  

Monitor the property, get an agent to set you up a custom search with email alerts for the property so you know immediately about any price drops.  And after a month or two go back and casually let them know your still in the market but your price is the same and see what they say.
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July 02 2012
You can submit your offer of $85,000 and leave it on the table for a specific period of time. In the meantime look at other properties in your price range that may spark your interest. Who knows....you may find a nicer home or the seller may come back to you in a few weeks accepting your offer. Good luck"
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June 28 2012
Profile picture for user9709803
Thank you all for all the advice... its good to hear many different perspectives... I am going to post another question about another property, please take a look at it.... thanks again

j
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June 28 2012
My advice on "handling" an un-motivated seller is to leave them alone and work on somebody who wants to play ball.

All the best,
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June 28 2012
Profile picture for the_country_hick
When you have a seller who overpaid for the property and then says they will not lose money on it the time has come to look elsewhere.

Obviously this seller is not going to drop their price because they "feel" the house is worth what they owe on it and will not sell at a loss. In time they may drop their price but do not expect it to happen quickly.
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June 28 2012

The value of a home has absolutely nothing to do with what the owner paid or owes on the property. It does however have a huge impact on the sellers motivation and willingness to negotiate. You may need to wait for the sellers motivation to increase. If you plan on obtaining a mortgage on the property your lender will require a new real estate appraisal of value which should help ensure you do not over pay for the house.



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June 28 2012
 
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