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Earlier this week I entered a contract for a new home purchase. The stips were: 3% of closing costs, some window treatments, pull down stairs to attic and a refrid to match other appliances. The counter was : 2 % of closing, no window treatments, pull down and refridg but only offered a 1 yr warranty on a NEW home. By the way his counter was 24 hours late with no explanation. Given the # of available homes on the market, I opted to cease negotiations.
My question is this: Do you think my requests were unreasonable and what is your opinion of a 1 yr warranty on a new home. I am positioned very well. My other home sold so I have a good down payement and am preapproved by the lender.
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"3% of (towards?) closing costs, some window treatments, pull down stairs to attic and a refrid to match other appliances." .... this is NOT a full price offer.
When a builder / listing agent blatantly goes 24hrs beyond the counter offer request time without explanation and no calls in between, I can only deduce they do not want to move the house
It seems like your big issue is that the seller got back to you 24 hrs late??? It's not even the price? So.....you want to "punish" them because they didn't exactly fulfill your demands? Maybe they were out of town or had family issues?
"Stuff happens" a lot in RE offers & transactions. If you can't handle a fairly minor bump like this, you are going to have a difficult, emotional, time buying or selling properties......what's gonna happen when you get an accepted offer, & the seller doesn't comply with all your demands w/in 24 hours?????
If your so offended that the seller did not get back to you in your precious time frame, then you must live a sad life and, quite honestly, are not suitable for home ownership.
I know one of my coworker, she make complain all day, but she still is a homeowner.
Look at the market and see how long the houses wait. Compare the number of sales in 2008, 2007 and 2005. (I know I know these numbers are for other areas, if you have a house or if you are an agent, your neighborhood is always exceptional)
Then go and offer whatever you want. If the seller does not accept, make an offer to the next one.
"It seems like your big issue is that the seller got back to you 24 hrs late??? It's not even the price? So.....you want to "punish" them because they didn't exactly fulfill your demands? Maybe they were out of town or had family issues? "Stuff happens" a lot in RE offers & transactions. If you can't handle a fairly minor bump like this, you are going to have a difficult, emotional, time buying or selling properties......what's gonna happen when you get an accepted offer, & the seller doesn't comply with all your demands w/in 24 hours????? " Woody and 2Big, you nailed it. My big issue WAS the listing agent did not have the courtesty to call to extend the 'requested' , not demanded, time frame. Yes my time is valuable as I traveled 500 miles to see the house, the least I expected was a little respect. I actually have a fullfilled life and since I just sold my home of 10 years, am quite suited for home ownership, thank you.
I've moved on.
Why ask the seller for all sorts of construction work instead of asking for a discount that would cover the cost of having it done?
It appears this is new construction so it would make sense to have the builder take care of it rather than receiving a credit. The builder has labor and materials on site and can take care of extra work for pennies on the dollar compared to what you'd spend to get a GC out to the property for a series of relatively small tasks. Also, if they built the house then they have a solid understanding of the ins and outs which means they can jump right in and do the work ASAP. Builders are dying to keep their crews busy and I've found that they are willing to give 5 X's the upgrades than they are in credits because upgrades don't show up in the MLS so if they have to do $15,000 (retail cost) in work to close a deal at full list price that's very likely worth it to them because when the next buyer comes along all they see is the last one they built sold for full price.
Also I do want to point out that many buyers and their agents fall into the trap of making time demands along with their offers. If you're going to do that on the basis that "your time is valuable" than make the same assumption about the other side. I made a 24 hour exploding offer for my clients on a property earlier in my career and never bothered to call the other side to speak with them. They did not respond to our offer in 24 hours so my buyer flew off the handle and wanted me to call and tell them off. When I did, I found out that the owner of the property's mother had just passed away and he left on a plane immediately upon hearing the news. His agent was not even informed until after 24 hours so he was just as in the dark as we were. When the seller came back we all sat down- our side apologized- and we ended up getting the deal done but BEWARE. A little extra effort to recognize the human element on the other side goes a long way. No ones like to be bullied- regardless of how soft the market is.
Really, now. The market for time demands was several years ago when all you had to do was think about selling your house and you had multiple offers. Flexibility is the key in every negotiation and "win-win or no deal" should still govern all of our transactions. There's nothing wrong with wanting to get a killer deal, but don't ever forget that what goes around comes around. Engage in 'win-win or no deal' and you'll never have to worry about it. You'll still get a good value if you offer a fair price for the house you really want. If it's just an investment, offer the price you're willing to pay; you don't have to justify it with a market analysis. If you're turned down, just move on. If the seller is insulted simply explain that it's just an investment, not an insult and that a certain percentage of people will say yes to an offer like that, and you're just working the numbers. I've been on both sides, as a seller and a buyer, as an agent and as a principal. As an agent I've advised both the buyer and the seller that the offer was too low, and I've been both vindicated and surprised. It's only numbers. As an agent, if the buyer really wants the house, my counsel is a fair offer with reasonable concessions to stimulate a counter that is acceptable. To the extent that they are not married to the house is the extent to which they'll lowball. Anyway, just my two cents. If you have the flexibility to wait, timing the market is always risky business. You might get a lower price, but a higher rate or vice versa. Quality of life is more important than a few or even $10-20k dollars. If you find the right property and the price is reasonable, buy it now. Even if you bought at the peak of the market a few years back, if you put 5-10% down like you were supposed to, you might be upside down right now, but that only matters if you have to sell it. If you stay put,your value will return in a few years and meanwhile you've lived in a beautifull house for the past 5-6 years. You may not have any appreciation, or perhaps some depreciation, but you bought the house because you loved it and now you've been living in a house you love, so what's the prob?
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