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What to do about a seller who won't budge?

We found a house that we absolutely love but whose asking price is entirely too high. It's a very little house (<900 sqft) that doesn't have much of a market since the upstairs has low ceilings and it's hard to even stand up. But still, we like it and see its potential. 

At the moment, it is listed for $200+/sqft, whereas the average price per sqft of houses sold in the area (most of which are in much better condition than this one) is around $180. We made an offer that matched up exactly with that number (180/sqft) and it was rejected with no counter offer. 

I'm just not sure what to do because I love the house but my fiancé doesn't believe we will be able to re-coop the money spent if we go any higher on our offer. Any thoughts about what to do or what usually happens in these sorts of situations? 



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February 05 - US
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Answers (6)

You should be very careful. If you offer more, and if it appraises for less, will the seller reduce the selling price? If not, and if you don't have the cash to pay the difference, you will likely not get the loan and you will have spend money on a home inspection, possibly other inspections, and an appraisal. You will not be reimbursed by the seller for these if you choose not to move forward with the deal. It could be that the seller owes more on the property than it's worth and they don't want to go through the short sale process. Who knows? Sometimes sellers are just not realistic, and they will likely not sell their home any time soon. Good luck!
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February 05
This is a question for your Realtor to answer. You may not have the correct information for your CMA which may be the reason you are far away from the asking price.
For an example, in one area of Los Angeles, there is a very good school district that serves part of the neighborhood but not the other. Homes in the good school district sell for over 100,000 more due to that fact. This is something your information may not show you, but a local Realtor will.
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February 05
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Ah, another note about comps -- the market comp we got from a realtor put the house at 146/sqft -- so our offer was considerably above that value already. 

Just so bummed out that the seller is so unrealistic :( 
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February 05
I would have your agent pull comps for the area and compare the quality of home not just the soft.  There are things that make a home worth more than the next door house with the same soft.  Tim was correct though, you either come up or walk away.   Remember there will appraisal done on the property if a bank is involved (most of the time) if you are over paying you will know after that.  Nebraska Contracts have an out for the buyer if the home does not appraise and buyer doesn't want to move forward or cannot negotiate with seller more.
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February 05
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Also -- the house has been listed (with no other offers) for 100 days now, if that changes anything!
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February 05
You have two choices:

1. offer more

2. move on or wait and try again after some time


Buyers often assume that because a seller has a property up for sale they are desperate to sell when that is not always true. Some sellers are willing to sell but "At There Price" and not below. Your protection to over paying is the lender will require an appraisal to prove it is worth your offered amount.

All buyers think the house is too high and all sellers think they are listing to low. When you get a seller that won't budge there is no magic to make them. You can try and convince them but some just won't listen or believe. Some buyers assume they need a better agent and if you have that type seller it just does not matter how aggressive your agent is and it might make things worse.
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February 05
 
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