Profile picture for iamfreetoe

what should I do if the seller refuses to lower the selling price?

I have put in a bid for a house and the seller whom has lived there for 2 years expects to get the full price that they paid when they purchased.  Should I just walk?  I dont think the house will appraise for the asking price anyways so then its a no go anyways......

  • January 17 2010 - Bath
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Answers (16)

Best Answer

Profile picture for The LaPeer Team

"It's not exactly rocket science."

Randolph - maybe not for us b/c we do this every day and we don't have an emotional attachment to the property. But for a lot of buyers, buying a home can be as confusing as rocket science. That's why they come to places like Zillow to get advice. What happened to "there's no such thing as a dumb question"?

  • January 17 2010
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Profile picture for The LaPeer Team
This question is really old and the buyer has probably made a decision by now. You could always start a new discussion if you think the topic is still important.
  • December 08 2010
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In Maine we have brokerage agreements. And if you have a contract with a broker to represent you in this sale then he/she should do a CMA (comparable market annalisis) for you. At that point he/she would be able to advise you what to do. If you are alone in this without a broker as I am assuming you are by the tone of your question then I would seek the advise of a local broker. By the way what makes you think that the home isn't worth what it was 2 years ago. Interest rates are lower than they have ever been and I'm beginning to see things turning around a little bit. We are very busy in our office. 
  • December 08 2010
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Profile picture for SteadyState
You will get two types of answers to this type of question:
a) Agents - they will encourage you to put your bet foot forward as they have a vested interest (a 6% interest) in the transaction
b) Economists - who do not have an vested interest in the outcome but  need a "track record" of predictions.
The prior ones pretend to be latter ones so be careful.
If I were you and the house is too expensive, the house is too expensive and I would look for another home. There is an oversupply and not an under supply of homes.
  • November 22 2010
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?
  • November 22 2010
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I'll tell you a funny story...the market here was tanking...have you ever seen a piano drop 100 feet from the sky?  A seller thought they could get $459K for their home....it was nice but not $459K nice...I thought it was priced way too high in light of the market conditions...I suggested that they consider the offer as it may be the best offer they were ever going to see for a long long time...they held steady...I walked...if my memory serves me well they went through six realtors...last time I checked the home was foreclosed on....they headed to Oregon when the market there was on fire...I perish the thought of what ever happened to Bob and Marge. 
  • February 18 2010
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Sellers are feeling pretty 'beat up' these days.  Make your best offer and see what they say.  If this is the home of your dreams and you are correct about the home being overpriced, you may be able to watch and wait.  Try not to offend them in the meantime.  It is nice for sellers to be aware that you are paying what you can afford, and that your offer is not a personal attack.  Good Luck!
  • February 17 2010
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If you have not moved forward with another transaction, and this property is still on the market, I recommend you resubmit your offer.  My guess would be that the seller may have some regret from having let you walk away.  They might reconsider given another opportunity.
  • February 17 2010
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Your question was: "Should I walk?"
and the best answer was: ".... there's no such thing as a dumb question"?

How can the above be the best answer to your question when it did not contain an answer?

Randolphs advice had an additional bonus that demonstrated wisdom on the issue. Regardless of his tact in delivering it.
"3. If they accept, move ahead with caution."

This was the best answer.
Especially since you already knew "Should I just walk? "


  • January 25 2010
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What sort of answer were you expecting?
  • January 17 2010
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Make your best offer:

1. If they counter, counter back or walk.
2. If they refuse it, walk away.
3. If they accept, move ahead with caution.

It's not exactly rocket science.
  • January 17 2010
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Profile picture for Ofe Polack
How long has the property been on the market?  Have there been other offers that have been rejected too?  It is difficult to say what you should do without having more information. I always write on my contracts "subject to property appraising on/above this offer"  that way if it does not appraise you are not boxed into buying it, even if you have savings that you could use.  Maybe at that point the seller may sell it at the appraised value, but he does not have to.  The seller probably bought at a high price, if he has owned it for 2 years, and cannot afford a lower offer without doing a short sale.  Having said all that, with so many other properties on the market, why don't you start looking elsewhere.  
  • January 17 2010
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Profile picture for The LaPeer Team
It really doesn't matter if it appraises or not if you are unwilling to pay the seller's asking price for the house. It is simply not worth it to you. In that case, walk away.

However, if you think it is worth it and are just expecting the seller to negotiate just because that is what the seller is supposed to do, then continue with the offer. If the appraisal comes back under contract price, you can re-negotiate with the seller. If it is an FHA, the appraisal stays with the property for 6 months, so the appraisal amount is the most anyone, not just you, can get a loan for. It is a bad place for a seller to be! However, if it appraises for the sales price, you have a contract. If you go this route, I would get an appraisal before you do inspections. 
  • January 17 2010
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Profile picture for wetdawgs
No seller is obliged to lower the selling price, even if they are asking $10,000,000 for a property that would appraise at $10,000.

Therefore, if you can't come to agreement and have presented the comparables, I'd cancel the contract and look elsewhere.

  • January 17 2010
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find another house
  • January 17 2010
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Has your buyer agent submitted similar houses that have sold within the past 90-180 days to help the listing broker show the seller that your offer is competitive?

Perhaps the seller is only able/willing to take a small loss on the property, in which case they should get it off the market or look into a short sale.  Unless they have increased the square footage or done some significant remodeling, you are correct about the appraisal and should have your agent have other houses to focus on.

  • January 17 2010
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