if a house is the market for 430kn i didi counterofferof 350k n they say no what other counter offer should i do

Coco
I do not work your market, so I am sure things are different in your area.

Here is what I would look for (ask your Realtor)

How much inventory is on the market. A balanced market is considered to be six month of sales. If there are 120 homes like the one you want to buy, and 30 homes sell each month, then you have a four month supply of homes. In my market most areas are between 3-4 months, so although it's a buyer's market, sellers actually have the upper hand in some cases because there simply are not many homes in a particular price range.

Also, does your Realtor talk with the listing agent about why the owners are selling? Asking what is important to them, length of escrow they need, etc.? Sometimes a buyer can learn the things that are important to a seller, and write an offer that addresses some of those concerns.

Greetings Coco,
One of the things that may be of issue with regards to your bid could be your "Proof of Funds" Statement. I have a client who is submitting bids is a pre-qualification letter vs. pre-approval. There is a difference.

If your paper work is in order and you did not get a response then your bid is probably too low. COUNTER OFFERS ARE A COURTESY...there is no where written, only implied, that you are going to receive a counter. Sometimes asset managers have to run out the clock when it comes to properties. By that I mean they have formulas, guidelines, etc regarding the bottom line on each asset.

It is a buyer's market, that doesn't mean the buyer dictates the flow of things. That means that there are more homes for sale than there are buyers...you have the luxury of taking your time to find THE HOUSE. It doesn't mean that the seller has to lower their asking price, install a jacuzzi, build a privacy fence, buy a new A/C unit and change the color scheme in the kitchen because the buyer asked.

Appraised values are truly the only instruments in these times that truly lend leverage. Not saying to go out and have the property appraised, but I GUARANTEE if those high $500K townhouses only appraised for $447K with a clear to close issued on a lender package, all stipulations have been met, the new AMENDED contractual sales price will be $447K. If the seller DOES NOT budge and the buyer still wants the property then the solution is simply CASH.

CASH always makes things work. Either pay the difference or move on. In this market don't get your heart set on one property if you are going to play the pricing game. If you want it, buy it...If you only want it for what you have decided a house is worth, then you have to keep moving until you get someone to accept your magic number.

If I'm advertising a car for sale for $2200 and you only choose to offer me $1800...nothing no where says that I have to consider, entertain or respond to you.

The ego and the id take wicked rides when it comes to our perceptions of how other people should treat us...especially with real estate....es-super-specially when it comes to foreclosures.

Good Luck,

Hi Coco,

Did you find a Realtor that you are comfortable working with? I recall you posting something about searching for one. If you have I am hoping they are answering all your questions satisfactorily. If not...I would say at this point I did not offer myself the first time...but if you ever do need a Realtor I am offering myself now.

To answer your question...many sellers are what we call in "denia". They do not want to accept the market conditions and DO hold on to their prices. This is happening a WHOLE lot MORE than you can imagine. Don't be discouraged...there are ways to go about these things to try and come up with a happy medium.

Email me or call me and I will explain in detail for you so that you know what your options are...

Keep your chin up and don't worry...you WILL find your seemingly elusive new home soon!

Laura Lazar Kearns
Licensed Real Estate Sales Agent
Phone - 646-498-9302
Fax -646-731-6875 http://www.lauralazarkearns.com
Hablo Español!
Vorbesc Româneşte!

When the seller does not respond to an offer it is normally done as a gesture to express their dismay with the original offer.

A means of countering this might be to include the rationalle for your offer to justify your number. Including a list of comparison properties sale prices may be helpful. You can always resubmit second and higher offer to see if you can get a response.

Sellers are in the driver's seat and DO have the capacity to control the destiny of thier home.....but when they elect to not present a counter offer the road they are choosing inevitablly is the longer and more difficult one.

Your options seem to be presenting higher offers or moving on to explore other options. Our recommendation is to continue trying...you will eventually find success.
Good luck

Several possibilities:

The Seller may be upside-down, and they are not interested in doing a Short Sale. They cannot (will not) accept an offer that does not cover their loan payoff.

The Seller cannot face the Reality that their house is worth far less than they paid for it. They think that "their house" is worth more than the market rate.

They are financially set and do not have to sell the house.

They are delusional thinking that the Stimulus Package or the $8000 Tax Credit or some other Federal Government Program is going to turn things around.

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My suggestions:

If "your offer is not accepted", move on. Never come back at a higher price - you are only negotiating against yourself.

If you are working with the same Agent and getting these same results, change Agents. Find one that is more assertive and more aggressive in getting your offer accepted, or at least countered.

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Best wishes to you,
Fred
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