Home Buying in Prior Lake>Question Details

Justin, Home Buyer in Prior Lake, MN

I recently put an offer on a home in Prior Lake Minnesota. The seller countered with a number that just

Asked by Justin, Prior Lake, MN Thu Jul 3, 2008

wasn't in my budget, so I turned it down and kept looking at other homes. One week later, the seller got it touch with our realtor and asked if we were still interested in the house, I said yes and toured the home one more time. Now, they have come back and are asking way above my original offer. How should I handle this? Would it be best to walk away or knock off a few thousand on my original offer?

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Justin,

The seller unfortunately has the right to accept the terms that are acceptable to him. If this doesn't feel comfortable in your budget or what you feel the home is worth, you can do one of two things. You can stand firm on your offer or check out other options available to you. You are in the drivers seat. Hopes this information helps.
0 votes Thank Flag Link Sun Mar 24, 2013
Good for you! Glad to hear it. We were reasonable when we sold our home even though the market had not started in free fall we helped our buyers a young couple with the down payment on a traditional first time buyers city loan. Many of the Realtor's helped push this current crisis by telling people if they didn't buy now they wouldn't be able to afford to buy later and you see what happened to them they are now in foreclosure.

Stand your ground and don't put yourself in a bind. Know that there will be plenty of other opportunities to buy another property this foreclosure mess is far from over and it will take years and years for a recovery we are older and have been through a similar situation in the 80's. Good Luck and Happy 4th!
0 votes Thank Flag Link Thu Jul 3, 2008
That's the kicker... we put in an offer, which was counter offerred... we declined. Then a few weeks later they came back to us to ask if we were still interested... we said yes, and set up another walk through... the next day, the seller upped the price. I like the house, but not that much...

And my "best offer" was my first offer... but, I'm in no hurry, I have no current house, I'm not asking for any contingencies, we're very flexible on the close, we have a pre-approval letter... and our offer on the table.
0 votes Thank Flag Link Thu Jul 3, 2008
I've often been counseling buyers & sellers that are miles apart to do a "best and final" offer. It either will work or not but the buyer and seller both know where they stand. Sometimes they work and sometimes they don't. If the seller rejects they may come back to you a 2nd time in another month or two.

If you really like the house, it is worth doing everything you can if you'd really regret losing it.
Web Reference: http://www.AaronSOLD.com
0 votes Thank Flag Link Thu Jul 3, 2008
If you really want this house then keep negotiating. Just counter back with a new price. I usually write a letter to the seller to go along with an offer or counter offer to explain my client’s position as to why they are offering what we are. Sometimes they are just over priced and that needs to be proved with comps. At other times you can only afford a certain price and you just need to make your case and not just run away too quickly. If you are solid in your financing it is important to point this out to them. They ability to purchase is huge. If I was representing the seller and had two offers and one was a little lower but the financing looked stellar and the other offered more money but sketchy had financing, I would recommend (depending on the situation) the ones with solid financing.

If they don’t accept your offer they may be waiting a while for another and eventually accepting one around your price. If it is within reason I say - send back a counter offer.
Good luck.
Web Reference: http://www.LionelWilson.com
0 votes Thank Flag Link Thu Jul 3, 2008
If you want the home if the seller meets your offer just as long it's not low ball, then close the deal purchase the home. Nothing else will compare once you locate that prefect home. http://www.lynn911.com
0 votes Thank Flag Link Thu Jul 3, 2008
Walk Away it's a Buyer's Market! Don't get yourself in a situation where you can't afford to keep your home. We had a home we bought in the early 1980's and it was several years before we could even think of getting what we paid for it. The bottom of the market has yet to arrive since they continued to give Liar's Loan's through 2007 and if you find yourself in a bind you will not be able to sell your property for MANY years without a Loss! In addition to the Liars Loans many people with traditional mortgages are now beginning to default and with the high costs of gasoline, food, heating fuel, etc., that number will only rise making it even more difficult to sell if you should encounter hardship.

Look at it this way the Seller will either come around or you will find another property that won't put you in financial hardship.
0 votes Thank Flag Link Thu Jul 3, 2008
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