If you really like the house, you can consider making another, higher offer. But be careful you're not offering more than the home is worth. Don't get carried away by your emotions.
Or wait. Then make the same offer (or a lower offer) again. Sellers' motivations can change. Often, when a property first comes on the market, sellers are relatively inflexible. (Realtors can tell you lots of stories of sellers who reject a first, pretty good, offer. Then no others come in.) But after a few months, those sellers become more flexible. Sometimes a lot more flexible. Dp2 makes a very good point that some sellers just can't afford to go as low as you'd like. But there are also times when, after 3-4 months, they just want to get rid of the property.
I personally favor the latter approach. Wait awhile, then make another offer. And not necessarily a higher offer.
Hope that helps.
A few hours ago, I stumbled on the listing of a property for which I made an offer (roughly 10 months ago). The seller blew off my offer only to sell his/her property 7 months later via a distressed sale for roughly $100K less than I offered. Unfortunately, this case isn't unique--especially now. Buyers can't force sellers to sell their homes for lower prices, and sellers can't force buyers to pay higher prices.
While there are numerous people that will give you a market value on a selected piece of property, there are only two values that really matter in a real estate transaction: the value the seller places on the house, and the value you place on the house. If you are unwilling or unable to raise your bid amount, then you need to go find another house. I will tell you that I have been looking for nine months and after having six failed offers we have finally connected on our seventh.
Even though this process has been so frustrating that we almost signed the next yearâ€™s lease on our apartment. I made the decision to look one more time and by accident listed a house on our search list that was totally unacceptable to us as it was heated by fuel oil with an Underground Storage Tank (UST). What I found was a house that met or exceeded what we wanted down to the fire place in the living room which was what we called a â€œpipe dreamâ€ nine months ago.
Out of the 50 or 60 houses my partner and I viewed over the nine months, this is one of two houses where he walked out and said he like it. I donâ€™t care what any appraiser says, that alone was probably worth 50 thousand in value right then and there. So I had my realtor research the comps, etc. We put place an offer that was appropriate for what where we wanted the sellers to match. Their counter offer was a few thousand more, and we accepted with a keen eye to the fact that at this point, the negotiations were just beginning. Remember, there will be things that you will want the current sellers to fix prior to your closing.
Well ... sure you could offer more. But ... I took a look at that zip code of yours. The Detroit area ...
You area is really really beaten-up, perhaps more than anywhere else in the entire country. So there should be a disproportionately high number of real bargains to be had, and a lot of desperate sellers.
So ... if it were me, I wouldn't get too attached or excited about that one house that you made an offer on. This is a really really good time for you to buy a home at a huge discount, if you are going to live there long-term. It's also a great time to consider if you are meant to be a landlord. There are what appears to be very good deals on multi-family homes there. Here's a link to the one's on Truliia.
If you get the right multi-family home, you'll have your tenants paying for your mortgage AND your personal cost of living there can often be much much less than if you bought a single family home - even one at a big discount.
It's worth thinking about anyway. Have a great night!
The only thing you can do ......is.... (love the way Mack phrased it) offer "mo money" !
Obviously, if your terms are weak, that may have factored into the seller's reaction (or lack thereof).
Discuss this with your realtor (assuming you have one), and come up with a strategy for your next move.
So..to be succinct - your next move is to.... move UP in price.... and tighten those terms.