Home Buying in Thomasville>Question Details

Dreamer, Home Buyer in 27292

If you make an offer on a house and the seller said, "NO", and did not make a counter offer. What is the next step?

Asked by Dreamer, 27292 Fri Dec 11, 2009

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Depends on how much you like the house and how patient you are.

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.
1 vote Thank Flag Link Sat Dec 12, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
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Personally, I'd thank the seller for his/her time, wish him/her good luck, ask him/her to keep me in mind if s/he can't find a buyer who's willing to pay a higher price, and move on to the next property.

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.
1 vote Thank Flag Link Sat Dec 12, 2009
If it's a flat out NO without a counter offer then offer must not be in the range that the seller is looking for or the terms of the offer are not what the seller wants to work with. If it's a house you really want and are not trying to low ball, then make another offer that's fair to both you and the seller and see how that goes.
1 vote Thank Flag Link Fri Dec 11, 2009
Raise your offer or move on to another property. The seller isn't obligated to counter.
1 vote Thank Flag Link Fri Dec 11, 2009
I agree with Anna...What does your agent say?
Web Reference: http://www.LindaHinson.com
1 vote Thank Flag Link Fri Dec 11, 2009
What is your Realtor advising you to do? Keep in mind that if the seller has representation so should you. It depends--how badly do you want this property? If "this is the one" make another and better offer.
1 vote Thank Flag Link Fri Dec 11, 2009
Yes, Linda, that's true, except that other people who have the same question will click here for an answer, and they might not have an agent to rely on. Or, maybe they don't trust that agent, as seems to be true for all too many people.
0 votes Thank Flag Link Sat Dec 12, 2009
Am I missing something here? I realize real estate law is different from state to state, but if Dreamer has signed an agency agreement with his agent and made an offer through that agent, he/she should be directed back to his agent for advice. Now, if Dreamer is working alone and made an offer, that is a different story, but he/she doesn't say that. I know we all want to be helpful but we do have to be careful.
Web Reference: http://www.LindaHinson.com
0 votes Thank Flag Link Sat Dec 12, 2009
Dreamer,
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 year’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 “pipe dream” 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 don’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.
0 votes Thank Flag Link Sat Dec 12, 2009
Hey Dreamer,

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.

http://www.trulia.com/for_sale/MULTI-FAMILY_type/0-200000_pr…

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!

Jeff
0 votes Thank Flag Link Sat Dec 12, 2009
If the seller didn't give you a counter offer...more than likely they didn't take your offer seriously - was it very low??

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.

Good luck!
0 votes Thank Flag Link Fri Dec 11, 2009
Mo' money. Mo' money. Mo' money. Or, better terms. But, in all likelihood, mo' money.
0 votes Thank Flag Link Fri Dec 11, 2009
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