Home Buying in 11790>Question Details

Talltam, Home Buyer in 08110

Offer Rejected...should I Resubmit an offer now or later??

Asked by Talltam, 08110 Wed Jul 1, 2009

I put in a bid of 135K with 5K for closing cost on an asking price of 149K. Seller's agent rejected offer and said a bid came in at 144K and they countered for 146K. This house has been on the market for almost a year, was almost sold at one point, but the mortgage didn't go through.

I'm willing to go as high as 140K, with or without closing costs paid. My financing is solid and I'm ready to close very quickly. I really liked this house, but I refuse to overpay for it. I've been looking at other homes, but I haven't found anything else that I like yet and I would like to close in 60 days max.

I'm thinking that I may continue to look at houses for a month or so and, if I haven't found anything, I'll check back with the initial home and see if the sale is going through. If not, I'll resubmit at 140K.

Does this sound good? Or should I resubmit now and ask him to consider my offer it the current contract does not go to closing?

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The decision is totally yours, however, think about -- how much do you really like this property, how badly do you want it, will you be happy there and will it suit your lifestyle, etc.,--if yes resubmit now and take no chances.

0 votes Thank Flag Link Thu Jul 2, 2009
It sounds like you may want to continue looking if they are already working with an offer that is higher than you wish to go. In our area it is unethical for the seller's agent to divulge what another offer came in at, or worse, to divulge what the seller is doing. There is a possibility that seller has directed his agent to do so. If that is the case they will disclose your offer to other parties as well. Best wishes. I hope you find that perfect fit.
0 votes Thank Flag Link Fri Aug 7, 2009
If it is a fair offer or not depends on your market area. If you are working with a buyers agent, they should be able to do a market analysis for you. Having a current market analysis will provide you the are market details to see if you are submitting a low ball or reasonable offer. The other factor you have to weigh is the sellers motivation to sell. My suggestiong would be to submit your best offer, if it's accepted or can be negotiated to agreement great, if not move on to the next property.
0 votes Thank Flag Link Thu Aug 6, 2009
Thanks for all of your suggestions!! I found another home that I Love. I'm under contract now and hopefully I'll be closing towards the end of this month, YAY!!

P.S. The house that I was stressing over in my initial post is STILL on the market!! Hmm, something doesn't seem right there...I'm glad I passed!!
0 votes Thank Flag Link Thu Aug 6, 2009
Thanks for the feedback so far. Yes, I do like the house, but my gut is telling me that if I go over my 140K threshold...I will regret it. I feel that I can get this house, or a similiar one, at my target price. It just hasn't happened yet.

I was thinking if the sale does not go through then the seller will be more inclined to accept my lower offer since I'll be there...ready, willing and able to take it off of his hands after nearly a year. But I will regret it if this house sells at a little higher then my target price and I'm still houseless.

This is a vacant property that has been rehabbed. I think that the seller is more concerned about how much profit he will make. I'm still not sure what to do.
0 votes Thank Flag Link Wed Jul 1, 2009
It sounds like you really like this house, go with your best foot forward. You are going to make that new offer later, but why do you want to wait you should make it now. Also consult with your Realltor and get comps to see what selling and how much sold for in the area, it might make you feel better that you are not over paying and you have done your homework.
If we calculate extra $4,000 is like $20/- a month (if 5% interest rate), is approx .66 cents per day.
You can try to offer (revised) $140k net to seller, if it still doesn't work then you can think of this calculation of extra $4,000 (break it down to .66 cents per day).
This decision has to be made by you.."do you picture yourself that you can live in this house, does it fits your budget, your liking, etc"..well then how much you want to take gamble to find out that someone had purchase for what you were willing to pay or just a little more...
There are always new listings coming up, so you are free to search more homes...
Good Luck....
0 votes Thank Flag Link Wed Jul 1, 2009
Re-submit your offer. You have nothing to loose. If your agent can present your offer in person you may have a much better chance of getting it accepted. That depends on their negotiating skill of course.
Web Reference: http://www.SusanPeters.com
0 votes Thank Flag Link Wed Jul 1, 2009
I would wait and see if the sale on the home you likes go through. The sellers are looking at their bottom line and at your first offer of 135k and 5k back for closing costs they were only getting 130k and that's before they have to pay their closing costs and realtor fees. Which is why they countered the other offer at 146k. To offer them only 5k more than your first offer does not put you in the ball park as their current offer. You don't know what they need to get out of the house to not bring money to the table. But with the counter to the other offer it gives you a good idea of what they will accept. Good luck on finding a home. New listings come on the market every day.
0 votes Thank Flag Link Wed Jul 1, 2009
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