Chances are that you will have an easier time finding a replacement property than the seller will have in finding a replacement buyer. I am making some assumptions about your market from your representations here, since I have no first hand knowledge.
For primary home buyers, one needs to look at the value that home will have on their lifestyle. For investment purposes, it is a pure play on business and numbers. It either makes sense, or it does not. For you, it does not make sense to pay more for this investment property, and losing this property to another buyer appears as though it would not negatively impact you. As long as you are OK with not getting the property, stand your ground and keep your eyes open for alternatives.
If you have data that supports a downward trend in comps, you (or your agent) can prepare a â€œpricing for the futureâ€ spreadsheet which would show where the property may comp out if the trend continues. Add carrying costs that are not offset by rental income and show that the seller may have a better net position by accepting your offer sooner vs. later. Let the seller know that you remain interested, but firm in your offer. Make it easy for the seller to come back to you. If you make it difficult, pride can stand in the way of a good deal for both of you.
The fact that this property is owned by a Realtor is of little bearing. As a company, we have a policy that agents may not represent themselves. As the Broker, I get the pleasure. Itâ€™s often harder for a Realtor to emotionally detach themselves.
All the best!
I don't believe the seller is a Realtor here but is in AZ. The place has been somehwta rehabbed. Still needs more work. The comps ahve been around 170k and he started at 179k last year and is down to 163k. I offered 148k cash. He countered at 160k and I up to 152k.
I think that I will hold the line since he is probably more desperate to sell, that is, unless he really thinks he can get the 160k from someone else.
He has a buyer with cash and I think he would be foolish over 8k.
24 years Schaumburg Area Realtor http://www.LynSims.net