Home Buying in Nevada>Question Details

Engine2007, Home Buyer in Nevada

How do you make a seller come done on their counter offer?

Asked by Engine2007, Nevada Fri Jul 9, 2010

We are looking at buying a 3 yr old house that is on the market for 169,500, which the owners bought 3 ys ago for 159000. Of course we started low, 140,000 as is w furniture. They countered with 163,000 w furniture (the house was sold to them with the furniture due to it being a model home 3 yrs ago). We came back w 150000 as if w furn, they came back with 163000 again, so asked to met in the middle at 155000, they came back w 160000 firm. ugggggg! so we said 156000 and waiting for the answer. The whole problem is that a new builder is building on the street behind us, we could get the same size house and 1 more garage for 163000 or 100 sq ft larger also with 1 more garage for 167000. Our thing is that is house offers more what we are looking for and is in new condition. Do we give in and take what they offer next or go up 1000?

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Have your agent run a Comparative Market Analysis for you, based on other comparable homes recently sold... a CMA is not based on what this home was sold for years ago. Also, when negotiating, think of the Seller's outlook: they set a price they want, and you keep coming back $1000 up.. why would they sell for less than they are asking, if they are in no hurry to sell? Would you? Has your agent shown you any other homes in the immediate area that may be the same model? Do you have an agent representing you, or are you dealing directly with the Seller's agent? It's important to have an agent that represents you.
0 votes Thank Flag Link Sat Jul 10, 2010
You don't.

You don't "make" sellers come down, you reason with them, and if they don't come down, you either come up or go away.

But there's something even more important than the deal. And it is: where do you and your family want to live their lives, in this house, or the one on the next street?

This is something you have complete control over.
0 votes Thank Flag Link Sat Jul 10, 2010
Thanks everyone! They bought the house for $159 3 yrs ago. We are waiting on pens and needles to see what they counter offer after we said $156. It is in our favor that these new houses started to be built, not theirs so much. If we were making counter offers a month ago I wouldn't be going back and forth. The agent knows that it will appraise close or more than their listing price of $169, so if we get it for $160 I know we did good.
0 votes Thank Flag Link Sat Jul 10, 2010

Since this is a "Nearly New" home, the Sellers may be getting close to the pay off of their mortgage, especially if they have an equity line. Have your Buyer's Agent check with your county Assessor's/Auditor's Office (or you can check on line, if you don't have a Buyer's Agent for the original amount of the mortgage and any equity line. This is info you need to know.
0 votes Thank Flag Link Sat Jul 10, 2010
Although.....when going back and forth like this....nobody wants to be the one to give in. Sometime's you just need to step back and look at it. Do you really want this house? Is it worth it to you? Put aside the going back and forth frustration. If the house offers more of what you are looking for.......despite the price of the others...that is a great deal of value right there, and if you buy it, you will be able to enjoy those features for years. You really can't force someone to keep doing counters. It seems to me, that this seller is quite firm now. I think you have to accept it, ugh.....or move on. The downside is if you accept it, you still would have liked to counter more, but you can get over that. The really upside is you will get the home that you really want and it does not seem like you have a big difference. Keep in mind, that the seller really is not walking away profit. They had closing costs to buy and closing costs to sell.
0 votes Thank Flag Link Sat Jul 10, 2010
$50,000. Seller wouldn't accept less than $420,000 and we got the same house down the street for $370,000.

I realize it's a much larger price difference than the original poster is talking about but it's the same principal. You should pay what the house is worth in today's market. Not what the seller wants to get out of the house.
0 votes Thank Flag Link Sat Jul 10, 2010
are you talking $50,000 or $5000? Big difference.
0 votes Thank Flag Link Sat Jul 10, 2010
What have other homes in the area sold for? Has the market in your area declined or increased over the past 3 years? It's true the difference in the monthly payment between $156 and $160 isn't significant but, for me it wasn't just about purchasing at a price we could afford. We didn't want to overpay for a house even if we loved it. We were willing to walk away (and we did) if we felt we were paying too much for a house.

Sometimes sellers aren't ready to reduce their price especially if it means taking a loss on the property. We looked at a home were the seller bought in 2008 and wouldn't accept anything less than what he had paid for it. Even though we could afford it and loved the upgrades he made, we didn't want to over pay for a house and wound up getting the same exact model house on the same street for $50,000 less which was inline with recent comps. The house we're currently under contract with didn't have the same upgrades as the other house but the cost to make those upgrades will not be anywhere close to $50,000 and now we can make the changes exactly as we would want it.
0 votes Thank Flag Link Sat Jul 10, 2010
Also a thought that just came to me. In the 3 ys the sellers has not put any money into this house. The front was already landscaped (not grass) so no up keep and the back yard is still dirt. With it being furnished they didn't need to buy any of that. We are asking as is, granted there are only little piddly things that are wrong with this house. The company who put in these homes painted a few of the walls bad bad bad colors, they haven't even painted these walls. I hope that helps to see where we are coming from.
0 votes Thank Flag Link Sat Jul 10, 2010
Marge, thanks for the advice. She has not given it to us on paper, but we have talked about how much the other houses have sold for. She has also presented it to the sellers how easy it would be for us to walk across the street to the new homes being built and get a brand new house same size for 162000.
James, thanks to you too for the advice. I understand that it is only 24.00 difference, but I guess it comes down to principal. Either take this offer, which is the first one and the has been on the market for 3 months so not too long, but the word is just getting out on the newly constructed houses. And I would think others would be thinking also oh a new house for the same price!! What advice can you give me if they still stick w 160000? Will going up to 157 or 158 change their minds? Or make them mad?
0 votes Thank Flag Link Sat Jul 10, 2010
have your agent do a good CMA for you on this home. sounds like $160 may be a good price
0 votes Thank Flag Link Sat Jul 10, 2010
Engine you are negotiating over about 24.00 a month on your payment. Also those new construction homes come with a lot less than just no furniture. Start adding up the cost of landscaping, curtain rods, blinds, you get the picture. I don't know about your area but the window treatments and color coordinating accesories come with a model in my area but the builder rents the home type furniture, the office type furnitue they normally own.
0 votes Thank Flag Link Sat Jul 10, 2010
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