We had put in an offer on a over priced home............got a call back with a counter offer

Asked by Melissa, San Diego, CA Sat Aug 30, 2008

The listing agent called back with a counter offer. The seller says they will pay all closing cost, but we do not want to pay the counter offer price. There is no other bids on this home. What should we expect next????

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7
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Sat Aug 30, 2008
Melissa:

Are you represented by a Buyer's Agent? What did they say?

This is what I would tell my buyer. You can counter their counter. Once they have made a counter, the original offer is "off the table". If that is the maximum you are willing to pay, counter back at the original price. If you are willing to pay more, counter back at that price. If you want to retain their offer of paying all the closing costs, you need to include that in your counter offer, because the effect of a counter offer, is that it replaces the prior offer on the table.

If you are not working with an agent, you might want to consider having an attorney look at your documents. You want to make sure that you do not inadvertently lock yourself into something you would later regret. A good Buyer's Agent will help you determine a fair offer amount and then fight for you. I wish you the best of luck in buying this home and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
2 votes
Bill Eckler, Agent, Venice, FL
Sun Aug 31, 2008
Melissa,

If this is THE home........keep the doors of negotiations open as long as you can. If not keep looking!
1 vote
Vicky Chrisn…, Agent, Purcellvile, VA
Sat Aug 30, 2008
You should keep negotiating as long as you are interested in the property and as long as it seems the seller is willing to continue negotiations. A few things - in most cases, hard ball doesn't work unless you're truly willing to walk away. Negotiate in the spirit of fairness and cooperation. Keep egos out of it. Make them like you. If you like each other, and want to do business together, and you're both being fair and working towards a win-win solution, your chances of getting a ratified offer are much better. Good luck.
Web Reference:  http://www.vickychrisner.com
1 vote
Dallas Texas, Agent, Dallas, TN
Sat Aug 30, 2008
How do you know the home is over priced? If so why would you want to pursue a home over market value, UNLESS it has a view example: ocean, golf course, and etc. The banks CANT and WONT lend money on a home over priced, lenders will ONLY loan based on appraised value of property. Agree only to purchase home based on appraised value UNLESS you want to come out of pocket make up difference bank would not loan. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference:  http://www.lynn911.com
1 vote
Betina Forem…, Agent, Austin, TX
Wed Oct 29, 2008
Dear Melissa,
By all means give them a counter offer. This is the time for your agent to do her job and work to find a mutually agreeable price and close date. Double check the recently sold comps and send them a counter offer. Good luck with the purchase!
Sincerely,
Betina Foreman, Realtor Austin Texas
Realtor_Austin@yahoo.com
Web Reference:  http://www.BetinaForeman.com
0 votes
Melissa, Home Buyer, San Diego, CA
Mon Sep 29, 2008
Just an update!!!! We did 4 counter offers, and then the listing agent did not get back to us for about a week. Then my agent was told, sorry we rented the property out!!!!!!!!! I guess it was not THE house!!!!
Thank You everyone for your help!!!
0 votes
Nina Daruwal…, Agent, Cupertino, CA
Mon Sep 29, 2008
Melissa,
Firstly, do you have to have THIS home?? Do you have a good agent? your agent should be doing a Market analysis for the home to determine fair market value! Lenders will only lend the amount the Home Appraises at. So, if you think its over-priced, then ask your agent to support the market value with an analysis.....and armed with information, counter the Sellers back at what you want to pay for it! Specially since there is no other bid....they have your offer in hand....they would have to give it serious consideration..........
Perhaps you have already bought the home? or moved on? I am on the national re-location list, and can refer a good agent to you down there.........let me know if you need one.
Be well and safe, and All the Best,
Nina
Web Reference:  http://www.ninadaruwalla.com
0 votes
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