Isnt this a strange offer? ?

Question

Me and my husband put a 190K offer with seller to pay closing costs on a house with a listing price of 215K. After waiting 7 days, we got their counter today. They ask for 215K with an increase in the earnest money. What does this mean? They didnt even go down at all.

Two sons inhereted their parents paid off house and are selling it. We really want the house but we dont want to pay 215K. Is it worth it to submit an offer for 200K?

The house is located in the San Diego area of California. Thanks.

Answer 1

The increased earnest money is a sign that they do not think you are serious. Your low-balll offer - and if you think about it, you offered them $186k, which was $29k, or about 14% below their asking price - tells the seller you are not really serious.

Your agent dropped the ball big time if he/she let you put in this offer on a paid-for, non-owner-occupied home. While you might think it's a buyer's market, that's not the case for these sellers. Your agent should have known better.

Answer 2

Go ahead and counter for 200k and walk away if they do not accept it.  It is a buyers market right now, take advantage of it.

Answer 3

Your agent should of told you how much it would cost the seller to pay for closing costs.  You made a very low offer and made the seller mad.  It doesn't matter why they want to sell and who owns the house.  I would say ask your agent if you should counter.  I no longer sell R.E.  but I did sell for over 11 yrs.

Answer 4

190K w/ seller paid closing costs ($6000?) is a lowball offer.  It was probably slirghtly offensive to them.  Keep in mind that if the house was inherited, there's probably little urgency to sell it.

You could try 197K.  They may counter again, and you could try to settle it around 202K.  

-- I forgot to add - Make your offer contingent on home inspection!!!  Once you have the home inspection, you will be able to renogotiate the sales price

Answer 5

That sounds cheap for San Diego.  Since the home is owned free and clear, they can afford to wait until they get their price, which they might already think is reasonable.

Answer 6

Are they agreeing to pay your closing costs, and how much are they.  If so, this could be a perfectly fine counteroffer as this would essentially be lowering the price by the amount of the closing costs.

If I were you I'd just figure out what you are willing to pay at the most, and counteroffer a bit below that.  This could still happen though at first glance it seems like the two of you are to far apart - still worth one more counter if you really want the place.