Real estate <span title="advice...professionals/experts">advice...professionals/ex...</span> welcome!

Question

we just made an offer on this house http://www.weichert.com/real_estate/nj/middlesex/old_bridge/single_family/20137036/mls_819978.aspx

it is located in old bridge, nj.

it is listed at 680k which is 60k over our top price we can pay. the guy is a divorcee, doesn't live in the house, works on wall-street and lives in the city, this is the second time it has been on the market which makes it on now for over 1 year, and we are wondering with all that considered do you think he will come down to our side of the figure?

i know it is a lot to come down 60k! but this is supposed to be a buyers market, the house is very nice but i believe a bit overpriced. we offered him 600k and he came back with 673k or something like that. is that him saying "s***w you" or is that him playing the game? i feel like we should just be like "well pay 620 take it or leave it"...because that is our bottom line...why waste this time back and fourth and get our hopes up? we've looked everywhere, at everything, and everything we like is out of our price range and the sellers won't come down. we are pre-approved, with our house completely sold (under contract) contingent on us finding a house, and we are putting anywhere from 180-210k down depending on the price we end up paying.

help help help...what do you think? obviously no one can know what's gonna happen but this guy but in your honest opinions, what do you think about the whole thing??

i know i know...FIND A CHEAPER HOUSE WOULD BE THE SOLUTION...we know that already. but the living arrangement that we need is specific and not a huge amount of houses fit that.

thanks for any help!

Answer 1

What did this guy pay for it?  What is the assssed value.?  Check the public records.  Do your home work.  Wall street is in a deep funk right now.  He may may be more desperate to sell than you think.  Play it cool.  A house is like a bus.  If you miss one, there will be anouther one coming.

Answer 2

You know, there is a saying:  the offeror is master of the offer.  

What that means is that you can offer whatever you want.  If 673k is too high for you, then offer something less.  If you want.  The ball is in your court.  Yes, if this seller wants to hold out for something higher, then expect a lot of back-and-forth.  Perhaps you and he, or his agent, can meet face to face and hammer out a deal you both can live with.  That will save you time and aggravation.

Be sure you make clear in your offer that your offer is not contingent on selling your home, nor (I presume) contingent on financing, and the escrow will be quick.  Keep in mind that this guy is losing money every month the home sits vacant and unsold, so he is probably somewhat serious about selling.

BTW, that looks like a pretty neat home.  If you like it, then proceed.  Don&#039;t get frustrated.  Deals sometimes take time, patience, and negotiation before they materialize.

Answer 3

First of all WOW that is an incredible house, gorgeous absolutely gorgeous.

When people sell their house they get it in their head a set amount of what they want to make.  When someone comes in 80K lower than advertised people think that they are &quot;losing&quot; $80K when they don&#039;t really have it in the first place but that&#039;s how they feel and that&#039;s why they &quot;fight&quot; such a low price, they do feel insulted after all it&#039;s their house you&#039;re talking about.  It might be a buyers market but if he has been told by his agent that his house is reasonably priced and it&#039;s in line with the comps in the neighborhood, regardless of how long it&#039;s been on the market he&#039;s going to get what he wants for the house.

You can try countering back at $620K and tell the agent it&#039;s your final offer and it he rejects it you will have to move on and see what happens.  To be honest I think that you are going to be disappointed I don&#039;t think this guy is going to go below $660K.

Good luck to you I really hope you get it because it&#039;s just fabulous.

Answer 4

Hi, we buy and sell real estate all the time.  One of the first things we do if we want to make an offer on a property, is go online to check and see how long the seller has owned the house, and how much he bought it for.  We live in Erie Pennsylvania, and if I go on our local government website,  I just click on &quot;view property and tax records&quot; and type in the address of the property.  It shows all of the purchase information and year.  He may have countered with the 673k because he may owe that much on the mortgage.  No seller wants to come to the closing with cash.  I don&#039;t know if every state has the information on purchases like we do, but I use it all the time.  Then you know the sellers bottom line.

Answer 5

Simply say: &quot;We like the house, but our top offer is $x*x. We aren&#039;t jerking you around, that is it.&quot;

If you need a specific type of nhouse get some extra jobs and earn some more money to put to the downpayment.