I agree La Jolla Renter. A couple of months ago we put an offer in on a property in our dream location. The gready sellers turned us down. We were disappointed since we thought we had made them a fair offer but we were $200K apart. Well, they’re back, now willing to accept $100K below our previous offer. The problem is we no longer feel comfortable at even $100K below that. We’re walking away. We’re going to stay on the sidelines and continue to resist temptation. I tried to get the numbers to pencil out since we were really excited about the location. It wasn’t even close. The price would need to drop another $500K from what the seller is willing to accept today. Unlikely yes, but not out of the realm of possibility. The property has already been reduced by $500K in less than 4 months. Though we couldn’t see it at the time since we were so emotional about the property, we now realize that the sellers did us a huge favor by declining our offer. I bet they’re kicking themselves now.
