I totally agree. We don’t actually need any help closing or financing repairs. We’ve been thinking in terms of credit because, based on previous negotiations, we’re pretty sure he would never agree to drop the sale price below 500k. Maybe a credit would be psychologically easier for him.
Background: this house has been for sale off and on for more than a year now. I don’t really blame the house. I blame the seller and agent who listed it at $610k/$620 per sq ft. Seller considers it his labor of love.
This place is cute and all, but not a special style, just 980 sq ft, no garage or driveway, 2/2 so not for most families these days, and you have to go up a flight of stairs to get in, so not necessarily for downsizing seniors either.
The price has been incrementally dropping for the last year. The house has never been pending. This fall, they listed it again with a value range (ugh). We made an offer — the only offer he got — and decided not respond to the counter because the guy was clearly not honoring the range. His agent comes back a few days later and says, “If you write ‘X’ offer, I can get him to sign but I need your offer in writing.” It was substantial increase but still below midrange and a number we could have gotten to in negotiations, so we agreed. The seller responded by dropping his demand by 5k. We did not counter.
The agents kept talking amongst themselves and we are told by the other agent *again* “If you write ‘Y’ offer, he will sign.” Another substantial increase, but we can afford it, especially given the rates (I know), and a review of sales in our preferred areas showed we hadn’t missed anything better at this price in the last year.
The guy demanded a measly 3,000 more dollars. It was never presented to us as an offer, because our agent knew we would absolutely not sign. The agents just agreed to cover the three grand from their commissions. I was stunned by that, and thought the listing agent should have to eat it all since he twice misrepresented/misunderstood his client’s position. But it is what it is.
I think the stakes for him are on the low side — yeah, it’s a black mark to have it on the MLS forever and then fall out of escrow. And we are papering the crap out of it will all these inspections. But he’ll just rent it out again if it doesn’t sell.
