Seller declined my offer

[anxvariety]

I just submitted an offer on a place and it was snobbishly declined without a counter(ooohhh hardball!).. oh how wonderful would it be to buy the place a year from now for 100k less!

Anyone have any stories like this yet?

[ibjames]

I bid on a place earlier this year, I got them down over 20k from their asking price but I wanted them down 40. I backed off when I got them to 25k because we just wouldn’t meet at a common ground.

Well.. prices in the same facility are not only over that 40k mark, they are 55k cheaper. The one on the market right now is listed at that price.. so I’m sure they would take less, it’s been on the market for over 4 months.

That seller turning me down was the best thing for me. I backed off the market, took the emotion out of everything, and looked at peas and carrots as peas in carrots and not caviar.

[barnaby33]

Why did you submit a bid? Seems pretty early in the cycle for someone who has been around this board as long as you have.

Josh

[anxvariety]

My offer was 20% below the listing price and the place is a foreclosure.. I felt my offer price would have made it right even for a bear like me… BUT it doesn’t matter because the seller didn’t agree with my assessment! I have this vision that my offer must have lingered through the listing office like a stink bomb!! 🙂

I can see how people fall in love with places, but thankfully I’m calloused to current prices and conditions thanks to the visions presented here by Rich and others…

[masayako]

Made an offer for a 2bed/2bath condo in Mira Mesa.

List price:$200k I offer $150k. No deal.

The condo is a short sale and buyer owes more than $200k so he can’t offer to sell at $150k. Oh well. I willwait for my deal.

[an]

Made an offer for a 3bed/2bath condo/townhouse in Sorrento Valley.

List price: $525k
Offer price: $375k
Lowest seller will go: $450k
Last comp sold: ~$550k
Current lowest list price: $515k

Listing say owner is very motivated, but I guess not as motivated as I want.

[LookoutBelow]

Making offers already ?

 

Go ahead…I will buy the house next door to your new purchase for 80k less than you paid in another year.  

[anxvariety]

LookOut, maybe so but then again maybe our mortgage will be the same as you’re paying +2% interest… I don’t know what’s going to happen, but I think there will be a happy medium or intersect between rates and prices.

[anxvariety]

Wow, I just received a counter! How long until the buyer/seller market paradigm shift is complete? Imagine the temper tantrums some of the slimiest realtors are having? Or the ones that listen to motivational stuff trying to will their house to sale(ie. Annet Benning on American Beauty)!

I honestly don’t think I’m going to get the seller to come down as much as I want right away.. I think this offer/counter relationship could be a year or longer until the market brings reality closer!

I definitely feel like I’m doing my part in spreading reality… who is even putting offers in on places? Maybe thats why most realtors think the market is at a standstill! Maybe we should all start submitting offers, it may give them a better pic of reality.. because as far as I can tell, the piggington users are the next wave of patient buyers in line with no one in front us!

[woodrow]

LookOut, maybe so but then again maybe our mortgage will be the same as you're paying +2% interest… I don't know what's going to happen, but I think there will be a happy medium or intersect between rates and prices.

Most analysts are betting interest rates will fall before they begin to rise. IMO, it's far more likely that we'll see cheaper rates a year from now as opposed to the 2% increase you are predicting.

If rates are indeed cut and are in the mid 5's next winter, with another 10-15% decline in prices, that may be the time to begin submitting lowball offers. If you buy now at a slight discount, I strongly believe you'll regret your purchase a year from now.

 

[anxvariety]

Woodrow, in % what do you consider to be a ‘slight’ discount?

[sdcellar]

I don’t think one can just throw a number out. 20% might be a slight discount is something overpriced.

[rhinopham]

Back in August we put an offer on a house in Carmel Valley (11183 Corte Cangrejo; 3000sq ft but with huge lot at 12,000 sq ft, end cul-de-sac on top of hill). Their asking was 1.350 million, we offered 1.265 million they countered at 1.3 million and we withdrew. They eventually sold in October for 1.130 million. That’s a $135,000.00 loss from what we proposed; sellers shouldn’t be so greedy…

[lamoneyguy]

LookOut, maybe so but then again maybe our mortgage will be the same as you’re paying +2% interest… I don’t know what’s going to happen, but I think there will be a happy medium or intersect between rates and prices.

This is a common misconceptions that lower prices and higher rates leading to equal monthly payments are essentially the same thing. They are not. I wrote a lengthy post about this topic on my blog.

[vcguy_10]

I have a story like that. I made an offer for about 90-95% of asking price in the summer of 2005. I was expecting the seller to counter with a half-way offer. In ther counter letter, they not only kept their asking price, but they also wrote that they would take their window treatments and other fixtures with them.

After other offers I made were turned down by other sellers, and after noticing that prices were still climbing to ridiculous levels (summer of 05), I decided to keep my money and rent a big comfy house.

Fast forward 9 months or so. The lady who wanted to keep her window treatments eventually sold in the fall of 2005 for less than what I offered her four months earlier! Not only she got less money, she also had to pay another four months of mortgage, porperty taxes, etc.

[Author]

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