It's another round of offer/counteroffer. They dropped another $6000 in today's round and even more interestingly- they have offered to have a face to face to 'discuss home conditions and remedies' and 'hopefully eliminate any misunderstandings about property condition'. Great! Bring it on! I have no misunderstandings about the condition of the property and I would love to educate them. V and I spent the last few hours compiling our lists. I say lists because we have several. First we have the 'major concerns' list including: insulation (which we have decided that due to animal incursions into the attic we want the existing insulation removed and then replaced with new), weatherization concerns (windows, screens, sealing the mudsill, etc), re-roofing the porch, garage and barn, and, not the least: the rot issues. We also have the 'other concerns' list- the painting, outlets, broken light fixtures and bulbs, wiring issues. Lastly, we have the list of 'reasons we don't think it is worth $300,000. This one includes things like the basement being finished for a business and not for domestic use, outdated kitchen and bath, drainage and erosion issues with the land and a few other things.
We've looked at other properties in this price range, one just a few weeks ago. With all but one of the others, the houses were beautiful and 'move-in' ready but there were things with location or the land that we didn't like. I've seen what kind of house that much money can buy here- this one isn't it.
I'm really interested in hearing their rationalization for why they think this property is worth that much. Now it's time for the realtors to try to set up a meeting time. Unfortunately, V has a rush editing job for his former employer and also a project coming from his brother's firm tomorrow so he's going to be busy.
We'll see what happens. Time to put on my game face. GRRR.
Oh, and an apology to all my blogger friends out there. I've been a bit preoccupied and haven't been keeping up with all your posts. I'll try to do better.
ReplyDeleteJudy
That meeting should be interesting :-) Just remember your bottom line. Even if they don't budge now, they might in a few weeks.
ReplyDeleteAck! Back and forth is hard, but maybe this shows that they are more willing to "give" then it first seemed. The realities of the market and the concerns about the work needing to be done on the property have to hit them at some point, right? You've done your homework, so hang firm. Making a concrete list sounds like a good plan for backing up your offer. Maybe they will agree to do some of the repairs themselves before the sale? Good luck today - continued positive thoughts to you!
ReplyDeleteGood luck with the negotiations!
ReplyDeleteGood luck!!! It's amazing how much in denial some sellers are, isn't it?
ReplyDeleteKris
It sounds as though you are well prepared for this...Go get 'em!
ReplyDeleteI'm glad that you're so ready for this.
ReplyDeleteI hope that it is really the place you need it to be and that they will be willing, AND ABLE, to adjust. I suppose that often that is the issue. When we bought our place they tried to negotiate and we walked because we had offered everything we had... it wasn't a bargaining tactic. They may only be able to drop so much and they may just have to suffer even longer because of the place they've put themselves into.
(Did that make sense?)
Judy - this is a good sign. Stay respectful regarding the conditions and stay strong on your price. You hold all the power on this one.
ReplyDeleteThis is a very good sign! Once they negotiated down they showed their hand. The economy just won't support a price that is too high anymore and a serious buyer is a gift!
ReplyDeleteI echo Angie, definitely stay respectful because this is a bitter pill they are swallowing. But be firm!
By letting them see, face to face, that this isn't a matter of you trying to get more than you'll pay for, but a matter of the house needing too much to justify paying that price, you can hopefully reach a sound agreement!
Let us know!
Wow, I wish you luck on this...and remember, it also might be the REALTOR who is advising the owners to keep the price (higher money in THEIR pockets)...some realtors really are not on the side of the homeowners they represent at all.
ReplyDeleteCrossing fingers for you
It is hard to wait, (when you have found something you like), for other's to decide to take the offer or not. We leave 'it' in the hands of the Lord, if it's where we are suppose to be.
ReplyDeleteIt is a tough wait sometimes, though. (we are still waiting). I'm not always good at waiting, but trying. [grin]
Blessings,
Kris
Good luck!
ReplyDeleteI shall be crossing my fingers for you!
Thanks for all the good wishes. We are still waiting to hear of a time for the meeting. I know we need to be flexible and hope that they are able to adjust. I'm impressed that they have come down as much as quickly as they have already. We are still willing to go a little higher on our end so hopefully we can work something out. I know the blindness that afflicts us when we live somewhere and get used to how it is. We are trying very hard on our house to look at it with a critical 'buyer's eye' to fix all those little things that someone may complain about.
ReplyDeleteFor those worried that we may not be respectful, don't. I work all day with psych patients and I need to be respectful and non-judgemental, no matter what they tell me so that is rather ingrained in me- it is actually part of who I am. Actually, I tend to be too passive and give in too quickly to others so I really need to prepare myself to be a tough negotiator.
We're proposing to meet at the house so we can point out 'in person' the issues we have.
But I'm still not so good at waiting.
I echo the "stay firm" sentiment. The fact they keep coming down is proof to me they really want to sell (I kind of think it is odd they offered the face-to-face because that is only going to work towards your offer).
ReplyDeleteI do have to agree with Zan Asha, it could be their realtor's influence. Mine received verbal offers and never even told us about them because she thought they were too low (we never even go to play the counteroffer game).
Gina- Yeah, I had thought of that as well- especially after a comment our realtor relayed to us- something on the order of "I'd like to get a house for $40,000 less and have that money to put in a pool or a wet bar". Like that's what we're planning...well, there is enough extra plumbing in the basement to easily put in a wet bar ;)
ReplyDeleteJudy