Still trying to get this Home Off the Market – Negotiation Phase II
You have counter offered $276,500, which tells the Seller you do want the home, but not at the higher price as you have pointed out a lot of Must Fixes. The Selling Agent delivers your offer to the Seller and now the waiting game. Will the seller get another offer in the next half day (time period you gave for your new counter offer)…? The bottom line, you are sticking to your Plan and If someone comes and offers a higher offer, then so be it. If you really Had To Have this home, then you would have offered a much higher price. As we all have heard, in this case there are other fish in the sea.
You two are very close to a Final Number now. They originally countered $285,000 (coming down $5k off their list for you). You offered another $1500 to inch higher. In this case you get a Final Counter and they have decided to come down to $280,000. They understand your offer and the fixes, but still think they have priced it so you will have plenty to work with. They stated Final Offer this time, which basically tells you to Take It or Leave It at $280,000, and you have until noon to respond.
You discuss it all with your Realtor®. You have come up $1500 and you need to add another $3500. This extra burden could amount to a lot of updates/fixes for you. You would have to think hard and take the emotion out of the deal to finalize your decision. You also would take into account Who is Paying the Closing Costs. If you were lucky enough to get the Seller to pay All Closing Costs, then I think you are in a good position to Accept their Final Offer. If you have another $3500-$6000 of closing costs to add to your costs, then you might want to move on to the next home/opportunity. Notice I think of these situations as Opportunities. Is it the right one for you..?
You go over your notes and you still think this area has room for growth (home prices) and the local government is open to new business investment. There are a few city/county proposals on the table that are getting the green lights, so a lot of positives happening.
You are happy to move forward with this Home, so you Accept their Final Offer and put in a couple additions to the offer. You like the newer Fridge and also want some of their lawn items (picnic table, swing set, as examples). Note that you should have already negotiated the Closing Costs in the Original Offer, so hopefully your Realtor® had the Seller paying for most if not all of that.
To make a long Blog Short…….Your Realtor® has delivered your Acceptance with additions and Everyone has Accepted…..You Are Under Contract to Buy the Home….! Congrats.!
Gary Buchanan/Realtor® w/AgentOwned Realty - firstname.lastname@example.org 843-647-7743