Bidding Nonsense...

We are in the process of bidding on a house, which is now overpriced by about $20,000-$30,000. We placed what our realtor called 'a solid bid' and the homeowner countered by lowering the asking price by $1,000, which to me is insulting. They should have just rejected the bid.

I mean, seriously, the house is now priced at about $50,000 more than any comparable sale in the area (the house has an extension which raises the value probably by about $20,000).

Well, I guess they'll be in for a rude awakening when the bank appraises the house for substantially lower than their asking price, which may potentially kill any deal they have in place.

So, we'll counter with our highest bid (which is not too much higher) and leave it there. Maybe they'll come to their senses.

im sorry you have to go thru this. coincidentally, we incurred the same problem when bidding on a house in massapequa. eventually we just dropped out of the running bc it just wasn't worth it to us.. and we didn't feel we would have a good conscience paying an overvalued price (or could afford it!). bottom line is pay what you feel it's worth, and not a dime more. sorry for the frustration! hang in there.

my experience has been to let the offer sit on the table for a bit - they might not get any other offers so all of a sudden your offer will look good to them

if they call you back and say they'll take your offer, I would tell them you thought it over and decided the intial bid you put in was a bit higher and that you actually want to bid even less.

you might then have them in a no choice situation.

That's what our broker suggested.

I guess some people take the phrase 'Your home is your castle' a little too seriously. I mean, these people are selling a house in the suburbs, not Buckingham Palace!!!!