Put bid down, seller countered, now we're not sure what to do...please share your experiences.

Kra5hnburn Posted: Apr 18, 2005 09:04 AM

Put bid down, seller countered, now we're not sure what to do...please share your experiences.

OK, so DH and I finally agreed on a house that was a little bit above our target max price. After a lot of nervousness and nausea, we put a bid of $20,000 less. The seller came back with an offer of $5000 less than their original asking price. We're not sure what to do. We like the house and we're going to come up, but we have no idea how much to come up. How many times did you go back and forth with the seller on the price? Did you work in small increments of 5000 and less, or bigger ones of like 10,000? I want to pay as little as possible of course, but I don't want to counter with something too low...your experiences would be greatly appreciated!

Preshy7 Posted: Apr 18, 2005 09:33 AM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

i cant tell you what to do but I would do one of two things-
if i LIKED the house (not loved) id go back at
15,000 less- however,
if you really really like the house try to split the difference.
the sellers may take that as a fair gesture and give in.

just my opinion though

good luck!!

eta- if you are working with a realtor they should be giving you guidance on this.

Jordan Posted: Apr 18, 2005 10:03 AM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

Posted by Preshy7

however,
if you really really like the house try to split the difference.
the sellers may take that as a fair gesture and give in.

I would agree with this.

LIJuneBride Posted: Apr 18, 2005 11:07 AM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

First you need to know your maximum that you would pay. One house I bid on we were only $2,500 apart but we couldn't agree, so I just let the house go. The seller is counting on you loving the house and being so attached to getting it that you will come up higher than you'd like.

I would agree that you should probably counter by adding 5K to your current price (if that is in your budget). You can go back and forth with the seller as many times as they're willing to come to an agreed upon price. Do what you feel comfortable doing. Usually, when you (or the seller) start with increments of 1K it means there isn't much flexibility. When you get to your max price, if there still isn't an agreement, just let them know you can't go any higher and you'd really like the house. If they don't agree, keep looking at other houses.

sophie78 Posted: Apr 18, 2005 11:47 AM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

My dad is in real estate and gave us strict instructions not to come back with too much!! Then you have no bargaining power. Make them come down before you go up! Get it?

skew Posted: Apr 18, 2005 12:21 PM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

Posted by Jordan

Posted by Preshy7

however,
if you really really like the house try to split the difference.
the sellers may take that as a fair gesture and give in.

I would agree with this.

i also agree. it can get very frustrating for both the seller and buying when countering. i would counter w/ a split and tell them it is your final offer.

are there others bidding as well? check the comps before offering a counter.

Kra5hnburn Posted: Apr 18, 2005 01:17 PM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

are there others bidding as well? check the comps before offering a counter.

what are 'comps'?

I believe we are the only bidder.

I was also thinking split the difference. We have a little more leeway after that before we hit our max. I was just worried about giving up too much too soon, but didn't know how many times we should go back and forth with this before maybe the seller got frustrated with us and told us to take a hike--cause compared to all the houses we've been seeing, they'll definitely get another offer.

Thanks everyone!

Novem05 Posted: Apr 18, 2005 01:33 PM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

We also put a bid in for 20,000 less than asking and my FH and I agreed that we would only up to 10,000 less than asking. So they counteroffered 5,000 less we came up 5,000 which came to 10,000 less than asking and they accepted. Its very fustrating but I would try to come up with a max that you'll go up and slowly go back and forth. Good luck!

[email protected] Posted: Apr 18, 2005 02:43 PM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

We just kept countering and eventually they gave in when we said not a penny higher. We paid $20000 less than the asking price.

cloddy Posted: Apr 18, 2005 02:50 PM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

I think first we need to know if there are other bidders. If there are not, then I'm not sure there should be any bidding whatsover. they have no one else offering so why would you move at all on your position. Second, you didn't say you loved the house, so I'm not sure you should be going above your max unless you find something you love. If you do decide to go up go very slowly because you need room to bargain. What does your realtor say about the counter?

Kra5hnburn Posted: Apr 18, 2005 03:08 PM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

Ugh...I think I'm going to be sick.
I do love the house. DH and I have not been able to agree on anything, and we totally agreed on this one. We don't think we'd really need to do anything except paint when we move in.
AGGGHHHH!!!!!!!

SeptemberBride03 Posted: Apr 18, 2005 03:22 PM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

In our situation there was another bidder so we ended up paying the asking price.

To answer your earlier question, 'comps' are prices of comparable places in the neighborhood. Its good to know what others paid on houses similar to the one you're looking at.

skew Posted: Apr 18, 2005 05:02 PM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

your realtor can provide you w/ comps. as explained, they are stats of similar size/style/property homes that sold recently in the area.

i would ask if there other bidders. as someone mentioned, if no one else is bidding, you are basically bidding against yourself. obviously the seller wants close to asking but if you are the only ones bidding, you have control.

cjb88 Posted: Apr 18, 2005 05:23 PM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

i would go up 5K...

DjPiLL Posted: Apr 18, 2005 06:09 PM

Re: Put bid down, seller countered, now we're not sure what to do...please share your experiences.

It really all depends on what the comps are going for.

You can't say you should only go up 5-10k or whatever... cause you have to base it on what the other houses in the area are selling for.

If you are already overpaying for the house and over your budgeted 'max' price... is it even worth it to counter?

On the other hand... if this house is priced at say 60k under the neighborhood norm... perhaps just giving them their asking price would be the best choice.