04-15-2012 03:22 PM
I recently put an offer on a house that was listed at $369,900....about $30,00 overpriced according to "comps" in the neighborhood. They bought the house in 2007 for $365,000, and have done some nice upgrades but the house is still small at 1275 sqft and the upstairs has no bathroom. I placed an offer of $355,000 and they did not accept. Their response was that they would not sell for anything less than asking price and if they couldn't get that price then they just wouldn't sell their house. They were not willing to negotiate a price AT ALL....I felt my offer was fair and strong...do I hold out and hope they want to negotiate or should I just move on..I loved the house but it wouldn't even appraise at that price....
04-16-2012 02:46 AM
It sounds like they will have to pay money out of pocket to close the sale if it is below their asking price which they won't want to do. They won't negotiate down, but will always negotiate up.
If it doesn't appraise for the amount that you expected, they you will have to come in with more cash if you want it to close. Typically there is a loan contingency as a way out, but you will be out the cost of the appraisal. I would like to discuss your situation in more details from the lending side. I am licensed to do mortgages in California, but I'll provide information to you that you can discuss with your lender if you are in another state. email@example.com NMLS ID 857151