Counter Offer on already low-priced home

14 years ago

We just listed our house for sale at the end of last week. We listed it very aggressively for our market because we didn't want to wait forever to sell and have already had an offer. The problem now is that we don't have a lot of room to negotiate because we priced it so low. We're about $10K apart from our buyers + appliances. We're listed at $165K and they offered $158,900 - $3800 closing - $400 warranty - all appliances (refrig, 2 stoves, bar fridge, washer, dryer and water softener). . I really don't want to offend them but the lowest we're willing to go is $163K + appliances. We just already had it priced to sell. What should I counter to let them know I'm serious about working with them, but they need to come up. Some counters we've thought of are $165K + some appliances or $165K + warranty so we would still have room to move more. Any suggestions? What would send the best message to you?

Comments (9)

xamsx
14 years ago
$163K + appliances + $400 warranty would be my counter IF you are priced as aggressively as you claimed.

Best wishes :-)
newhome09
Original Author
14 years ago
I really feel we've prices aggressively. $163K is the Tax Assessment for our home and most homes around us are selling for at least $10K over assessment. Our house is even in better condition with extra amenities. There isn't a single other house like ours on the market anymore. We've actually been told we priced too low :o) but we didn't want to hassle with this sort of thing :oP
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cordovamom
14 years ago
I agree 163K pluS appliances and warranty. Final offer. Let them know that's the bottom line.
ncrealestateguy
14 years ago
Offer your lowest, and submit 3 comps to prove to the Buyers that your home is already priced well. That way they have no decent reason to make another counter.
Good Luck.
graywings123
14 years ago
What would send the best message to you?

To me, the words "best and final" included on your counter offer.
chrisk327
14 years ago
yah if it were me, I'd end it right here, submitt a counter that you are happy with, where you want it to end up and include best and final.

were you planning on selling the appliances with the house? My area it is customary to include "all appliances" whatever that means, but normally, major kitchen appliances and the W/D.

Also providing comps can help, from your RE agent.
calliope
14 years ago
Sorta like how you decide to play a poker hand, isn't it? IOW, trying to get a grasp on what is going through their minds would help. When I sold my last home, just as the housing market started imploding, I had to figure out who my typical target buyer would be. Considering the size of the house, location, number of beds/baths, I expected a new divorce', young working couple with no kids, single person would be the most logical 'looker'.

What they would have in common to even get credit would be a steady work record, and they would be less likely to have accumulated appliances, since they would most likely either be leaving them behind, or using one already present in a rental or at a parent's home. Many potential buyers in that demographic can easily swing a slightly higher mortgage payment, but don't have a lot of cash up front.

So, I zeroed in on turn-key ready, all appliances remain (even the phones on the wall and the microwave), no price reduction, but a generous amount toward closing. Most new buyers don't expect to remain in a home until pay-off, so they're not hung up on a few extra dollars a month on their mortgage payments. Relieving them of the need to cough up a big chunk of change for closing is what sold my house, I am sure.
dreamgarden
14 years ago
cordovamom-"I agree 163K pluS appliances and warranty. Final offer."

ncrealestate guy-"Offer your lowest, and submit 3 comps to prove to the Buyers that your home is already priced well."

I agree with the following. It isn't the buyer's fault that you priced the house so aggressively. If it were me, I'd probably offer even less knowing there are lots of other houses out there.

Only thing I'd add is NOT to take the house off the market while you are in negotiations. Someone else might be willing to pay your asking price. Especially if the house is as good as you say it is and the comps support this.
chrisk327
14 years ago
Not sure what you mean by buyers fault? ultimately the house should go for FMV. assuming FMV is around 165K whether the starting price is $190K, or $150K the house should end up at $165K.

in my area, I know of a few of houses that aren't forclosures that sold for above asking. They underpriced on purpose and for multiple full and over offers.