Hi, I'm from Montreal, Canada to put things into perspectif.
There is this property which was first listed for 550,000$ and which was clearly overpriced. Months later, the price was dropped to 529,000$, then 500,000$. Again it was overpriced.
Since I'm interested to the property I did not know what to do. I brought an independent valuator who estimated the market value for 440,000$. So according to the result I offered 400,000$ to start negociating. According to the sellers Realtor the seller was very angry and insulted. The seller conter offered for 485,000$. I wrote a letter with comps. and arguments and explaining that the bank estimates the property for 425,000$ and an independent valuator to 440,000$, I even scanned and printed the valuators conclusion to prove it. I explained that even if anyone else would offer more, the bank will refuse to loan because it will be considered to be overpriced. According to the sellers Realtor the seller started to understand and that they were confident. I finally ended up offering 432,000$ as my final price. Since I do not have a Realtor, the sellers Realtor agreed to cut almost half of his commission, something which would not have happened had both side had Realtors. After presenting the offer to the seller, the Realtor told me that the seller was angry and that his son entered into the picture and that they are deciding to bring a valuator themselves and that after the realtor contract (which ends by the end of the month) his son will be selling the house.
A day later, as expected, I recieve a phone call from the Realtor who tells me that the offer was refused.
As a background, in a period of 5 months, prior to my offer, there was no offer on the house.
What can I do, I can not offer more on it, and I am sure that they'll wait months more to obtain (I know the area, I live in that area) more than I offered, if ever they do and if ever they do, won't be above 2K or 3K, which will be compensated anyway if they invest that money. I wish the seller to bring a valuator, because I am sure that the valuator did not underevaluate it, I even asked the opinion of realtors in the area and one said that I should even wait the listing price to be 450,000$ before making any offer.
I would really want to move for the new year, the seller is clearly unreasonable and will one day realise it, but I have no time for that. What I am suspecting is that his son will be selling the house because they realised it worths less than what they thought so that he can save on the realtor commission.
Will they be more interested if I contact them privatly and ask them if they are willing to take the offer just after the contract with the realtor ends? I can ask them that in the meantime they can bring a valuator.
There is this property which was first listed for 550,000$ and which was clearly overpriced. Months later, the price was dropped to 529,000$, then 500,000$. Again it was overpriced.
Since I'm interested to the property I did not know what to do. I brought an independent valuator who estimated the market value for 440,000$. So according to the result I offered 400,000$ to start negociating. According to the sellers Realtor the seller was very angry and insulted. The seller conter offered for 485,000$. I wrote a letter with comps. and arguments and explaining that the bank estimates the property for 425,000$ and an independent valuator to 440,000$, I even scanned and printed the valuators conclusion to prove it. I explained that even if anyone else would offer more, the bank will refuse to loan because it will be considered to be overpriced. According to the sellers Realtor the seller started to understand and that they were confident. I finally ended up offering 432,000$ as my final price. Since I do not have a Realtor, the sellers Realtor agreed to cut almost half of his commission, something which would not have happened had both side had Realtors. After presenting the offer to the seller, the Realtor told me that the seller was angry and that his son entered into the picture and that they are deciding to bring a valuator themselves and that after the realtor contract (which ends by the end of the month) his son will be selling the house.
A day later, as expected, I recieve a phone call from the Realtor who tells me that the offer was refused.
As a background, in a period of 5 months, prior to my offer, there was no offer on the house.
What can I do, I can not offer more on it, and I am sure that they'll wait months more to obtain (I know the area, I live in that area) more than I offered, if ever they do and if ever they do, won't be above 2K or 3K, which will be compensated anyway if they invest that money. I wish the seller to bring a valuator, because I am sure that the valuator did not underevaluate it, I even asked the opinion of realtors in the area and one said that I should even wait the listing price to be 450,000$ before making any offer.
I would really want to move for the new year, the seller is clearly unreasonable and will one day realise it, but I have no time for that. What I am suspecting is that his son will be selling the house because they realised it worths less than what they thought so that he can save on the realtor commission.
Will they be more interested if I contact them privatly and ask them if they are willing to take the offer just after the contract with the realtor ends? I can ask them that in the meantime they can bring a valuator.