How to best manage this

[Stella]

Was talking to an agent today at a house & made a verbal offer which he took to the vendor - who was already at the property cleaning up. We left & agent called within the hour with a counter offer $20k above ours - I told him we would think about it & get back to him. Their counter offer took $50k off listing price.

We looked at a couple of other opens in the area & I think our offer was probably a bit high (like $10k too high - was too early in the morning I think for me) so I haven't left us much room, if any, to move (if I have my numbers about right)as our max for place would be $5k above what we offered based on my numbers & dd.

Would you suggest we stick with this or try & talk to agent & give examples of why our first offer was pretty close & see how we go?
I am guessing the agent is expecting us to come back in the middle & if we do that is it really a big thing to pay $5k more than our maximum?

OMG I think I am heading for buyers remorse & we arent even there yet!!!

Thoughts anyone?

Cheers
Stella

 

[Dazz]

Thoughts anyone?

Sounds like you've fallen in love with the place. My suggestion is to go on a holiday for about 3 weeks and forget about it.


If it is still for sale when you get back, put your original figure down in writing and don't budge from there.


Might end up being the cheapest 3 week holiday you ever take.

 

[Alabex]

tell the agent that you are not prepared to come off your initally offer at this stage, but ask them to keep you informed if other parties make offers.

You could mentioned some of the other listings around that make you think the subject property is work$x, but dont go too far with this. Chances are the agent know alot of these properties so a brief mention and some of the reasons is all that is required. Dont go on and on about it to the agent (trust me, this is more likely get the agent off side)

 

[Perp]

I'd offer again with an extra $2-3K. Doing this shows you want to make the deal, but you really don't have far to move on price. They know everybody has more than one offer in them - that's just how it works - so they won't believe that you can't move at all, unless you were very clear that your policy is to make one BAFO (best and final offer), and it doesn't sound like you did this.

So offer $2,500 more and advise them that this is definitely your BAFO, and expires COB Friday so that you can go house-hunting again next weekend if this property doesn't come through. Then don't call the agent or show any more interest; just wait.

Don't forget that price isn't the only component of an offer; if you have any conditions you want (finance, etc), then include those in your written offer, also.

 

[Stella]

Thanks guys - I cant believe I did this *lesson to self = do not speak to r/e agents before first coffee of the day

Seriously though I was thinking of going back to them later today with $2.5k more & leaving it at that. The agent knows my reasons, the place needs a fair bit of cosmetic stuff + new kitchen. He & I also discussed other places near by including recent sales & those still listed, down to already reno'd & those needing work, so he knows we are aware of what is around.

Looks like we are heading the right way - I just started a bit closer to the end than usual I guess.

All looks a bit better in the light of day too for some reason - ah yes - have had that first coffee!

Cheers
Stella