Offer Advice

[AndrewT]

Hi Everyone,

Just a quick one.

Deceased estate.

Asked agent last week to gain access to property to excavate to inspect potential contamination issue

They said yes but on the condition that we provide a ballpark of what we are willing to pay - apparently the vendor had received low offers and didn't want us to excavate if we planned on the same. I put in an ball park "best case scenario" of 30k under listing. They let us in.

Did work on weekend, found some issues. Nothing major. Put in offer 10k under original ballpark (40k under listing)

Different Agent comes back day later asking how serious were we?!?! Vendor wouldn't budge and wouldn't counter offer. Asked us to offer again. I said no, if they want to sell then counter offer.

That was yesterday, no word back. I am keen on this place, it works out for us in more ways then one but I have the feeling that I am being screwed around.

Do I call them up to ask what is going on?

Thanks In Advance!!!

 

[Big Will]

It is up to you how you play the game, if you are not deadset on it wait another day or 2, let them stew over it. Otherwise if you go back you are showing that you are interested on the place.

A good REA will come back to you if they have a higher offer, unless they have said they have received an higher offer it is up to you to determine if it is true or false (which can be misleading and deceptive conduct if there is no offer higher).

 

[pennyk]

why wont you make a counter offer?
if you really want the house, then isnt it worth offering 1-2K more just to help negotiations along?
remember, they have had lots of low ball offers which tends to make you cranky and stubborn
... you gave a ball park, which was probably lower than your actual ballpark.. and then offered lower than the ballpark
... and you excavated the property in the process.

i can imagine the owner thinks you are just another time waster(whether that is true or not) .

give them a little bit, and you'll probably find they are much more congenial.

 

[Propertunity]

Do I call them up to ask what is going on?

Golden rule of negotiations (especially if you're going in hard, as you are): Make your offer and shut-up. Whoever talks first after that, loses.

 

[AndrewT]

Golden rule of negotiations (especially if you're going in hard, as you are): Make your offer and shut-up. Whoever talks first after that, loses.

My only mistake i did make was not putting a time limit on my initial offer

 

[Ed Barton]

Do I call them up to ask what is going on?

Thanks In Advance!!!

no! the ball is in their court. given it's a deceased estate there may be several decision makers and it might progress slowly.

 

[Propertunity]

My only mistake i did make was not putting a time limit on my initial offer

I think you may also have made the mistake alluded to by Ed Barton below.

How many beneficiaries are there? Who is the decison maker?
We discuseed this before at http://somersoft.com/forums/showthread.php?t=79607

 

[AndrewT]

I think you may also have made the mistake alluded to by Ed baton below.

How many beneficiaries are there? Who is the decison maker?
We discuseed this before at http://somersoft.com/forums/showthread.php?t=79607

Actually, I did take that into account this time. Different Property. This time around there are 3 beneficiaries but unsure who is the decision maker.

The agent actually called me up last night to say that there has been no word but should have something back to me tomorrow.

Thanks guys!

 

[pennyk]

the executer is the final decision maker, but they are probably going to rely on the opinions of the beneficiares

 

[AndrewT]

Good news! Look like we have purchased the property! Everything gets signed tomorrow. Ended up getting the property for 20k off asking price. Thankyou for the help everyone. I'll post up details of the place once we have acquired it